TTD – Market expectations are for Uniform ROA to reach a new peak, but management may have concerns about Unified ID, growth, and advertising efficiency

January 12, 2022

  • The Trade Desk (TTD) currently trades well above corporate and historical averages relative to Uniform earnings, with a 119.80x Uniform P/E (Fwd. V/E’).
  • At these levels, markets are pricing in expectations for Uniform ROA to reach a new peak of 73%, accompanied by 25% Uniform asset growth.
  • Meanwhile, analysts expect Uniform ROA to only improve to 23% in 2022, accompanied by 37% Uniform asset growth.
  • If sustained going forward, these levels would imply a stock price closer to $36, representing significant potential equity downside for the firm.
  • Moreover, the firm’s most recent earnings call suggests management may have concerns about Unified ID, growth, and advertising efficiency.

You don’t have access to the Valens Research Premium Application.

To get access to our best content including the highly regarded Conviction Long List and Market Phase Cycle macro newsletter, please contact our Client Relations Team at 630-841-0683 or email

Please fill out the fields below so that our client relations team can contact you

Or contact our Client Relationship Team at 630-841-0683