AYX - Embedded Expectations Analysis - 2020 04 27
ï€ Alteryx, Inc. (AYX:USA) currently trades above historical averages relative toUAFRS-based (Uniform) earnings, with an 81.5x Uniform P/E. Even at these levels, the market has bearish expectations for Uniform ROA, and management may be concerned about Alteryx Platform, billing schedules, and their automation capabilities
ï€ Specifically, management may be overstating the data science and process automation capabilities of Alteryx Platform, and they may have concerns about the seasonality of their contract billing schedules. Furthermore, they may lack confidence in their ability to build around their expert data prep and blending capabilities, improve their average contract duration, and provide verticalization solutions for more industries. Moreover, management may be overstating the popularity and capabilities of Python and the client automation-driven demand for Alteryx Server. Finally, they may be exaggerating the value of automated processes and their ability to help firms converge the roles of citizen data scientists, trained statisticians, and data engineers
Alteryx provides data science and analytics. The company's analytics platform comprises: Alteryx Designer, its data profiling, preparation, blending, and analytics product used to create visual workflows or analytic processes; Alteryx Server, its server-based product for scheduling, sharing, and running analytic processes and applications in a web-based environment; Alteryx Connect, its collaborative data exploration platform for discovering information assets and sharing recommendations across the enterprise; and Alteryx Promote, its analytics model management product for data scientists and analytics teams to build, manage, monitor, and deploy predictive models into production applications.
In 2009, just as the dust was settling from the last major equity and credit market crises, we launched a boutique research firm with the intention of breaking Wall Street’s biases and broken incentives:
- GAAP and IFRS have failed to provide rules for reliable financial statement reporting
- Stock analyst recommendations are not grounded in disciplined financial analysis
- Credit agencies have been set up to grossly fail in their responsibilities to investors and the public markets
- Utter lack of willingness of major research firms to employ the the most advanced forensic analysis available
We sought to provide investors and company analysts with a source of information that changed all that.
Many years later, our business model remains because little has changed on Wall Street.
- Corporate credit ratings remain years behind the fundamental underpinnings of company performance
- Stock analysts continue to make recommendations with deeply inherent biases
- Research firms have failed to break down the walls between credit, equity, and macroeconomic research
- The governing accounting bodies have created more leeway for mis-estimates and mis-classifications as financials have become unwieldy and overwhelming
The integrity of Valens Research is founded in our disciplined processes and analytics. No “star” analysts. No corporate advisory relationships. No-nonsense opinions and recommendations.
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