Criteo SA Sponsored ADR (CRTO.O): Thoughts on CRTO’s Potential Acquisition Offer—Highlights CRTO’s Strategic Data, Commerce, & AI Partnerships

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Criteo SA Sponsored ADR (CRTO.O): Thoughts on CRTO’s Potential Acquisition Offer—Highlights CRTO’s Strategic Data, Commerce, & AI Partnerships

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07 Jul 2026 00:49:52 ET │ 10 pages

Criteo SA Sponsored ADR (CRTO.O)

Thoughts on CRTO’s Potential Acquisition Offer—Highlights CRTO’s

Strategic Data, Commerce, & AI Partnerships

CITI'S TAKE Buy

Price (06 Jul 26 16:00) US$23.17 Yesterday, Bloomberg reported that Vista Equity Partners and Quinti

Target price US$26.00 Capital had submitted an acquisition bid for Criteo valuing it at a 50%

premium to recent trading levels, which we believe suggests ~$27/share Expected share price return 12.2%

based on CRTO’s average stock price in June. At $27, this implies an EV of Expected dividend yield 0.0%

~$1.1 billion and a valuation of ~2x our ‘27E EV/EBITDA, a discount vs. Expected total return 12.2%

CRTO’s 2-YR forward EV/EBITDA avg. of ~5x and reflective of current Market Cap US$1,164M

challenges and tougher macro coming out of 1Q. That said, we emerged

from our management meetings with Criteo at Cannes (see our

takeaways) and management meetings in May (see our recap)

incrementally positive, and believe the proposed acquisition highlights the Ronald JoseyAC

strategic value of Criteo's commerce data assets, cross-device ID graph, +1-212-816-4545

and recent traction with OpenAI now that 2K+ of Criteo’s brand partners ronald.josey@citi.com

are now live on ChatGPT, up from ~1K in May. Jamesmichael Sherman-Lewis

+1-415-627-6014

jamesmichael.shermanlewis@citi.com

Jake Hallac, CFA

• Insights into our Criteo Meetings at Cannes 2026: Following our meeting +1-212-816-2001

with management at Cannes ’26, we emerged incrementally positive on jake.hallac@citi.com

Criteo’s tailwinds given multiple online catalysts around Agentic Commerce,