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TTD – Market expectations are for Uniform ROA compression, but management is confident about EBITDA performance, market trends, and their strategies

April 2, 2020

  • The Trade Desk, Inc. (TTD:USA) is currently trading at a 44.4x UAFRS-based (Uniform) P/E, which is above peer averages. At these levels, the market has bearish expectations for the firm, but management is confident about EBITDA performance, market trends, and the execution of strategies

  • Specifically, management is confident that they have consistently outperformed EBITDA expectations and about the added contextual targeting capability in CTV. In addition, they are confident about recent regulation not giving a large advantage to walled gardens and that the objective and more transparent companies who manage to gain scale will be the dominant force of the new advertising market. Finally, they are confident about their execution strategy after gaining the loyalty of customers and in their decision to spend more to get more loyalty from their customers

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