 Criteo is dramatically undervalued with a 4.1X EV2020 EBITDA and 1.2X sales valuation, which is a severe discount to peers despite retargeting stabilizing and Retail Media growing 60 organically. Retail Media, which generated 90M in revenue in 2020, has limited competition, operates in a massive 50B TAM, and is worth multiples of todays market cap. 