Tradedoubler reported FY25 revenue growth of 5% (8% in constant currency), with another year of modest growth from Partner Marketing (+3%) boosted by strong growth from Influencer Marketing (+32%). Adjusted EBITDA was 2% ahead of our forecast and grew 17% y-o-y. The company made progress towards its target of an adjusted EBITDA/gross profit margin of 25%, increasing to 22.8% from 21.0% in FY24. We have revised our forecasts, trimming FY26 and FY27 revenue and adjusted EBITDA to reflect the difficult demand environment for Partner Marketing. Despite this, the stock continues to trade well below peers and our discounted cash flow (DCF) valuation.

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