TradeDoubler AB (TRAD) AI Stock Analysis

• Market Cap: kr459.39M
• Dividend Yield: N/A
• Average Volume (3M): 78.59K
• Price to Earnings (P/E): 28.4
• Beta (1Y): 0.47
• Revenue Growth: 6.67%
• EPS Growth: -7.93%
• Country: SE
• Employees: 360
• Sector: Communication Services
• Sector Strength: 97
• Industry: Advertising Agencies
• EPS (TTM): 0.05
• Shares Outstanding: 61,236,600
• 10 Day Avg. Volume: 56,063
• 30 Day Avg. Volume: 78,589
• PEG Ratio: 0.50
• Price to Book (P/B): 0.44
• Price to Sales (P/S): 0.08
• P/FCF Ratio: 9.40
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): kr2.24B

• Rating: 70 Outperform
• Price Target: kr8.00 ▲(17.30% Upside)

The score is driven primarily by solid financial performance—especially strong cash flow and improving operating efficiency—supported by an overall uptrend in technicals. Offsetting factors are overbought momentum signals and a relatively high P/E without a provided dividend yield.

Positive Factors

Free Cash Flow Strength

Sustained TTM free cash flow growth and efficient cash conversion improve financial flexibility, enabling durable reinvestment in product development, potential debt reduction or shareholder returns, and greater resilience to industry cyclicality over the medium term.

Revenue and Margin Improvement

Ongoing revenue growth combined with rising EBIT/EBITDA margins suggests improving operating efficiency and scalable unit economics, which supports sustainable profitability improvements and strengthens competitive positioning across client segments.

Balance Sheet Stability

An improving debt-to-equity profile and healthy equity ratio reduce leverage risk and increase strategic optionality, allowing the company to fund growth, endure downturns, or pursue M&A without compromising solvency over the next several quarters.

Negative Factors

Low Net Profit Margin

Relatively low net margins limit retained earnings and the ability to absorb rising costs or competitive pricing pressure, constraining long-term return on capital and reducing the buffer against advertiser spend volatility or platform fee increases.

Earnings Per Share Decline

Negative EPS growth indicates earnings volatility or margin pressure despite revenue gains, which can erode investor confidence and reduce internally available cash for strategic initiatives, limiting durable growth investments over several quarters.

Concentration in Performance-Based Revenue

Heavy reliance on performance-based commissions ties revenue to advertiser budgets and campaign outcomes; structural shifts in advertiser allocation, platform policy changes, or lower conversion rates could materially reduce predictability and revenue resilience over time.

TradeDoubler AB Business Overview & Revenue Model

Company Description

Tradedoubler AB (publ), together with its subsidiaries, provides performance marketing services and technology solutions for publishers and advertisers worldwide. It offers affiliate marketing solutions; white-label partner management platform to manage and run affiliate networks; business intelligence solutions; full service programmatic solutions to identify and connect with customers; and campaign management solutions. The company also provides Metapic, a platform for product recommendations that helps advertisers and digital creatives to enhance through reader engaging content. In addition, it offers tracking solutions, such as global, cookie less, cross device, voucher code, product level, and call tracking, as well as container tag solutions; and integration solutions, including products, vouchers, conversions, and claims APIs. The company was incorporated in 1999 and is based in Stockholm, Sweden. Tradedoubler AB (publ) is a subsidiary of Reworld Media S.A.

How the Company Makes Money

TradeDoubler generates revenue primarily through performance-based marketing services, where it earns commissions based on the sales or leads generated by its affiliate partners. The company operates a robust affiliate network, connecting advertisers with publishers who promote their products and services. Revenue streams include affiliate commissions, setup fees, and subscription models for its marketing technology solutions. Additionally, TradeDoubler may engage in strategic partnerships with online retailers and brands to enhance its service offerings and expand its market reach, contributing to its overall earnings.

TradeDoubler AB Financial Statement Overview

Summary

TradeDoubler AB exhibits solid financial health with consistent revenue growth and improved operational efficiency. The balance sheet is stable with a favorable debt-to-equity ratio, and cash flow generation is strong. While profitability margins could be enhanced, the overall financial position is positive, reflecting a well-managed company in the advertising industry.

Income Statement

TradeDoubler AB has shown consistent revenue growth over the years, with a notable increase in the TTM period. The gross profit margin has remained stable, indicating efficient cost management. However, the net profit margin is relatively low, suggesting room for improvement in profitability. The EBIT and EBITDA margins have improved in the TTM, reflecting better operational efficiency.

Balance Sheet

The company's debt-to-equity ratio has improved over the years, indicating a more balanced capital structure. Return on equity has been positive, although it dipped in 2024, it has recovered in the TTM. The equity ratio is healthy, showing a strong equity base relative to total assets. Overall, the balance sheet reflects stability with manageable leverage.

Cash Flow

TradeDoubler AB has demonstrated strong free cash flow growth in the TTM, indicating improved cash generation capabilities. The operating cash flow to net income ratio is healthy, suggesting efficient conversion of income into cash. The free cash flow to net income ratio is robust, highlighting effective cash management. Overall, the cash flow statement shows a positive trajectory.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.20B	2.11B	1.98B	1.64B	1.42B	1.24B
Gross Profit	481.54M	445.88M	408.37M	346.08M	277.04M	254.56M
EBITDA	82.30M	69.60M	42.43M	59.13M	50.54M	41.83M
Net Income	16.19M	-3.19M	25.28M	24.29M	23.91M	7.03M
Balance Sheet
Total Assets	1.12B	1.25B	1.15B	1.04B	922.65M	839.37M
Cash, Cash Equivalents and Short-Term Investments	104.45M	78.42M	70.20M	93.47M	94.01M	88.72M
Total Debt	80.53M	97.69M	133.87M	130.27M	134.92M	157.99M
Total Liabilities	720.50M	847.62M	818.92M	729.72M	661.34M	612.90M
Stockholders Equity	402.12M	398.55M	333.25M	307.71M	261.31M	226.47M
Cash Flow
Free Cash Flow	98.29M	18.77M	35.98M	27.69M	27.55M	63.51M
Operating Cash Flow	131.07M	55.89M	74.09M	59.42M	57.15M	88.50M
Investing Cash Flow	-61.39M	-44.75M	-63.22M	-41.01M	-13.99M	-25.89M
Financing Cash Flow	-639.00K	-5.00M	-33.76M	-26.91M	-41.07M	-27.39M

TradeDoubler AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 6.82
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:TRAD, the sentiment is Positive. The current price of 6.82 is above the 20-day moving average (MA) of 6.78, above the 50-day MA of 6.63, and above the 200-day MA of 6.79, indicating a bullish trend. The MACD of 0.24 indicates Negative momentum. The RSI at 71.53 is Negative, neither overbought nor oversold. The STOCH value of 84.66 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:TRAD.

TradeDoubler AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TRAD	70 Outperform	kr459.39M	28.44	4.37%	―	6.67%	-7.93%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
CTM	51 Neutral	kr129.05M	-0.71	-19.82%	―	-25.10%	82.01%
SPEONE	50 Neutral	kr62.68M	-1.66	-32.53%	―	-57.04%	-161.67%
RAKE	40 Underperform	kr89.63M	-0.15	―	―	-47.47%	-524.00%

TradeDoubler AB Corporate Events

Tradedoubler Clarifies CEO Interview, Stresses Data Was Historical Not Guidance

Tradedoubler has issued a clarification following an interview with CEO Matthias Stadelmeyer published by analyst firm Edison Group, stressing that the statements and figures he cited were not intended as forward-looking information and should not be treated as guidance, forecasts or expectations about future performance. The company emphasised that the numbers referred to in the interview were approximate and reflected historical business trends up to the third quarter of 2025, underlining an effort to prevent misinterpretation among investors and other stakeholders regarding its future outlook.

The most recent analyst rating on (SE:TRAD) stock is a Hold with a SEK6.50 price target. To see the full list of analyst forecasts on TradeDoubler AB stock, see the SE:TRAD Stock Forecast page.

Tradedoubler Updates Share Capital After C-Share Issue and Buyback

Tradedoubler AB has updated its share capital structure following a recent issue and repurchase of C-shares, increasing the total number of shares and votes to 65,445,838 as of 30 December 2025. The company now has 61,236,598 ordinary shares and 4,209,240 C-shares, and holds 5,000,000 of its own shares, comprising 790,760 ordinary shares and all 4,209,240 C-shares, a move that may reflect ongoing capital management or incentive programmes and slightly alters the free float and voting dynamics for existing shareholders.

The most recent analyst rating on (SE:TRAD) stock is a Hold with a SEK6.50 price target. To see the full list of analyst forecasts on TradeDoubler AB stock, see the SE:TRAD Stock Forecast page.

Tradedoubler AB Exercises Share Issuance and Repurchase for 2025 Program

Tradedoubler AB’s board of directors has exercised its authorization to issue and repurchase class C-shares to fulfill commitments under the company’s 2025 share program. The issuance and repurchase involve 4,209,240 class C shares, which will be converted to ordinary shares for the share program, representing approximately 7.6% of the total shares and votes in the company. This strategic move is aimed at securing the company’s obligations and maintaining its market position.

The most recent analyst rating on (SE:TRAD) stock is a Hold with a SEK6.50 price target. To see the full list of analyst forecasts on TradeDoubler AB stock, see the SE:TRAD Stock Forecast page.