Louis d’Arvieu presented his in-depth investment thesis on Criteo (Nasdaq: CRTO) at European Investing Summit 2017.
Criteo is the world leader and the last remaining credible player in the field of online retargeting, a niche that looks a lot like Google’s wonderful search business, with economies of scale and barriers to entry. Criteo is the leader in the winner-takes-all niche because of the company’s engineering culture, impeccable sales execution, and early international vision. Management has been focused on the core business and disciplined in terms of acquisitions. The company continues to grow 30+% organically, and the recent market quotation is reasonable at 17x 2018 earnings (including stock-option expenses). The market appears fearful of the “intelligent tracking prevention” tool announced by Apple last June. However, Louis estimates that this factor should reduce the long-term value of the company no more than 10% in a worst-case scenario.
About the instructor:
Louis d’Arvieu joined Amiral Gestion in 2005 and serves as a fund manager for the Sextant funds. Founded by François Badelon, Amiral is an independent asset management firm based in Paris. Amiral’s single goal is sustained performance with minimum risk based on the firm’s value investing approach. Louis graduated from the HEC School of Management in Paris.
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