Criteo S.A., a technology company, provides platform to connects the commerce ecosystem for brands, agencies, retailers, and media owners to drive measurable business outcomes in North and South America, Europe, the Midd…
Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical passes the values gate
Price16.80 USD
Fair value25.00
Ethical score70.0/100
Our investment reviews on this name
2026-10-02Read Markdown16.80+0.0% to today
2026-07-02Read Distribution17.85-5.9% to today ✓
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Criteo S.A. holds its Markdown at $16.80. The statistical read favours the sellers, held for 10 days.
As held on the ledger · 2026-09-21
Phase
Markdown · caution
Quantitative state
The statistical read favours the sellers, held for 10 days
Price at the screen
$16.80
Valuation
8.57 trailing · 4.34 forward price to earnings
Values screen
PASS· score 70.0
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
6.29%
Below 33%
Interest-bearing debt is just 6.3% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.38%
Below 33%
Cash held in interest-bearing accounts and securities is 0.4% of assets, under the one-third limit.
Pass
Receivables
41.98%
Below 49%
Money owed to the company is 42.0% of assets, under the 49% limit.
Pass
Revenue purity
0.29%
Below 5%
Only 0.3% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Criteo clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 6%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-10-04. It updates when the underlying figures move, and past reads are kept below.
Fair value range in USD, drawn from the 2026-09-21 screen. The gold marker is the market price at the same screen. A 48.8% margin of safety to the base estimate.
Third-party analyst targets: 11 covering, consensus Buy. The average target sits +25% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-21 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Ad platform looks cheap yet revenue is shrinking
Every time a retailer tries to retarget a shopper online the dollars flow through ad platforms that have to fight for every cent. Criteo sits in that middle layer yet its revenue is already falling six percent a year while margins sit at just six percent and return on equity is ten percent. The low forward multiple of 4.9 times catches the eye but the business itself is not expanding so the cheap headline number does not signal an opportunity.
We pass because the numbers show contraction rather than a bargain. Analysts see modest upside to twenty six dollars while our own fair value sits higher yet the rating remains none precisely because declining top line and thin returns outweigh the apparent discount. Ethical screen clears but that alone does not create an investment case.
Cyclical ad budgets can swing hard and a low multiple on peak or falling earnings often proves a trap rather than a floor. Currency moves across its global markets add further noise. Analysis, not advice.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; its business and earnings are exposed to France and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
CRTO trades on Nasdaq (the company is based in France). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-02Markdown · changed$16.80-7.7%Entry 6
The framework has shifted from distribution to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 7.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 32%. Our forward projection puts the odds of a 10% gain over the next month near 17%. The street (11 analysts) rates it buy, with a mean price target of $25.
2026-08-26Distribution$18.21-19.0%Entry 5
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 19.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 32%. Our forward projection puts the odds of a 10% gain over the next month near 17%. The street (11 analysts) rates it buy, with a mean price target of $25.
2026-07-25Distribution$22.48+25.9%Entry 4
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 25.9% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 32%. Our forward projection puts the odds of a 10% gain over the next month near 17%. The street (11 analysts) rates it buy, with a mean price target of $25.
2026-07-18Distribution$17.85+0.0%Entry 3
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 32%. Our forward projection puts the odds of a 10% gain over the next month near 17%. The street (11 analysts) rates it buy, with a mean price target of $25.
2026-07-03Distribution$17.85+0.0%Entry 2
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
2026-07-02Distribution$17.85Entry 1
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.