Report
Seth Sherwood
EUR 100.00 For Business Accounts Only

Lack of 606 Adoption Making Comps Harder for Tableau; Raising FVE, but Shares Look Rich

Tableau Software's first-quarter results were a mixed bag, as the firm missed our expectations as well as consensus estimates on the top line but delivered upside to our bottom-line projections. The ubiquity of data continues to represent a secular tailwind for the firm, and underlying demand is strong as enterprises seek efficiency and competitive differentiation by equipping their knowledge workers with analytic tools. Our no-moat rating is intact, however, as we continue to see structural hea...
Underlying
Tableau Software Inc. Class A

Tableau Software provides software products that enable a population of business users to engage with data, ask questions, and solve problems. The company provides four main products: Tableau Desktop, a self-service analytics product for anyone with data; Tableau Server, a business intelligence platform for organizations; Tableau Online, a hosted software-as-a-service version of Tableau Server; and Tableau Public, a cloud-based platform for analyzing and sharing public data. The company's technology, Visual Query Language (VizQL) for Databases is a visual query language for data that simultaneously describes how to query data and how to deliver it visually.

Provider
Morningstar
Morningstar

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.

Analysts
Seth Sherwood

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