Group 1 - The document provides preparatory information for the Ordinary and Extraordinary General Meetings scheduled for March 28, 2025 [1] - A PDF version of the information is available on the regional Caisse portal [1]

Le Président Poitiers, le 13 mars 2025 Monsieur, Je vous prie de bien vouloir assister à l'Assemblée Générale Extraordinaire de la Caisse Régionale de Crédit Agricole Mutuel de la Touraine et du Poitou, qui se tiendra le : Vendredi 28 mars 2025 à 9 heures dans la salle de Conférence du siège social de la Caisse Régionale, 18 rue Salvador Allende à Poitiers (86000) (accueil émargement à partir de 08h30). Ordre du jour de l'Assemblée Générale Extraordinaire : Autorisation à donner au Conseil d’Administ ...

Vous trouverez en attaché les informations préparatoires aux Assemblées Générales Ordinaires et Extraordinaires 2025 qui auront lieu en date du 28 mars 2025. Une version PDF est disponible sur le portail de la Caisse région l'adresse suivante https://www.credit-agricole.fr/ca-tourainepoitou/particulier/informations/informations-reglementees.html#AG Attachment Informations préparatoires aux Assemblées Générales Ordinaire et Extraordinaire 2025 ...

Core Insights - The article discusses potential investment opportunities in CRTO, indicating a possible long position in the stock within the next 72 hours [1]. Group 1 - The analyst has no current stock or derivative positions in the companies mentioned but may initiate a beneficial long position in CRTO [1]. - The article expresses the author's personal opinions and is not influenced by any compensation from the companies discussed [1]. - There is no business relationship between the author and the companies mentioned in the article [1].

Financial Statements - Criteo's audited consolidated financial statements are prepared in accordance with U.S. GAAP as of December 31, 2024[8]. Business Risks - The company faces significant risks including intense competition and reliance on a limited number of clients for a substantial portion of revenues[16]. - Criteo's revenue generation is heavily dependent on data collection, which may be restricted by various factors including consumer choice and regulatory changes[16]. - The company has substantial client concentration, with a few clients accounting for a significant portion of its revenues in certain markets[16]. - Criteo's international operations expose it to various risks that could impact business performance[16]. - The failure to safeguard personal data and confidential information could result in reputational harm and monetary damages[16]. - Criteo's future operations may be impacted by regulatory developments regarding internet and online matters[16]. Future Outlook - Future success will depend on the ability to innovate and expand into new industry verticals and advertising channels[16]. - The company may face challenges in integrating acquisitions or realizing expected benefits from strategic transactions[16]. - Fluctuations in operational results are expected due to various factors, making future results difficult to predict[16].

Core Viewpoint - Criteo S.A. (CRTO) shows potential for significant upside, with a mean price target of $55.90 indicating a 46.1% increase from the current price of $38.26 [1] Price Targets and Estimates - The mean estimate consists of 10 short-term price targets with a standard deviation of $10.04, indicating variability among analysts [2] - The lowest estimate is $36, suggesting a 5.9% decline, while the highest estimate is $68, indicating a potential surge of 77.7% [2] - A low standard deviation among price targets suggests a high degree of agreement among analysts regarding the stock's price movement [7] Earnings Estimates - Analysts are optimistic about CRTO's earnings prospects, with a positive trend in earnings estimate revisions indicating potential upside [4][9] - Over the last 30 days, three estimates have increased, leading to a 17.8% rise in the Zacks Consensus Estimate for the current year [10] - CRTO holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [11] Analyst Behavior and Market Dynamics - Analysts often set overly optimistic price targets due to business incentives, which can lead to inflated expectations [6] - While price targets can provide insights, they should be approached with skepticism and not be the sole basis for investment decisions [8]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell even higher, with the expectation that established trends will continue [1] Company Analysis: Criteo S.A. (CRTO) - Criteo S.A. currently holds a Momentum Style Score of A, indicating strong momentum characteristics [3] - The company has a Zacks Rank of 2 (Buy), suggesting it is positioned for potential outperformance in the market [4] - Over the past week, CRTO shares have increased by 19.77%, significantly outperforming the Zacks Internet - Software and Services industry, which rose by 2.44% [6] - In a longer time frame, CRTO shares have gained 15.02% over the past quarter and 38.94% over the last year, while the S&P 500 has only moved 1.46% and 22.28%, respectively [7] - The average 20-day trading volume for CRTO is 469,139 shares, indicating a bullish sentiment as the stock is rising [8] Earnings Outlook - In the past two months, three earnings estimates for CRTO have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from $4.32 to $4.61 [10] - For the next fiscal year, three estimates have also moved upwards, indicating positive sentiment regarding future earnings [10] Conclusion - Given the strong momentum indicators and positive earnings outlook, Criteo S.A. is recommended as a stock to consider for near-term investment opportunities [12]

Core Viewpoint - Criteo S.A. (CRTO) has shown a significant price increase of 18.2% over the past four weeks, with a mean price target of $55.90 indicating a potential upside of 27.1% from the current price of $43.99 [1] Price Targets and Analyst Estimates - The mean estimate consists of 10 short-term price targets with a standard deviation of $10.04, indicating variability among analysts; the lowest estimate is $36 (an 18.2% decline), while the highest is $68 (a 54.6% increase) [2] - A low standard deviation suggests a high degree of agreement among analysts regarding the stock's price movement direction, which can serve as a starting point for further research [7] Earnings Estimates and Market Sentiment - Analysts have shown increasing optimism about Criteo's earnings prospects, with a strong consensus on higher EPS estimates, which correlates with potential stock price increases [9] - Over the last 30 days, three earnings estimates have been revised upward, leading to a 15.6% increase in the Zacks Consensus Estimate [10] Zacks Rank and Investment Potential - Criteo currently holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for near-term upside [11] Conclusion on Price Targets - While the consensus price target may not reliably indicate the extent of potential gains, it does provide a useful guide for the direction of price movement [12]

Core Insights - Criteo's stock experienced a significant increase of up to 23.1% following a strong earnings report, ultimately closing with a gain of 17.9% [1] Financial Performance - Criteo's adjusted Q4 revenues increased by 6% year-over-year, reaching $334 million, while adjusted earnings rose by 15% to $1.75 per diluted share, surpassing Wall Street expectations of $1.37 per share on revenues of approximately $332 million [2] Business Segments - The retail media segment showed particularly strong performance, with an influx of new clients and enhanced network effects, indicating continued growth in brand-building tools that began in 2022 [3] Future Outlook - Criteo's partnership with Microsoft is highlighted as a key success, with expectations for 2025 to be a "spectacular year" driven by the integration with Microsoft and the introduction of new products [4] Stock Valuation - Following the recent stock price increase, Criteo shares have appreciated by 72% over the past year, and the stock is considered relatively inexpensive, trading at 9.8 times forward earnings and 14 times free cash flows, suggesting potential for further investment [5]

Financial Data and Key Metrics Changes - Criteo S.A. reported record revenue of $1.9 billion for 2024, with contribution ex-TAC growing by 11% at constant currency to over $1.1 billion [37] - Adjusted EBITDA margin improved to 35%, a 500 basis point increase year-over-year, driven by operational leverage and productivity [38] - Free cash flow reached approximately $182 million, up 65% year-over-year, representing 47% of adjusted EBITDA [39] Business Line Data and Key Metrics Changes - Retail media revenue was $258 million, with contribution ex-TAC growing by 25% year-over-year at constant currency [38] - Performance media revenue was $1.7 billion, with contribution ex-TAC increasing by 8% at constant currency, driven by a 32% growth in commerce audiences [38][41] - Retargeting represented 40% of the business as of the end of 2024, down from nearly 90% in early 2020 [27] Market Data and Key Metrics Changes - Retail media business saw a remarkable 31% year-over-year growth in media spend, exceeding $1.5 billion [13] - In the Americas, retail media spend increased by 46% year-over-year [87] - The number of brands advertising across Criteo's network grew by close to 20% compared to the previous year [45] Company Strategy and Development Direction - Criteo is focused on enhancing its commerce media platform, integrating AI-driven solutions, and expanding partnerships with retailers and agencies [15][34] - The company aims to empower advertisers with full funnel strategies and optimize performance through first-party data integration [17] - Criteo's strategy includes a modular approach to serve various retailers, enhancing its competitive positioning against Amazon [106] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning within the retail media space, highlighting the competitive advantages gained over the years [81] - The outlook for 2025 anticipates mid-single-digit growth in contribution ex-TAC, with potential upside from new capabilities and partnerships [56] - Management noted that the company is no longer planning around the deprecation of third-party cookies, reflecting a shift in strategy [61] Other Important Information - Criteo's capital allocation strategy includes a focus on high ROI investments and returning capital to shareholders through share buybacks, with $225 million deployed for repurchases in 2024 [54][55] - The company has a strong financial position with approximately $782 million in total liquidity and no long-term debt [53] Q&A Session Summary Question: Insights on retail media strength in Q4 and future drivers - Management highlighted the exceptional performance in retail media driven by significant media spend and the number of brands advertising, with expectations for continued growth in 2025 [87][89] Question: Margin profile and outlook for 2025 - Management indicated that Q4 adjusted EBITDA benefited from top-line outperformance and operational leverage, with expectations for continued strong margins despite some headwinds [93][96] Question: Competitive landscape with Amazon - Management noted that Amazon's new retail ad service targets a different market segment and that Criteo's neutral positioning and comprehensive product suite provide a competitive edge [102][106] Question: Contribution from Microsoft partnership - Management confirmed that contributions from the Microsoft partnership are included in the 2025 guidance, with some retailers expected to launch in the first half of the year [121] Question: Visibility into 2025 budget and competitive edge from wider inventory access - Management emphasized a rigorous planning process for 2025 budgets and the competitive advantage gained from access to a broader pool of inventory, including social media platforms [145]