Workday, Inc.: Major Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (03/23)

Workday produced strong Q4 results and delivered an all-around beat with a decent performance in key operating measures and a 22% increase in subscription revenue for the quarter and the entire fiscal year. They also exceeded the 10,000 client barrier in Q4, reaching a key milestone that demonstrates the strength of the Workday platform and its capacity to serve the needs of the CHRO and CFO offices. On the HR front, the combination of their AI and ML-powered Workday Skills Cloud and Workday Tal

Workday Inc: Cloud Transition Collaboration With KPMG & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (12/22)

Workday delivered another solid quarter and managed an all around beat. The company’s APA won over a number of clients, including Trip.com, Fletcher Building, Bank of Queensland, and a pharmaceutical company. They successfully added about 600 net new employees, concluding Q3 with a global workforce of more than 17,500. As they enter Q4, the management anticipates a significant decrease in hiring. However, they will still add essential people across the business's strategic growth areas, includin

Workday Inc: Growing Customer Base, Retention & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (09/22)

Workday delivered another all-around beat, outperforming market expectations with respect to its operating indicators, highlighting the ongoing significance of digital transformation for finance and HR. In Q2, they had another strong quarter for Workday HCM, where the cloud migration is continuing with noteworthy client additions, including Electrolux, First Student, Groupe Adeo, Korean Air, and Raymond James. Along with the significant expansion of their core HCM and financial apps, Q2 saw rema

Workday Inc.: Market Penetration, Switching Costs & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (06/22)

Workday reported a strictly mediocre set of results for the first quarter of the fiscal and delivered an earnings miss. The company has seen continued momentum in both its net new and customer-based teams and very strong renewals which is why its revenues managed to meet Wall Street expectations. Their subscription revenue increased by 23% but given the significant delays, the company’s backlog performance was negatively impacted. More broadly, the management sees a healthy overall pipeline, put

Workday Inc.: Financial & Price Forecasts, DCF Valuation, ESG & Other Risks (03/22)

Workday managed to achieve its fastest year-over-year growth in new ACV bookings in over five years in 2021. The company’s business acceleration in the past year demonstrates that the management is well on track to reach its long-term revenue goal of $10 billion and beyond. The management also continues to see high attach rates for spend management solutions among their financial customers, indicating that health insurers are increasingly collaborating with procurement peers to increase visibili

Workday Inc. - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 1/22

Workday delivered a strong result, driven by a healthy demand for its Human Capital Management (HCM) solutions. They also aim to increase their addressable market with a broader product portfolio and different go-to-market levers to generate long-term growth on their way to $10 billion and beyond. Among several new HCM clients in the third quarter, the company onboarded ConocoPhillips, Asda Stores Limited, Toll Brothers, Northern Trust, and Vishay Electronic. Apart from substantial growth in cor

Workday Inc. - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 9/21

Workday delivered a robust second quarter result and went on to achieve the target price from our last report. The company’s performance was driven by outstanding execution against a rapidly improving market backdrop as organizations accelerate the pace of digital transformation across finance and HR. In Q2, the company’s subscription revenue was $1.11 billion, up 20% year-over-year, driven by favorable in-quarter linearity, robust new business sales, and an over performance on customer renewals

Workday Invt Thesis, Financial & Price Forecasts, DCF Valuation

Workday is a renowned provider enterprise cloud applications for finance and human resources. The company has been on track for a strong growth across most of its offerings as a result of a wide variety of Covid-induced tailwinds, particularly the accelerated digital transformation of enterprises taking place across all industries. The management has witnessed a robust uptake of many of its offerings such as Workday Adaptive Planning, Workday Prism Analytics, Workday Strategic Sourcing, Spend Ma

Alphawave Semi: FY23 trading update, amended forward guidance

Alphawave Semi has reduced guidance for FY23 and prospectively citing lower revenues from China, changes in expected revenue recognition from long-term contracts, and continuing investment in R&D. The share price has reacted negatively, giving up most of the gains since the trading statement at the end of January. Current consensus, which is a good match for pre-existing guidance, should be reduced, most likely following release of the FY23 results and full 1Q24 trading update due on 23 April. H

Zeus Top Picks for 2024 - 2023 review and outlook for 2024

On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div

Synectics + (SNX, House Stock at 185p) - Strong FY23A profit growth to continue

Maintel - Strong FY23 year-end TU continues trend of over-delivery

Maintel has reported a trading update for the year ending December 2023, indicating revenue in of at least £101m and adj EBITDA of “in excess of £9m”, compared with respective forecasts of £98m and £8.6m. Net debt of £18.1m also outperforms our expected year-end net debt of £18.6m. The group is continuing the trend established with the reintroduction of forecasts in April 2023, where growing confidence in delivery led to upgraded forecasts in both August and September, and still achieving outper

Morning Note – 4 April 2024

Auction Technology Group - H1/24 Trading update

ATG’s H1/24 trading statement indicates revenue for the six-month period to 31 March 2024 was $86m, a 6% increase on H1/23 (1% organic growth), helped by the addition of the EstateSales.Net (ESN) marketplace last year, which performed well in the period. Total marketplace revenue increased 2% (organic), driven by growth in value-added services (VAS) and event fees, offsetting a decline in commission revenue (mainly through lower asset prices).

Intelligent Ultrasound Group - GE Healthcare launches new Voluson Signature with

GE Healthcare has announced the launch of the Voluson Signature 20 and 18 ultrasound systems, with the related press release noting these systems ‘comprehensively integrate artificial intelligence’ to improve the ultrasound procedure for clinicians and the women being scanned. These ultrasound systems include SonoLyst, the AI which incorporates Intelligent Ultrasound’s ScanNav Assist and ScanNav AutoCapture AI software. The launch of additional Voluson systems including the SonoLyst suite of AI