Tradedoubler's Q4 report showcased solid underlying execution in a cautious market environment. While reported figures came in slightly softer than expected and were impacted by significant one-off revaluations and currency fluctuations, Tradedoubler continues to demonstrate improved profitability. Metapic remains the primary growth engine, with a 34% net sales growth in the seasonally strong Q4. We slightly trim our forecasts and Base Case while acknowledging that at a backwards looking 6x normalised FCF multiple, we see a solid upside to our Base Case.
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