Tradedoubler has a strong proposition in performance marketing, with particular strengths in the partner (affiliate) and influencer areas. With the springboard of a leading position in Europe, it is now expanding operations into the US, the largest global advertising market. Its influencer marketing business, Metapic, is well-placed to take advantage of this dynamic and fast-growing market area. The group has a diverse customer base and a cash-positive balance sheet, giving credibility to its medium-term targets for 10% revenue growth and 25% EBITDA/gross profit margin, despite the well-publicised current travails of the marketing services industry. Not yet factored into our forecasts, a breakthrough in the US market could be transformational. In our view, the current rating overstates the risks and understates the opportunities.