Procuring Locked-In Users, Narrow-Moat Coupa Primed for Growth; Initiating Coverage With $116 FVE
We are initiating coverage of Coupa Software with a fair value estimate of $116 per share, a narrow economic moat, positive moat trend rating, and shares appear fairly valued to us. Coupa Software is a cloud-based, business spend management platform that provides companies with more control and visibility into how they spend money. The platform consists of an end-to-end integrated application that assists from procurement of goods through to the sending and receiving of invoices. The platform he...Coupa Software is a provider of business spend management (BSM) solutions. The company provides a cloud-based BSM platform that delivers a range of capabilities that would typically require the purchase and use of multiple disparate point applications. The company's main platform consists of procurement, invoicing, expense management and payments modules that form the transactional engine for managing a company's business spend. In addition, the company's platform provides supporting modules to help companies further manage their spend, including strategic sourcing, spend analysis, contract management, supplier management, and contingent workforce management.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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