I saw many TTD posts where the entire comparison is based on P/E or P/FCF ratios, without taking a deeper look into the business. That's what I did.
TLDR:
\- Still overvalued
\- Google/Amazon became their competitors, and the pressure on revenue/margin will continue
\- Had 4 CFOs in 13 months
\- Terrible at capital allocation (used $2.5b on buybacks to reduce share count by 4%)
\- No moat
\- No operating leverage
Full deep dive (\~6 minutes reading time) for those interested: [https://thefinancecorner.substack.com/p/the-trade-desk-down-90-still-not](https://thefinancecorner.substack.com/p/the-trade-desk-down-90-still-not)
Fair value: $11/share
Looking forward to reading your feedback!
