Stock In Focus – TAM Stock Screener – Criteo SA (NASDAQ: CRTO)

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As part of a new series here at The Acquirer’s Multiple, we’re providing a new feature called ‘Stock in Focus‘ where we focus on one of the stocks from our Stock Screeners.

One of the cheapest stocks in our Stock Screeners is Criteo SA (NASDAQ: CRTO).

Headquartered in Paris, Criteo is one of the leading ad-tech companies in the growing digital ad market. Its technology, mainly the Criteo Engine, allows advertisers to launch multichannel and cross-device marketing campaigns in real time using retarget digital display ads. With real-time return on investment analysis of the ads, the firm’s clients can adjust their marketing strategies dynamically.

A quick look at Criteo’s share price history (below) over the past twelve months shows that the price is down 57%, but here’s why the company is undervalued.


Market Cap: $680 Million

Enterprise Value: $460 Million

Operating Earnings*

Operating Earnings: $160 Million

Acquirer’s Multiple

Acquirer’s Multiple: 2.88

Free Cash Flow (TTM)

Free Cash Flow: $122 Million

FCF/EV Yield:

FCF/EV Yield: 27%

Other Indicators

Piotroski F-Score: 7

Altman Z-Score: 2.68

Beneish M-Score: -2.81

*We make adjustments to operating earnings by constructing an operating earnings figure from the top of the income statement down, where EBIT and EBITDA are constructed from the bottom up. Calculating operating earnings from the top down standardizes the metric, making a comparison across companies, industries and sectors possible, and, by excluding special items–income that a company does not expect to recur in future years–ensures that these earnings are related only to operations.

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