reports
- Valens Research
Valens Equity Insights and Inflections - 2019 04 24
STZ currently trades near recent highs relative to UAFRS-based (Uniform) Earnings, with a 28.3x Uniform P/E. However, even at these levels, the market is pricing in expectations for Uniform ROA to compress from 24% in 2018 to 15% in 2023, accompanied by 12% Uniform Asset growth going forward. Meanwhile, analysts have even more bearish expectations, projecting Uniform ROA to fade to 14% in 2020, accompanied by Uniform Asset growth of 33%, driven by the acquisition of Canopy Growth. That said, man...
ACN ACCENTURE PLC CLASS A
TMUS T-MOBILE US INC.
CG3 CELGENE CORPORATION
VMC VULCAN MATERIALS COMPANY
RGP RESOURCES CONNECTION INC.
QCOM QUALCOMM INC
ORCL ORACLE CORPORATION
LOW LOWE'S COMPANIES INC.
DUK DUKE ENERGY CORPORATION
BMRN BIOMARIN PHARMACEUTICAL INC.
ZM ZOOM VIDEO COMMUNICATIONS
PD INC.
PINS PAGERDUTY
INC.
PINTEREST INC. CLASS A
- Valens Research
ACN ACCENTURE PLC CLASS A
TMUS T-MOBILE US INC.
CG3 CELGENE CORPORATION
VMC VULCAN MATERIALS COMPANY
RGP RESOURCES CONNECTION INC.
QCOM QUALCOMM INC
ORCL ORACLE CORPORATION
LOW LOWE'S COMPANIES INC.
DUK DUKE ENERGY CORPORATION
BMRN BIOMARIN PHARMACEUTICAL INC.
ZM ZOOM VIDEO COMMUNICATIONS
PD INC.
PINS PAGERDUTY
INC.
PINTEREST INC. CLASS A
- Valens Research
PD- Embedded Expectations Analysis - 2019 04 17
Assuming a $39 share price and approximately 74 million shares outstanding, as anticipated, PagerDuty, Inc. (PD:USA) will IPO at a 20.7x Uniform P/B. At these levels, the market is pricing in expectations for Uniform ROA to expand from -4% in 2019 to 59% through 2024, accompanied by 16% Uniform Asset growth going forward. In order to justify current lofty valuations and meet market expectations, PD must sustain rapid revenue growth by capitalizing on demand tailwinds for DevOps technology solut...
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