Narrow-Moat SAP Risks Customer Switchbacks on Road to HANA; Lowering FVE to EUR 88
SAP has agreed to acquire Qualtrics for about $8 billion, and we are maintaining our EUR 91 fair value estimate and $105 per ADR fair value estimate. According to PitchBook, Qualtrics had raised $180 million in a series C round, which put the firm’s valuation near $2.5 billion back in 2017. The deal comes just before Qualtrics going public and equates to about 20 times Qualtrics’ forward sales, a relatively hefty multiple, in our opinion, but in line with other blockbuster software deals since t...
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