NEW YORK - Criteo S.A. (NASDAQ: CRTO), a leading commerce media company, has announced its intention to repurchase $150 million of its stock throughout 2024, marking a significant return of capital to shareholders.
Alongside this financial strategy, the company has nominated Ernst Teunissen, a seasoned executive with extensive experience in online advertising and global capital markets, to its Board of Directors.
The nomination of Teunissen, who has served as CFO of TripAdvisor (NASDAQ:TRIP) and CEO of its business units Viator, TheFork, and Cruise Critic, is set for the upcoming Annual General Meeting on June 25, 2024. His background includes roles at Cimpress (NASDAQ:CMPR) and in investment banking at Morgan Stanley and Deutsche Bank. Teunissen's appointment is expected to bring valuable insights and experience to Criteo's Board, particularly in financial expertise and industry leadership.
Rachel Picard, Chairwoman of Criteo's Board, expressed enthusiasm for Teunissen's nomination, citing his track record in creating shareholder value. Teunissen himself commented on the exciting prospects of joining Criteo's Board at a time when the company is executing its Commerce Media strategy.
The company also acknowledged James Warner's decision not to seek reelection at the AGM. Warner's tenure as Vice Chairman and Chairman of the Compensation Committee saw Criteo's transformation into a Commerce Media powerhouse, and his contributions have been lauded by the company.
Criteo's CEO, Megan Clarken, emphasized the company's strong performance, including surpassing $1 billion in Contribution ex-TAC and achieving a 30% adjusted EBITDA margin in 2023. She also mentioned plans to provide an investor update on the Retail Media business in fall 2024, highlighting the company's commitment to profitable growth and its position as a leading Retail Media AdTech provider.
Petrus Advisers, a shareholder of Criteo, expressed support for Teunissen's nomination and Criteo's strategic decisions, reinforcing confidence in the company's market leadership and business momentum.
This announcement is based on a press release statement and contains forward-looking statements that involve risks and uncertainties. The company's SEC filings and reports provide further details on these risks, including macro-economic conditions that have impacted Criteo's business.
Shareholders are encouraged to read the company's proxy materials and other relevant documents when they become available for more information on the upcoming AGM.
InvestingPro Insights
As Criteo S.A. (NASDAQ: CRTO) remains in the spotlight with its recent announcement of a $150 million stock repurchase and the strategic nomination of Ernst Teunissen to its Board of Directors, InvestingPro offers further insights into the company’s financial health and market performance. With management's aggressive share buyback strategy, Criteo demonstrates confidence in its own value, a sentiment that is often well-received by investors.
The company's financial stability is underlined by an InvestingPro Tip that highlights Criteo's solid balance sheet, holding more cash than debt. This positions the company favorably in terms of financial flexibility and risk management. Moreover, analysts have revised their earnings upwards for the upcoming period, suggesting that the market anticipates Criteo's continued success.
From a data perspective, Criteo's Market Cap stands at $1890M, with a P/E Ratio (Adjusted) for the last twelve months as of Q4 2023 at 26.83, which may be considered high, indicating that investors have high expectations for the company's future growth.
The company's Price / Book ratio as of the same period is 1.75, which can offer an indication of the market's valuation of the company's net assets. Moreover, Criteo has demonstrated strong performance with a 44.98% price total return over the last three months, reflecting robust investor confidence and market momentum.
For those intrigued by Criteo's prospects and seeking more comprehensive analysis, InvestingPro offers additional InvestingPro Tips to help investors make informed decisions. There are 12 more tips available, which can be accessed at: https://www.investing.com/pro/CRTO. To deepen your investment research, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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