DCF Tool

CRTO

Criteo S.A – Software Publishers
Criteo is the global technology company powering the world's marketers with trusted and impactful advertising. 2,600 Criteo team members partner with over 21,000 customers and thousands of publishers around the globe to deliver effective advertising across all channels, by applying advanced machine learning to unparalleled data sets. Criteo empowers companies of all sizes with the technology they need to better know and serve their customers.
Analysis Results
Intrinsic Value $94.13
Latest Price $26.09
Relative Value 72% undervalued
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Cash Flow (Millions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 23.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 9.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 23.6%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2022 240 219
2023 297 247
2024 367 278
2025 454 313
2026 560 353
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 7420 million. This corresponds to a present value of 4260 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1410 million. Adding in the terminal value gives a total present value of 5670 million.

There are presently 60.2 million outstanding shares, so the intrinsic value per share is 94.13.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,264,168,000
Current Cash 565,826,000
Current Liabilities 672,548,000
Current Debt 0
Non-Cash Working Capital (NCWC) 25,794,000
Change in NCWC 35,153,000
EBIT 151,877,000
Tax Provision 16,169,000
Depreciation and Amortization 90,934,000
Capital Expenditure -54,983,000
Unlevered Free Cash Flow 207,015,825
Current Assets 1,064,550,000
Current Cash 488,011,000
Current Liabilities 600,331,000
Current Debt 14,433,000
Non-Cash Working Capital (NCWC) -9,359,000
Change in NCWC 2,862,000
EBIT 108,825,000
Tax Provision 32,197,000
Depreciation and Amortization 106,591,000
Capital Expenditure -67,287,000
Unlevered Free Cash Flow 118,209,919
Current Assets 1,000,461,000
Current Cash 418,763,000
Current Liabilities 610,339,000
Current Debt 16,420,000
Non-Cash Working Capital (NCWC) -12,221,000
Change in NCWC 10,515,000
EBIT 141,214,000
Tax Provision 39,496,000
Depreciation and Amortization 97,110,000
Capital Expenditure -82,716,000
Unlevered Free Cash Flow 124,950,829
Current Assets 933,851,000
Current Cash 364,426,000
Current Liabilities 605,344,000
Current Debt 13,183,000
Non-Cash Working Capital (NCWC) -22,736,000
Change in NCWC 20,613,000
EBIT 147,107,000
Tax Provision 46,144,000
Depreciation and Amortization 111,825,000
Capital Expenditure -116,984,000
Unlevered Free Cash Flow 114,765,182
Current Assets 991,767,000
Current Cash 414,111,000
Current Liabilities 621,005,000
Current Debt 0
Non-Cash Working Capital (NCWC) -43,349,000
Change in NCWC 4,175,000
EBIT 137,844,000
Tax Provision 31,651,000
Depreciation and Amortization 104,025,000
Capital Expenditure -122,203,000
Unlevered Free Cash Flow 89,838,190
Current Assets 742,584,000
Current Cash 270,317,000
Current Liabilities 519,791,000
Current Debt 0
Non-Cash Working Capital (NCWC) -47,524,000
Change in NCWC 439,000
EBIT 121,004,000
Tax Provision 33,129,000
Depreciation and Amortization 62,733,000
Capital Expenditure -85,133,000
Unlevered Free Cash Flow 65,763,836

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