Digital Marketing
All research in Digital Marketing — 2 reports.
TTD is a high-quality independent buy-side DSP, with 95%+ customer retention, $1.4 billion of net cash, and no debt. The core debate is that growth has slowed to 12%, agency relationships are under strain, SBC remains high, and the current price of $21.56 is close to neutral value with an insufficient margin of safety. Report rating Watch: a durable compounder worth tracking, but the ideal buy range is $15 to $18.
Rating Avoid. Revenue has shrunk roughly 90% over four years, the company has posted four straight years of losses, and net assets are nearly depleted, with a regulatory record of related-party fund occupation and false disclosure. At 8.43 yuan, the current price sits far above an intrinsic value range of 0.2-5.5 yuan; this is a state-capital turnaround option, not a proven compounder. Rating Avoid: a governance-impaired, balance-sheet-fragile restructuring story already pricing in a transformation option.