🌻Docusign(DOCU), Crowdstrike(CRWD)財報結果
上週這兩家公司發表財報了.
這兩天看了一下他們的財報結果. Again, 兩家的表現都很好, 但發現分析師給DOCU的調價(往上)幅度比較多, 就好奇研究了一下SaaS公司是怎麼被估值的. 有興趣的話可以看看(從中學習到很多. 非常推薦一讀):
https://makingsenseofusastocks.blogspot.com/2021/09/blog-post.html
(By the way, 分析師對CRWD的價格調幅沒那麼大, 主因是成長趨緩了. 而DOCU的free cash flow佔營收比, 以及顧客黏著力在這季創了新高, 是讓分析師按讚的幾個原因).
關於CRWD: "The Street is already modeling revenue growth deceleration in 2022 to 36%, down from 60% expected in 2021, which on its own might prove a hurdle for a stock already trading at a high multiple," said Bank of America analyst Tal Liani in a report.
分析師對於DOCU的評價:
• 11位buy; 給的價格分別是: $310, $320 (x2), $330 (x2), $340 (x2), $345, $350, $350, $389
• 給Buy的分析師的評語:
o Baird: The analyst continues to view them as a best in class way to play digital transformation trends with strong growth, cash flow and profitability, and a strong competitive position. Power said DocuSign remains one of his top long-term compounding growth ideas.
o Citi: While slightly shy of the double-digit billings beat in recent quarters, DocuSign still delivered a solid 8% beat to Q2 billings, which grew 47% year-over-year, Radke tells investors in a research note.
o Evercore ISI: he calls "another strong quarter." While some may have wanted to see more aggressive Q3 billings guidance, he believes estimates "continue to leave room for upside," Materne said.
o JMP Securities: While revenue growth decelerated to 50% from 58% in Q1, the company is the clear leader in electronic signature and the broader system of agreement having crossed over 1M customers with a $2B run rate this quarter, the analyst tells investors in a research note, adding that he sees lots of room for growth as DocuSign targets a $50B total addressable market.
o Needham: The analyst commented, "Docusign reported another strong quarter in 2QF22 with typical DOCU upside to revenue and profitability. Sales metrics and growth decelerated Q/Q, as we expected against a massive pandemic quarter, but at a much slower rate than we believe much of the Street was anticipating. 65k net new customers was lower than the 70k - 90 range of CY20 but was still more than 2x greater than any pre-pandemic quarter, highlighting a strong end-market driving 47% billings growth against a strong comp. Commentary on incremental Agreement Cloud demand was positive, suggesting an additional growth tailwind combined with solid international can further aid 2HF22. Although DOCU shares could be lower near-term due to weak 2H OpMg guidance, we think this guidance is conservative, as the recent OM was greater than the pre-pandemic level even with tough comps."
o RBC Capital: The quarter highlighted the sustainability of the company's tailwinds post-pandemic as most of its underlying metrics such as billings and net revenue retention were solid, the analyst tells investors in a research note, adding that the traction with CLM and Notary was also "impressive".
分析師對於CRWD的評價:
• 12位buy; 給的價格分別是: $300, $310 (x2), $313, $315 (x2) , $305, $320, $325, $330 (x2), $340
• 1位給hold: $280 (from $220 by J.P. Morgan(same))
• 給Buy的分析師的評語:
o Baird: The analyst believes the company has significant room for growth with core modules, opportunities with Humio and in cloud workload security, among others, should help drive a continuation of strong growth over a long time horizon.
o BTIG: The company's "strong" Q2 results "cleared every hurdle", even though the buy-side benchmarks may have been slightly higher, the analyst tells investors in a research note. Powell adds that Crowdstrike is clearly gaining share in its core endpoint security target market at a rapid pace and gaining traction with new products across multiple categories.
o Canaccord: The analyst said the stock is down from its recent highs, and he thinks the re-rating creates a more favorable entry point for longer-oriented investors for a foundational security name. He views Crowdstrike as a long-term secular winner in security due to its native cloud platform advantage versus closely held peers in endpoint security combined with platform expansion into tangential segments to capture greater share of security budgets.
o Goldman Sachs: CrowdStrike last night delivered "another beat and raise quarter as the company benefited from another quarter of elevated demand," Essex said. But it traded lower following net new annual recurring revenue growth guidance that was slightly less than investors had hoped for. Essex, nonetheless, said the quarter demonstrated CrowdStrike's "ability to continue to go down market efficiently."
o JMP Securities: The analyst notes the company's Q2 annualized recurring revenue of $1.34B topping his estimate of $1.30B, with "sustained" 70% ARR and revenue growth along with margin upside seen as key highlights for the quarter. Suppiger adds that the metrics reflect Crowdstrike's "strong execution and robust demand environment".
o Mizuho: "very good" fiscal Q2 results. The annual recurring revenue growth of 70% year-over-year "was strong and still nicely surpassed" the Street's 65%-66% estimate, Moskowitz tells investors in a research note. He believes "strong execution can propel" Crowdstrike's stock higher.
o Piper Sandler: The company's metrics "outperformed across the board" in Q2 with 70% annual recurring revenue and revenue growth and record net new customer adds in the quarter, Owens tells investors in a research note.
o RBC Capital: Hedberg adds that CrowdStrike's record pipeline entering Q3 should continue to fuel the company's "land-and-expand" momentum.
o Stifel: Q2 results that he said "exceeded consensus estimates across all major financial metrics." He continues to believe that Crowdstrike's growth opportunity "remains in the early days" despite the company's scale given continued share capture within its core endpoint security market and incremental module adoption on the Falcon Platform, Reback tells investors.
o UBS: the company reported "pretty good" Q2 results against high expectations.
🌻趨勢: 跨境電商 Cross-border commerce
Morgan Stanley:
From our perspective, we think many are underestimating what the cross-border eCommerce demand could ultimately be, once key friction points like FX rates, tax and duties, shipping, language, etc are smoothed—all issues that Global-E directly addresses.
Cross-border ecommerce brings new, high-yield volume: We think elevated levels of cross-border ecommerce (ex-travel) is a structural shift thathas yet to be fully contemplated in MA (and V)'s long-term forecasts. MA's cross-border CNP ex-travel volume was 69% above 2019's level in 2Q and 63% higher in 1Q. Strength reflects both broader ecommerce adoption plus globalization of commerce, as marketplaces and services that reduce cross-border friction (such as those from GLBE) make international online ordering more readily adopted. Early data at V suggests greater cross-border ecommerce spend is persisting even in areas with pre-pandemic levels of international travel. Cross-border transactions also come at a higher yield, making us more optimistic that the trend can bring incremental long-term growth to the networks.
產業的潮流是有連貫性的. 疫情讓電商更發達後, 接下來應該就是加速電商跨境了. 跨境的話, 有很多問題需要解決(稅率, 語言, etc.) 這就需要有公司來做整合的動作. 這種跨境, 也可以想像是omnichannel的一種呈現.
Harley Finkelstein (President of Shopify): "I mean I think commerce in 2021 is cross-border."
🌻SPAC熱潮退卻,初創市值蒸發750億美元
"SPAC熱潮已經退卻。分析顯示,在2月中旬以前完成合併的137家SPAC的總市值已經蒸發25%,市值回落幅度上個月一度超過1,000億美元。"
"像貝萊德(BlackRock Inc., BLK)和富達投資(Fidelity Investments Inc.)這類企業管理的基金,以及許多對沖基金、養老金管理公司和其他一些投資者,都在SPAC的回落中遭受了衝擊,他們在去年年底開始的熱潮中競相投資SPAC。其中許多基金由於在價格還很低的時候就早早入場,所以現在仍坐擁可觀收益。事實上,SPAC市值仍有約2,500億美元,高於一年前的約1,000億美元,反映出這期間股價上漲和新公司上市的影響。
但即便如此,今年年初令人炫目的回報還是讓許多後來者做了接盤俠,扎堆投資所謂穩賺不賠的領域,其永恆的風險可見一斑。在過去的幾個月裡,一些投資者眼睜睜看著帳面財富縮水。"
"股價下跌會在SPAC領域形成惡性循環,因為投資者有權在併購交易前從空白支票公司撤資。一旦SPAC跌破發行價,投資者就更有可能這樣做,而許多SPAC的股價現在正處於這樣的水平。目前,在尚未宣布併購交易的空白支票公司中,超過95%的公司股價低於發行價。
投資者的大規模撤資會讓已經上市的空白支票公司手上的現金大幅減少,讓其更難實現業務目標,並可能加劇股價跌勢。"
https://on.wsj.com/3n6JznC
🌻BNPL (buy now pay later)
But most BNPL providers including Affirm, Klarna and Afterpay have been losing money despite breakneck revenue growth as they invest heavily in marketing to win share. Sweden-based Klarna’s credit losses more than doubled in the second quarter. Affirm has projected adjusted operating losses of $50m-$55m for the fiscal year that ended June 30.
The path to profitability for many of these companies was to achieve massive scale, analysts said.
https://www.ft.com/content/ca201a37-a16d-4223-b123-04d38350a972
Pictures: 一葉知秋; from EarningsWhispers
同時也有1部Youtube影片,追蹤數超過8萬的網紅Jackz,也在其Youtube影片中提到,【當年今日】 這是最好的時代,也是最壞的時代。 有人說我們的社會撕裂,但我卻感受到香港人史無前例的團結。 It was the best of times, it was the worst of times. Some said social cleavages emerged in our c...
endpoint security 在 Microsoft Taiwan Facebook 的精選貼文
著名的擬真攻擊評測 MITRE Engenuity 今年難度比以往更高
不僅新增了「能否阻擋高階攻擊」的新計分標準
更首次加入針對 Linux 檔案伺服器的攻擊,當中採用了多項高階手法
微軟連續三年參賽均取得優異成績
今年的解決方案是以「零信任」為基礎的整合性資安平台 Microsoft Defender(整合了 Microsoft Defender for Endpoint 和 Microsoft Defender for Identity 先進技術)以及 Microsoft 365 Defender
創造了領先群倫的佳績:
🛡最佳跨領域整體防護
在測試中不僅擋下每一步攻擊,更在攻擊剛開始發動時立刻攔截
🛡優於同業的 Linux 偵測及防禦能力
微軟是少數在 Linux 系統上偵測出所有攻擊步驟,並且成功防堵整體攻勢的廠商之一
🛡亮眼的偵測能力及攻擊鏈能見度
微軟 100% 掌握此次攻擊鍊中的每一個步驟,並將高達 1,700 多次的偵測合併為兩個完整事件,幫助資安人員專注關鍵
更多精彩的實戰攻防手法分析,請看全文👇
https://aka.ms/MSTW_052501
免費試用 Microsoft Defender for Endpoint 👇
https://aka.ms/MSTW_052502
免費試用 Microsoft 365 Defender 👇
https://aka.ms/MSTW_052503
#微軟資安講堂 #Microsoft #Security #MicrosoftDefenderforEndpoint #Microsoft365Defender
endpoint security 在 Microsoft Taiwan Facebook 的最佳貼文
🎉本週免費課程精選(2021.5.12)
疫情升溫,請大家勤洗手、保持社交距離,如果參加實體課程,也請全程配戴口罩喔💙
5/12 17:06 更新:因應防疫,本週實體課程將取消或延期,請大家踴躍報名線上課程!
❶ 5/24【Microsoft Power Platform 免費線上課程】上半年度最終場!
📌課程簡介:快速學習「流程自動化」與「數據視覺化」等數位工具,帶您從零開始打造專屬您的企業應用,上完課還可免費參加原價 99 美元的 PL-900 認證考試,為您的專業再加分
👉立即報名:https://aka.ms/PP_5/24_FB
❷ 5/14【微軟資安實務上手營-雲端邊界安全防禦】
📌課程簡介:2020 年 DDoS 攻擊較往年增加 50% 以上!想加快雲端創新腳步,卻避不開資安漏洞?本主題將介紹 2 大資安新利器,如何在混合雲趨勢下掌握駭客攻擊途徑,在各端點智慧建立威脅警示與分析。同場邀請軟體、資訊架構顧問分享台灣最新資安洞察
⚠本次實體課程因疫情取消
❸ 5/19【導入「Microsoft 365 非營利版」x Teams 快速上手教學】
📌課程簡介:本次活動邀請尚未導入「Microsoft 365 非營利版」的 NPO 夥伴一起來了解,Microsoft 365 可以為組織帶來什麼效益?導入時需要做什麼準備?包括電腦硬體、網路環境、檔案管理和工作流程等等的整體規劃和思考,更進一步帶領 NPO 夥伴們如何從零開始使用 Teams 這項新服務,讓組織的訊息溝通、協力工作和檔案管理等,更事半功倍
⚠本次實體課程因疫情延期舉行
❹ 5/20【微軟資安實務上手營-Microsoft Defender for Endpoint 攻防大挑戰】
📌課程簡介:Microsoft 威脅防護是一個整合的平臺,可用於預防性保護、入侵後偵測、自動化調查及回應,可保護企業免遭網路威脅、偵測高級攻擊與資料洩露、自動化安全事件,以及改善安全性狀況,邀您一同精進資安戰術與我們一同收穫滿滿💪🏻
⚠本次實體課程因疫情取消
❺ 5/21【Dashboard in A day:Power BI Hands-On 一日營】
📌課程簡介:Microsoft 與 SoftwareONE 攜手合作,邀請您參加涵蓋 Power BI 功能的免費單日研討會,協助您了解如何以豐富且引人入勝的方式分析資料,高效、精確和有效的做出關鍵的業務決策來增強業務!
⚠本次實體課程因疫情延期舉行
❻ 5/26【DBA 的挑戰與日常-SQL Server 業界權威顧問來破解迷思】
📌課程簡介:還在煩惱 DBA 的 To-Do List 有哪些嗎?好奇如何在資源有限的情況下,達到最大資料庫運算效能?此活動邀請 SQL Server 界的第一把交椅與業界權威顧問 — 許致學老師,為我們帶來豐富的業界經驗分享與心得,一同解決 DBA 的日常疑難雜症,最大程度發揮 DBA 的價值,讓老闆看到 DBA 的超優績效!
⚠本次實體課程因疫情延期舉行
#每週課程精選 #Microsoft #Security #Microsoft365 #MicrosoftDefenderforEndpoint #PowerBI #PowerPlatform #SQLServer
endpoint security 在 Jackz Youtube 的精選貼文
【當年今日】
這是最好的時代,也是最壞的時代。
有人說我們的社會撕裂,但我卻感受到香港人史無前例的團結。
It was the best of times, it was the worst of times.
Some said social cleavages emerged in our city,
but what I witnessed was an unprecedented unity of HongKongers.
2019年6月16日,香港經歷有史以來最大規模的示威遊行活動。多達200萬人參與遊行,抗議政府修訂《逃犯條例》草案。除撤回修訂逃犯條例外,不少民眾要求行政長官林鄭月娥下台。身穿黑衣的示威人潮迫滿街頭,令港島一帶馬路宛如「黑海」。亦有不少人手持白花,紀念日前在太古廣場墜樓的「梁烈士」。示威者手持不同的標語表達訴求,當中包括「學生沒有暴動」、「釋放被捕人士」、「追究警暴」等等。當首批遊行人士抵達金鐘添馬公園終點的時候,仍有不少遊行人士在維多利亞公園等待出發。儘管香港在當年暑假發生了一連串的事件,特首林鄭月娥要到9月初才正式撤回備受爭議的《逃犯條例》修訂草案。
毋忘,勿諒。?
0:00 On 16 June 2019, Hong Kong experienced its largest protest in history.
0:05 As many as 2 million people demonstrated against the controversial extradition bill.
0:09 Many called for Chief Executive Carrie Lam to step down.
0:12 Protesters wearing black clothes filled streets and turned roads into a sea of black.
0:16 Many also mourned “martyr” Marco Leung, who fell to his death at Pacific Place the day before.
0:22 Demands reflected in placards included "Students are not rioters", "Release detained protesters" and "Investigate police brutality".
0:29 When the first group of marchers arrived at the march's endpoint, Tamar Park in Admiralty, there were still protesters waiting to leave Victoria Park in Causeway Bay.
0:35 Despite the infamous 721, 831 incidents throughout the summer, Carrie Lam did not declare full withdrawal of the controversial bill amendment until early September.
0:41 Never forget. Never forgive. ?
#兩年前 #二百萬零一人 #香港人加油
References:
【616遊行全紀錄】周一早晨示威者商議後轉往添馬公園集結,金鐘夏慤道重新開放
https://theinitium.com/article/20190616-hongkong-extradition-bill-protest-live/
Hong Kong Timeline 2019-2021: Anti-Extradition Protests & National Security Law
https://www.hrichina.org/en/hong-kong-timeline-2019-2021-anti-extradition-protests-national-security-law
Hong Kong protest: 'Nearly two million' join demonstration
https://www.bbc.com/news/world-asia-china-48656471
endpoint security 在 淺談EDR、SIEM、Elastic Endpoint Security | 前端三分鐘 的推薦與評價
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