This is our first report on The Trade Desk, the cloud-based platform for digital advertising. The company’s 2022 was off to a great start once again as its first-quarter revenue increased 43% over the same period last year, which was the fastest first-quarter growth rate in the previous four years. Since annual advertising budgets are frequently reset and reevaluated in Q1, making them historically harder to predict, the company’s performance is particularly encouraging. The ongoing global pandemic, the conflict in Ukraine, and the increased rates of inflation around the world made this year’s macroenvironment difficult. Despite these difficulties, they continued to add more publishers to the platform. In Q1, they announced that more publishers had joined their proprietary product OpenPath to give publishers direct access to advertiser demand. The company also collaborated with the leading marketing software provider AppLovin Corporation to add ALX as a supply source to The Trade Desk’s platform, giving agencies and advertisers access to AppLovin Exchange, the top in-app RTB exchange. We initiate coverage on the with stock a ‘Hold’ rating.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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