Q3 snap - SAAS slowing in focus
FYQ3 SAAS and licence revenue both missed consensus. SAAS growth looked consistent to us on an organic basis, but the relatively lacklustre trend is more visible in the first quarter with NetSuite fully in the comp. Q4 software guidance was slightly light too, albeit EPS estimates will rise due to a lower tax rate. At a/h $48 the stock is on ~14x our new FY19E EPS - this looks fair for est'd mid-single EBIT growth over the next two years, but with few catalysts, limited visibility into the database cloud migration and competitive concerns likely to linger, we remain Neutral.Oracle provides products and services that address enterprise information technology (IT) environments. The company's products and services include applications and infrastructure offerings. The company's cloud and license business engages in the sale, marketing and delivery of its applications and infrastructure technologies through cloud and on-premise deployment models including its cloud services and license support offerings; and its cloud license and on-premise license offerings. The company's hardware business provides Oracle Engineered Systems, servers, storage, industry-specific hardware, operating systems, virtualization, management and other hardware-related software to support diverse IT environments.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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