8/14/2023 0 Comments Pltr lock up period dateArmy contracts won in 2019, and Commercial revenue growth has decelerated to 4% year-over-year, he said. Palantir's Government segment, which has been growing at exceptionally strong rates, has been heavily supported by U.S. The current valuation does not fully price in all near-term risks, the analyst said. William Blair Sees Near-Term Risks For Palantir: The 30%, five-year CAGR implied by Palantir's guidance assumes growth in line with the fastest-growing horizontal software providers in history, Mielczarek said in a note. The 1.3 times enterprise value/sales/growth multiple for Palantir shares is well ahead of the SaaS group at 0.7 times, skewing the risk/reward negatively, Morgan Stanley said. Overall, Palantir showed good durability in its government business, signs of progress on commercial distribution and sustained, significant strides in profitability, Weiss said. Palantir's revenue growth trajectory is also confounding, as revenue growth that fell from 52% in the third quarter to 40% in the fourth quarter is expected to rebound to 45% in the first quarter before slowing to 30%-plus in 2021, he said. The investment into the opportunity seems limited, as adjusted opex growth for the quarter was down 29% year-over-year, the analyst said. Morgan Stanley Says Risk-Reward Skews Negative: Despite the number of $10 million-plus customers increasing 50% year-over-year, the total customer count for Palantir remained little changed at 139 customers in 2020 versus 135 customers in 2019, Weiss said in a note. Related Link: Palantir To Debut New Software, Apps At Inaugural Demo Day "With improving visibility into near- and long-term growth, we believe PLTR should trade more in line with 30%+ growth businesses, which are trading at 44x CY21 sales, our new target multiple for PLTR on SNTM sales." The efforts to modularize Foundry and add channel partners like IBM Common Stock IBM should improve Palantir's market fit for commercial business in the coming quarters, the analyst said. The management's guidance for $4 billion in revenue for fiscal year 2025, implying a 30% CAGR from fiscal year 2020, is encouraging, he said.Īlong with the growing backlog of $2.8 billion in deal value, there is also increasing visibility into the achievability of Palantir's long-term target, Merwin said. The revenue guidance of 30%-plus growth for 2021 suggests a deceleration throughout the year, the analyst said.
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