TTD · The Trade Desk, Inc.

$18.372026-07-21

Sector: Communication Services; Industry: Advertising Agencies; Sub-Industry: Advertising

Intrinsic Value Range Comparison · Mulya.ai

R&D capitalized (5yr) · Leases factored

Bull

$44

+137.3% vs market

Base · active

$37

+102.7% vs market

Bear

$31

+70.9% vs market

Mulya.ai vs Analyst IV Comparison?

Market $18

Median $27

Bear $31

Base $37

Bull $44

Market Price $18

Mulya.ai Base $37

Analysts Median $27

Mulya.ai IV range ($31 · $44)

Analysts Range ($20 · $53)

Fundamentals · historical + forward · base

italics = DCF projection

Period	Revenue	Rev Gr ?	Ops M% ?	Tax Rate ?	NOPAT ?	Reinvest ?	FCFF ?	WACC% ?	PV FCFF ?	ROIC ?	Inv. Cap ?	EPS ?	P/E
2024.Q1	$1.9B	—	13.8%	37.8%	$166MM	−$381MM	−$214MM	8.5%	—	8.2%	$2.0B	$0.38	—
2024.Q4	$1.9B	0.0%	13.8%	22.5%	$207MM	−$489MM	−$282MM	9.6%	—	9.5%	$2.3B	$0.38	—
2025.Q1	$2.4B	25.6%	23.3%	23.3%	$438MM	−$625MM	−$187MM	9.0%	—	17.9%	$2.6B	$0.82	—
2025.Q4	$2.4B	0.0%	23.3%	32.7%	$384MM	−$786MM	−$402MM	9.7%	—	14.4%	$2.8B	$0.82	—
2026.Q1	$3.0B	21.4%	27.1%	34.6%	$525MM	−$857MM	−$332MM	8.8%	—	18.5%	$2.9B	$0.91	10.9
italics below = DCF projection · 10yr Rev CAGR: 8.9%
2027.Q1	$3.3B	+9.9%	36.1%	33.2%	$788MM	−$297MM	$491MM	8.5%	$452MM	25.7%	$3.2B	$0.93	19.8
2028.Q1	$3.6B	+9.7%	34.1%	31.7%	$834MM	−$326MM	$508MM	8.5%	$431MM	24.7%	$3.5B	$1.03	17.8
2029.Q1	$3.9B	+7.9%	32.1%	30.3%	$865MM	−$301MM	$564MM	8.5%	$441MM	23.4%	$3.8B	$1.13	16.3
2030.Q1	$4.2B	+9.5%	30.1%	28.8%	$906MM	−$401MM	$505MM	8.5%	$364MM	22.4%	$4.2B	$1.25	14.7
2031.Q1	$4.8B	+13.2%	26.1%	27.3%	$907MM	−$629MM	$278MM	8.5%	$185MM	19.9%	$4.9B	$1.42	12.9

Term. Yr+	$7.2B	4.1%	26.1%	20.0%	$1.5B	−$313MM	$1.2B	8.6%	$11.7B	19.8%	—	—	—

Active scenario IV: $37 (+102.7% vs market)