PSA ERP Software: Shift Inc (3697 JT) – It’s All About the People
Shift’s FY23 Q2 earnings beat has sent the stock up +19% WTD, taking EV/OP to 44.2x. However, we expect OP to continue to grow in excess of +40% YoY until at least FY25, which rapidly brings down valuations. As such we think the stock still remains attractive, even after this week’s rally.
Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods.
PSA produces both company and sector reports. The focus of PSA’s research is to identify winners and losers as new technologies impact the top and bottom lines of corporations. Critical to our research is the clear explanation of how these new technologies work and how they impact companies and industries.
The founding partners have worked closely together for twenty years and the team has more than doubled in size since 2012.
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