criteo seeking alpha

Criteo is a Nasdaq-listed company with a market capitalisation of nearly $US2.5 billion. A week ago (30 November) ago a blogger on investment site Seeking Alpha published a 35-page review into Criteo’s business practices and the conclusions are damning. In Facebook’s case there was no suggestion of fraud — just stupidity. The allegations raised by SteelHouse during litigation in the US — which will now not be tested in court as the parties have agreed to settle that litigation — demand answers. And dodgy inventory is not the only problem. It’s a public company, so it is responsible for a lot of money. Criteo … Among those claims against Criteo by SteelHouse as reported by investment site Seeking Alpha: Some 25 per cent of Criteo’s 2016 projected revenues are based on fraudulent clicks; Over 50 per cent of Criteo’s clicks (as measured by SteelHouse) had no original source (6x greater than industry average), suggesting potential “bot” traffic; Some 25 per cent of Criteo’s 2016 projected revenues are based on fraudulent clicks; Over 50 per cent of Criteo’s clicks (as measured by SteelHouse) had no original source (6x greater than industry average), suggesting potential “bot” traffic; 3.6 per cent of Criteo’s users generate 25 per cent of its clicks; Criteo is engaging in “click-cluster generation” even after the customer has purchased a product; 44.9 per cent of Criteo clicks come from “clusters” — 13x the industry standard; SteelHouse found one IP address that clicked on a Criteo ad 20,647 times across 96 of all 99 advertisers queried. 500413 CRTO THOMASCOOK. 1 Criteo S.A. 2019 Q3 - Results - Earnings Call Presentation - Criteo S.A. (NASDAQ:CRTO) | Seeking Alpha … Criteo Solution High-margin ad revenue Brands connected with audience through commerce-native ads on online shop $9M Revenue ex-TAC in Q4’20 +40% YoY Ambitious plan for 2021 to expand partnership across the Commerce Media Platform Challenge Move potential shoppers down the funnel to close the conversion loop Criteo Solution Some 25 per cent of Criteo’s 2016 projected revenues are based on fraudulent clicks; Over 50 per cent of Criteo’s clicks (as measured by SteelHouse) had no original source (6x greater than industry average), suggesting potential “bot” traffic; 3.6 per cent of Criteo’s users generate 25 per cent of its clicks; Criteo is engaging in “click-cluster generation” even after the customer has purchased a product; 44.9 per cent of Criteo clicks come from “clusters” — 13x the industry standard; SteelHouse found one IP address that clicked on a Criteo ad 20,647 times across 96 of all 99 advertisers queried. It’s a public company, so it is responsible for a lot of money. Ad fraud is shaping up as huge global problem and, at a projected scale of $50 billion by 2025, it is expected to be the second biggest money spinner for organised crime around the world unless trends can be reversed. This was one of the few allegations Criteo specifically denied after the Seeking Alpha story was published earlier this year. Criteo's product is a form of display advertising. Their retargeting solution displays interactive banner advertisements, generated based on the online retail browsing preferences and products for each customer. The solution operates on a pay per click /cost per click (CPC) basis. We provide just some of our evidence in this report.”. 2 • This presentation contains “forward- looking” statements that are based on our management’s beliefs and assumptions and on information currently available to managemen We emailed the Seeking Alpha author, who said he contacted Criteo about the story and received a response which he described as surprising and … The author of the Seeking Alpha story writes under the nom de plume The Friendly Bear — a point Criteo argues undermines the validity of the report. Money. Business. Through the legal process, both companies, as well as the online marketing industry, have gained greater clarity about the companies’ respective solutions. Criteo is an AdTech company that sits in between the advertisers (brands such as Puma), publishers (ad suppliers such as ViacomCBS), and consumers. Criteo was founded in Paris, France in 2005 by Jean-Baptiste Rudelle, Franck Le Ouay and Romain Niccoli.Criteo spent the first four years focused on R&D, and launched its first product in April 2008. It … Position Criteo for sustainable growth building on strengths in Commerce Media 9 Why We Will Succeed. Markets Insider Automation 13d: Start Trading >> Plus500. Criteo: Once Again, No Rush To Buy The Dip - Criteo S.A. (NASDAQ:CRTO) | Seeking Alpha. He also criticises the “black box” opacity of Criteo’s technology, which he compares unfavorably to Enron’s energy trading algorithms. For Marketers; Get Noticed; Get Traffic; Get Sales Seeking Alpha 12d: Criteo S.A. Q1 2021 Earnings Preview. But even in a terminal … The industry itself believes that as much as 11 per cent of inventory on third-party networks could be fraudulent — according to data seen by Which-50. 1 Criteo S.A. 2019 Q3 - Results - Earnings Call Presentation - Criteo S.A. (NASDAQ:CRTO) | Seeking Alpha … What prompted its latest angry reaction was an enquiry by Which-50 to its corporate head office, asking it to respond to accusations (see below) published on Seeking Alpha. It was issued on November first, the day before Criteo’s latest financial results. Revenue and Revenue ex-TAC Revenue grew 9%, or 3% at constant currency, to $564 million (Q1 2017: $517 million). By August, Criteo had assembled a bunch of former SteelHouse clients to back its claims. Back in June, Criteo accused rival SteelHouse of running a counterfeit ad click scheme. He writes, “Our own forensic analysis into Criteo suggests the market is potentially making a huge mistake by ignoring the claims that SteelHouse made against Criteo. Based on the content of the post, the author failed to clarify any facts relating to Criteo’s business model with Company officials before releasing the post.” UPDATE ENDS. Criteo is the global market leader in delivering digital performance advertising. Number of Employees* In Facebook’s case there was no suggestion of fraud — just stupidity. Newest first Furthermore, from long experience, “facts” that seem definitive and damning can actually be explained away legitimately. Criteo is a Nasdaq-listed company with a market capitalisation of nearly $US2.5 billion. Criteo’s 90%+ customer retention rate (maintained for over 20 quarters) is ample proof that there is no validity to the claims in this article. Through the legal process, both companies, as well as the online marketing industry, have gained greater clarity about the companies’ respective solutions”. It settled its dispute with rival SteelHouse in November (prior to the commencement of legal discovery) after a vicious little ad fraud case dating back to the middle of this year. 500413 CRTO THOMASCOOK. Criteo and SteelHouse agree that the focus should be on continuing to improve transparency in the ad tech industry.”, ‘Shakedown’: Advertisers ‘Swindled’ By Porn Traffic, Bots, And Adware As Criteo Settles ‘Click Fraud’ Litigation, COVER STORY: Consumers Reject All Online…, COVER STORY: Now Every Brand Is Creepy As…. SteelHouse, which unlike Criteo does not seem to operate in Australia, should also address the issues raised about its behaviour. Replies 0; Oldest first . More than 745,000 autonomous vehicles on the road by 2023: Gartner, COVER STORY: Consumers reject all online tracking without explicit consent, Neobank customers rate keeping up with technology much more highly than their peers, Ginni Rometty: Businesses are entering the second chapter of Digital Transformation, What we can learn about the future of retail from Alibaba’s $38 billion day, Coles eyes transformational supply chain investments, Which-50 Awards: HSBC – The Best In Analytics Innovation, One of Google Play’s most popular games is an ad fraud platform, say researchers, Cover Story: Australia Could Lead the World in AgTech. Criteo: Once Again, No Rush To Buy The Dip - Criteo S.A. (NASDAQ:CRTO) | Seeking Alpha. Latest media insights on Criteo SA Ads, (CRTO) with headlines and news Criteo: A Lesser Known Player In The Digital Advertising Space. First Manhattan Co had filed a previous 13F-HR on 2019-11-13 disclosing 236,936 shares of Criteo S.A at a value of $4,428,000 USD. SA Transcripts on Seeking Alpha | May 5, 2021. A week ago (30 November) ago a blogger on investment site Seeking Alpha published a 35-page review into Criteo’s business practices and the conclusions are damning. France-based ad tech company Criteo — a leader in the retargeting space — has responded angrily to the latest allegations of ad fraud, describing them as “unsubstantiated and false” and attacking a blogger’s decision to publish under a nom de plume. On a more positive note, though, Criteo was able to reduce non-GAAP operating expenses by $20m relative to the prior year, on lower R&D expenses (-19.5% YoY) from the … Through the legal process, both companies, as well as the online marketing industry, have gained greater clarity about the companies’ respective solutions”. Criteo has provided a point by point rebuttal to some — but not all — of the criticisms levelled at it in a recent Seeking Alpha story. Not so fast. anonymous 4 years ago in Website • 0. Criteo outlines an exciting new turnaround attempt amid concerns around its operating viability. In the meantime, the new solutions segment continues to deliver growth. Canada Pension Plan Investment Board closes position in CRTO / Criteo S.A. 2019-08-12 - Canada Pension Plan Investment Board has filed a 13F-HR form disclosing ownership of 0 shares of Criteo S.A (US:CRTO) with total holdings valued at $0 USD as of 2019-06-30. VP of Research Suju Rajan will lead the lab. In 2010, Criteo opened an office in Silicon Valley. 2:16-cv-4207-SVW-MRW. The argument that “Criteo’s 90%+ customer retention rate (maintained for over 20 quarters) is ample proof that there is no validity to the claims in this article,” is irrelevant. By late October, a judge had dismissed the preliminary injunction sought by Criteo. Please Select1-55-2525-5050-100100-500500-10001000+, Criteo reacts angrily as ad fraud allegations resurface. Gsa Capital Partners Llp had filed a previous 13F-HR on 2020-08-11 disclosing 30,650 shares of Criteo S.A at a value of $349,000 USD. Before we get into the details, here are some things to consider. The argument that “Criteo’s 90%+ customer retention rate (maintained for over 20 quarters) is ample proof that there is no validity to the claims in this article,” is irrelevant. We were a little surprised that in its formal response to our enquiry, which listed these points above, Criteo chose not to address them — although it does directly deny using adware. ‘Shakedown’: Advertisers ‘Swindled’ By Porn Traffic, Bots, And Adware As Criteo Settles ‘Click Fraud’ Litigation, Google, Amazon, Adtechs Helping Fund COVID-19 Disinformation: Report, Criteo Under Investigation By French Data Protection Authority, Criteo shares hit by uncertainty over potential Google cookie changes, Trouble for Criteo as Facebook decertifies its marketing partnership, shares tank. We make money only when our clients do, because our business model is fully aligned to driving their sales. Criteo (CRTO) has been a year-to-date outperformer (see my prior bullish articles here and here), but I believe the current valuation remains undemanding. Facebook’s admission sent shockwaves through the industry, but it largely received the benefit of the doubt when it disclosed the error (which it attributed to its algorithms) and adjusted accordingly. The industry itself believes that as much as 11 per cent of inventory on third-party networks could be fraudulent — according to data seen by Which-50. Read More 'CRTO' Stories Here. While Criteo and SteelHouse are in the spotlight today, they are not alone. There may be a legitimate reason, for instance, why “one IP address … clicked on a Criteo ad 20,647 [times] across 96 of all 99 advertisers,” or it may simply be that SteelHouse was talking through its hat when it levelled this accusation. Customer retention does not prove anything of the sort, frankly. That was just claim number one — and was followed by another 112 accusations from Criteo. Then, in September, SteelHouse issued further claims arguing that Criteo’s login files were “indicative of adware, bots, click farms, or other code”. Then, in September, SteelHouse issued further claims arguing that Criteo’s login files were “indicative of adware, bots, click farms, or other code”. We emailed the Seeking Alpha author, who said he contacted Criteo about the story and received a response which he described as surprising and as having “more holes in it than I could have ever imagined.”. Canada Pension Plan Investment Board had filed a previous 13F-HR on 2019-05-15 disclosing 500,000 shares of Criteo S.A … Among those claims against Criteo by SteelHouse as reported by investment site Seeking Alpha: In Which-50’s view these issues constitute a clear matter of public interest for our industry. Au cœur du modèle Criteo, l’Internet ouvert offre aux entreprises plus d’opportunités, plus de choix et plus de liberté. Solutions. 500413 CRTO THOMASCOOK Seeking Alpha takes a look at Criteo’s positive outlook and explains why the company is an attractive opportunity for those looking to invest in the competitive online advertising space. Criteo’s response, which we received overnight, is published in full: “The commentary published on Seeking Alpha by one anonymous contributor includes a number of unsubstantiated and false claims directed at Criteo and its business model. And dodgy inventory is not the only problem. Among the key findings from the Seeking Alpha story (and quoting them directly): The writer says the evidence he has uncovered suggests the market is reading the wrong message into the settlement and that Criteo is acting from a position of weakness. In an emailed reply, Edelman made it clear he would not be commenting further on the story. Forums . During his career, he has reported on the Australian media, technology, finance, life science, and related sectors over a period spanning 20 years. Chief Product Officer Todd Parsons Product Update 10. Criteo and SteelHouse provide different business solutions, based on distinct attribution and pricing methodologies, to their clients. It is also tempting to think Criteo might be able to avoid fallout from the stories which have surfaced since the dispute began. Back in June, Criteo accused rival SteelHouse of running a counterfeit ad click scheme. We provide just some of our evidence in this report.”. After an injunction requested by Criteo was denied in October 2016, both parties chose to mutually dropped their lawsuits in November 2016. On 4 October 2016, Criteo acquired HookLogic, a retail exchange, ad server and attribution company focused squarely on retailers, strengthening its ecommerce serving capabilities. We rigorously monitor suspicious click activity automatically to ensure that only genuine clicks are charged to our clients. Retargeting platform Criteo has been smashed in two new reports. SteelHouse denied the accusation and launched its own counter claim — accusing Criteo of injecting adware into users’ computers and of buying inventory from “non-reputable sources” to bump its numbers. Criteo S.A. (NASDAQ: CRTO), the performance marketing technology company, today responds to a blog post published on November 30, 2016 on Seeking Alpha by an anonymous author, directed at the... Tuesday, Nov 22, 2016 2019-11-11 seekingalpha.com - 3 - It appears increasingly unlikely that a $1 billion business can withstand overt hostility from the likes of Amazon, Facebook, and Google. Seeking Alpha: Criteo S.A. EPS beats by $0.16, beats on revenue, guides Q2.. 05/5/2021: 13:00: PR Newswire (US) Criteo Reports Strong First Quarter 2021 Financial Results: 04/5/2021: 19:00: Seeking Alpha: Criteo S.A. Q1 2021 Earnings Preview: 29/4/2021: 22:07: Edgar (US Regulatory) Additional Proxy Soliciting Materials (definitive) (defa14a) There may be a legitimate reason, for instance, why “one IP address … clicked on a Criteo ad 20,647 [times] across 96 of all 99 advertisers,” or it may simply be that SteelHouse was talking through its hat when it levelled this accusation. However, rather than addressing each point, Criteo launched a broadside at Seeking Alpha and a blanket denial of any inappropriate practice. Seeking Alpha. On Sunday, Which-50 asked Criteo via its Australian media representatives to respond specifically to some of the claims in the report. Criteo S.A. (CRTO) latest earnings report: revenue, EPS, surprise, history, news and analysis. By they time they had kissed and made up, however, their public spat and subsequent legal filings left some very serious questions unanswered. He then cites research by Edelman, which runs a consulting business in the ad fraud space. In a presentation in April 2015, Edelman told a UK investor show that “Criteo systemically buys adware injection inventory onto the very site where advertisers already have reached the user on the advertiser’s own site — I have caught this dozens of times for clients and each time Criteo apologises but each time they do it again — always through a new partner.”. Social profit (in terms of sustainability and social good) and financial profit are increasingly intertwined, as savvy shareholders and an informed public demand corporations, large and small alike, use their influence for the good of the, City* We do not use adware. However, rather than addressing each point, Criteo launched a broadside at Seeking Alpha and a blanket denial of any inappropriate practice. He also criticises the “black box” opacity of Criteo’s technology, which he compares unfavorably to Enron’s energy trading algorithms. That was just claim number one — and was followed by another 112 accusations from Criteo. MotleyFool 12d: Criteo rises 4.5%, tags 3.5-year high after easy Q1 beat and strong guidance. Having spent 30 years in media, we caution you that accusations are simply that — none of the claims against either company were tested in court. Or We Might Just Bugger it Up, Again, Cover story: Adtech won’t fix ad fraud because it is too lucrative, say specialists, COVER STORY: Six Months on and Australia is Waiting for Amazon to Hit the Accelerator, As Amazon blocks Australians from its international sites, Alibaba and eBay are working on a GST fix, LinkedIn reveals Australia’s Best companies to work for in 2018. Who are China’s biggest ecommerce companies? Criteo: A “Little-Known Online Advertising Engine Gem” Summary of Seeking Alpha’s January 13 article which called out Criteo as having "built an impressive online advertisement engine which works differently than many others." On Sunday, Which-50 asked Criteo via its Australian media representatives to respond specifically to some of the claims in the report. Ad fraud is shaping up as huge global problem and, at a projected scale of $50 billion by 2025, it is expected to be the second biggest money spinner for organised crime around the world unless trends can be reversed. In addition to the points made above Criteo more directly references the author of the post whom it criticises. Yesterday, Criteo … … Exane Asset Management had filed a previous 13F-HR on 2019-05-07 disclosing 66,600 shares of Criteo S.A at a value of $1,333,998,000 USD. Facebook’s admission sent shockwaves through the industry, but it largely received the benefit of the doubt when it disclosed the error (which it attributed to its algorithms) and adjusted accordingly. Criteo outlines an exciting new turnaround attempt amid concerns around its operating viability. Open mobile menu. Either way, this point, along with the others, needs answering. All very entertaining stuff, unless it’s your ad budget they happen to be arguing about. Vote 0 0 Undo Follow. The email (see below) provides some insight into the kind of heat Criteo is taking from its investors as a result of the report. Andrew Birmingham is the editor-in-chief and publisher of Which-50. By August, Criteo had assembled a bunch of former SteelHouse clients to back its claims. Then, in November, the companies officially called a truce, releasing a joint statement that “Criteo and SteelHouse provide different business solutions, based on distinct attribution and pricing methodologies, to their clients. Additionally, the current consensus price target from analysts is $42.47. The Seeking Alpha report, headlined “‘Shakedown’: Advertisers ‘Swindled’ By Porn Traffic, Bots, And Adware As Criteo Settles ‘Click Fraud’ Litigation” gives you a pretty good flavour of the story. People’s. We believe we have surfaced evidence (including Criteo’s ties to a notorious adware company, and Criteo’s advertising relationships with highly suspect web sites) that appear to corroborate many of SteelHouse’s claims. Those 90 per cent of retained customers are entitled to that, surely. Industry* 2:16-cv-4207-SVW-MRW. Criteo has started testing the single sign-on (SSO) solution - called OpenPass - that will serve as the consumer-facing component of Unified ID 2.0, the open source industry initiative that aims to use email as an alternative to third-party cookies. By late October, a judge had dismissed the preliminary injunction sought by Criteo. Criteo and SteelHouse agree that the focus should be on continuing to improve transparency in the ad tech industry.”. Criteo carries an extra burden. SteelHouse, which unlike Criteo does not seem to operate in Australia, should also address the issues raised about its behaviour. Before we get into the details, here are some things to consider. Get Started. Revenue ex-TAC grew 14%, or 8% at constant currency, to $240 million (Q1 … In an emailed reply, Edelman made it clear he would not be commenting further on the story. Price target is raised from $15 to $33, based on 4.5x 2022E EBITDA of $299M. 2019-11-11 seekingalpha.com - 3 - It appears increasingly unlikely that a $1 billion business can withstand overt hostility from the likes of Amazon, Facebook, and Google. In responding to the Seeking Alpha and Which-50 stories, most of the rest of its denials were general in nature. Not so fast. The claims stem from its legal dispute with US rival SteelHouse and, more recently, from an analysis by a blogger on US investment site Seeking Alpha. Currently, Wall Street analysts rate CRTO as Bullish on average. However, it has shared that information with investors rather than customers. Seeking Alpha - Criteo acquires Mabaya to boost Retail Media solutions Criteo (CRTO +0.6%) has acquired Mabaya, a retail media tech company, to complement its Retail … The following slide deck was published by Criteo S.A. in conjunction with their 2021 Q1 earnings call.... SA Transcripts on Seeking Alpha | May 5, 2021. Panagora Asset Management Inc closes position in CRTO / Criteo S.A. 2019-08-09 - Panagora Asset Management Inc has filed a 13F-HR form disclosing ownership of 0 shares of Criteo S.A (US:CRTO) with total holdings valued at $0 USD as of 2019-06-30. Sign up for weekly digital transformation insights, delivered to your inbox. Criteo: Once Again, No Rush To Buy The Dip - Criteo S.A. (NASDAQ:CRTO) | Seeking Alpha. Criteo and SteelHouse provide different business solutions, based on distinct attribution and pricing methodologies, to their clients. First Manhattan Co closes position in CRTO / Criteo S.A. 2020-02-13 - First Manhattan Co has filed a 13F-HR form disclosing ownership of 0 shares of Criteo S.A (US:CRTO) with total holdings valued at $0 USD as of 2019-12-31. Company Appoints First Head of DE&I and Unveils Pay Parity Action Plan. That’s because Criteo and SteelHouse both decided to end their standoff only after unloading every barrel on each other — then reloading and unloading again before finally abandoning a policy of mutually assured destruction. Even Facebook was recently smacked around when it had to acknowledge it had “overestimated average time spent watching videos by between 60 per cent and 80 per cent”. Feedback Forum: 19,288: Beta Tester Forum: 8: Knowledge base; Sign in / Sign up; Sign in / Sign up; Feedback Forum; Website; Ideas; 0. your adds from criteo of mostly naked women is very offensive and is a negative for wantign to go to you site. “Criteo (NASDAQ: CRTO) and SteelHouse have dismissed their respective claims, ending the lawsuit filed in the U.S. District Court for the Central District of California entitled Criteo S.A. v. Steel House, Inc., Case No. We believe we have surfaced evidence (including Criteo’s ties to a notorious adware company, and Criteo’s advertising relationships with highly suspect web sites) that appear to corroborate many of SteelHouse’s claims. We also contacted one of the sources quoted in the Seeking Alpha report: Harvard Business School Professor Benjamin Edelman. Join the digital transformation discussion and sign up for the Which-50 Irregular Insights newsletter. Criteo carries an extra burden. History. 2019-11-11 seekingalpha.com - 3 - It appears increasingly unlikely that a $1 billion business can withstand overt hostility from the likes of Amazon, Facebook, and Google. Against that, however, the accusations in this case are very specific and surprisingly numerous.

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