Driven by peer nominations, the 2020 SaaS Leader Award Winners were selected based on their track record of achieving goals, leadership skills, and ability to attract and retain talent.
...but lower multiples were better in last 4 drawdowns 2014-2019
We approached this at the direct comparable level (instead of quant baskets like revenue growth >20%) to see if a high versus low pair trade would have worked.
Ex #1 - $DDOG vs $NEWR: Datadog vs New Relic: High Multiple Outperforms (1 Month Delta: 370 bps)
Ex #2 - $BL vs $WK - Blackline vs Workiva: High Multiple Outperforms (1 Month Delta: 930 bps)