PLAN - Embedded Expectations Analysis - 2021 03 02
Anaplan, Inc. (PLAN:USA) currently trades at a premium relative to UAFRS-based (Uniform) assets, with a 16.9x Uniform P/B. At these levels, the market has bullish expectations for the firm, but management may have concerns about their platform enhancements, large deal pipeline, and product capabilitiesSpecifically, maintain subscription revenue growth, improve non-GAAP operating margin, and build a community of world class planning professionals. Furthermore, they may be concerned about new partner-developed platform solutions, establishing connectivity with other large platforms, and the capabilities of their cloud platform products. In addition, they may lack confidence in their ability to assist customers with their transformation projects and further drive high productivity and performance for their cloud platform users. Moreover, management may have concerns about project funding constraints and large deal resource capacity, and they may be exaggerating the utility of their platform for clinical trial applications
Anaplan provides a cloud-based connected planning platform that helps connect organizations and people to make decisions. The company delivers its application over the Internet as a subscription service using a software-as-a-service model. The company also provides services related to implementing and supporting its application.
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
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