- Acquisitions and new modules have expanded the TAM and will keep revenues growing for some time to come.
- While the company is non-GAAP profitable, there isn’t yet much operational leverage, and share-based compensation is huge.
- We don’t see much reason for multiple expansion either. In fact, multiples could contract in times of market turbulence when sentiment turns against high-flyers.
- So, we’re sitting on the fence on this one until the storm in tech shares abates.
Workday Is Fine But The Markets Aren’t
October 23rd, 2018 · No Comments