<p>數字廣告老將 <strong>Trade Desk</strong>(TTD 2.90%) 曾經是熱門股票。到 2024 年 12 月初，該股在兩年內上漲了 156%，表現出色。該股的市場估值倍數如自由現金流 134 倍和銷售額 30 倍，令人矚目。相比之下，<strong>Nvidia</strong>(NVDA -0.98%) 的股票顯得相對便宜。</p>
<p>但情況已經改變。</p>
<p>Trade Desk 最近的財報表現強勁，但伴隨而來的是令人警醒的市場分析和温和的前瞻性指引。殘酷的市場反應抹去了 Trade Desk 投資者幾年的收益。</p>
<p>因此，如果你在五年前投資了 500 美元在 Trade Desk 上，那麼今天這筆投資的價值僅為 576 美元：</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d4347d6dcda65cc0ded29fd50b3f9610.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d4347d6dcda65cc0ded29fd50b3f9610.png"/></p>
<p>TTD 總回報水平數據來自 YCharts</p>
<p>在同一時期，<strong>標準普爾 500 指數</strong>(^GSPC -0.11%) 的總回報翻了一番，年複合增長率 (CAGR) 達到 15.6%，而 Trade Desk 的增長率僅為 2.9%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk0ODIvY29uZnVzZWQtY29tcHV0ZXItdXNlci5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk0ODIvY29uZnVzZWQtY29tcHV0ZXItdXNlci5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>現實檢查的銀 lining</h2>
<p>如今，你可以以 33 倍自由現金流和 9 倍銷售額的相對合理估值購買 Trade Desk 的股票。如果今天股價翻倍，股票的估值倍數仍低於 Nvidia 的 62 倍自由現金流和 30 倍銷售額。</p>
<p>請注意，Trade Desk 仍然遠未成為深度折扣價值股。這些倍數適合於一家快速增長、目標市場廣闊的企業。</p>
<p>我認為 Trade Desk 符合這個描述。多年來，其銷售額一直在飆升，自由現金流也比以往更加豐厚：</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d0cb31eacc0a5990bc4b9912d51f2d5e.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d0cb31eacc0a5990bc4b9912d51f2d5e.png"/></p>
<p>TTD 收入（TTM）數據來自 YCharts</p>
<p>該公司的短期前景在最近幾個季度不太樂觀，但管理層仍預計第三季度報告的銷售增長約為 14%。這個增長故事遠未結束。2025 年的股價下調只是讓這家頂尖公司變得更加實惠。</p>

<p>Trade Desk (TTD) 的股票在過去五年中 modest 增加了 2.9%，目前價值為 576 美元，相對於 500 美元的投資。儘管收益強勁，但該股票的估值已降至自由現金流的 33 倍和銷售額的 9 倍，相較於 Nvidia 更具吸引力。公司預計在即將到來的季度銷售增長 14%，這表明數字廣告行業仍有持續增長的潛力</p>

<p>Digital advertising veteran <strong>The Trade Desk</strong>(TTD 2.90%) used to be hot stuff. In early December 2024, the stock had posted a market-stomping 156% gain in two years. The stock traded at market-darling valuation multiples such as 134 times free cash flow and 30 times sales. The Trade Desk made mighty <strong>Nvidia</strong>'s (NVDA -0.98%) stock look affordable by comparison.</p>
<div class="lb-trans"><p>數字廣告老將 <strong>Trade Desk</strong>(TTD 2.90%) 曾經是熱門股票。到 2024 年 12 月初，該股在兩年內上漲了 156%，表現出色。該股的市場估值倍數如自由現金流 134 倍和銷售額 30 倍，令人矚目。相比之下，<strong>Nvidia</strong>(NVDA -0.98%) 的股票顯得相對便宜。</p>
</div><p>But things have changed.</p>
<div class="lb-trans"><p>但情況已經改變。</p>
</div><p>The Trade Desk's recent earnings reports have been robust, but they were accompanied by a sobering market analysis and modest forward-looking guidance. The brutal market reaction wiped out several years of The Trade Desk's investor gains.</p>
<div class="lb-trans"><p>Trade Desk 最近的財報表現強勁，但伴隨而來的是令人警醒的市場分析和温和的前瞻性指引。殘酷的市場反應抹去了 Trade Desk 投資者幾年的收益。</p>
</div><p>So if you invested $500 in The Trade Desk five years ago, that position would be worth just $576 today:</p>
<div class="lb-trans"><p>因此，如果你在五年前投資了 500 美元在 Trade Desk 上，那麼今天這筆投資的價值僅為 576 美元：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d4347d6dcda65cc0ded29fd50b3f9610.png" alt="" original-src="https://media.ycharts.com/charts/d4347d6dcda65cc0ded29fd50b3f9610.png"/></p>
<p>TTD Total Return Level data by YCharts</p>
<div class="lb-trans"><p>TTD 總回報水平數據來自 YCharts</p>
</div><p>The <strong>S&amp;P 500</strong>(^GSPC -0.11%) market index more than doubled over the same period, in terms of total returns. That's an above-average compound annual growth rate (CAGR) of 15.6% versus The Trade Desk's anemic 2.9%.</p>
<div class="lb-trans"><p>在同一時期，<strong>標準普爾 500 指數</strong>(^GSPC -0.11%) 的總回報翻了一番，年複合增長率 (CAGR) 達到 15.6%，而 Trade Desk 的增長率僅為 2.9%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk0ODIvY29uZnVzZWQtY29tcHV0ZXItdXNlci5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829482%2Fconfused-computer-user.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Silver lining of the reality check</h2>
<div class="lb-trans"><h2>現實檢查的銀 lining</h2>
</div><p>These days, you can buy The Trade Desk's stock at a less outrageous valuation of 33 times free cash flow and 9 times sales. If the stock price doubled today, the shares would still carry lower valuation multiples than Nvidia's 62 times free cash flow and 30 times sales.</p>
<div class="lb-trans"><p>如今，你可以以 33 倍自由現金流和 9 倍銷售額的相對合理估值購買 Trade Desk 的股票。如果今天股價翻倍，股票的估值倍數仍低於 Nvidia 的 62 倍自由現金流和 30 倍銷售額。</p>
</div><p>Mind you, The Trade Desk is still far from a deep-discount value stock. These multiples are appropriate for a fast-growing business addressing a large target market.</p>
<div class="lb-trans"><p>請注意，Trade Desk 仍然遠未成為深度折扣價值股。這些倍數適合於一家快速增長、目標市場廣闊的企業。</p>
</div><p>And I would argue that The Trade Desk fits that description. Its sales have been soaring for years, and free cash flows are richer than ever:</p>
<div class="lb-trans"><p>我認為 Trade Desk 符合這個描述。多年來，其銷售額一直在飆升，自由現金流也比以往更加豐厚：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d0cb31eacc0a5990bc4b9912d51f2d5e.png" alt="" original-src="https://media.ycharts.com/charts/d0cb31eacc0a5990bc4b9912d51f2d5e.png"/></p>
<p>TTD Revenue (TTM) data by YCharts</p>
<div class="lb-trans"><p>TTD 收入（TTM）數據來自 YCharts</p>
</div><p>The company's near-term outlook has been less bullish in recent quarters, but management still expects roughly 14% sales growth in the third-quarter report. This growth story is far from over. The 2025 stock price cuts simply made this top-notch company more affordable.</p>
<div class="lb-trans"><p>該公司的短期前景在最近幾個季度不太樂觀，但管理層仍預計第三季度報告的銷售增長約為 14%。這個增長故事遠未結束。2025 年的股價下調只是讓這家頂尖公司變得更加實惠。</p>
</div>

如果你在五年前投資了 500 美元於 Trade Desk 的股票，那麼今天你會擁有多少