Thread by @trendwhizo

As #pandemic induced #digitaltransformation rush abates, SaaS companies face tough YoY growth comparables
+
#economic headwinds
=
Normalization of valuations back to pre-pandemic levels.

🧵

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$TEAM : Atlassian had a massive run to over 60x EV/Sales (NTM).

22E Rev: 2.8B
23E Rev: 3.5B @ 26% gr
GM 85% range
EBITDA margin : 25% for 2022 but decelerating to teens in 2023

Src: @Sentieo
#SaaS #software #tech #news #Nasdaq $NDX $IGV #hypergrowth #growth #trendwhizo

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$SNOW: Snowflake ran to over 120x EV/Sales (NTM) but normalizing to 24x, a premium to data peers due to superior growth profile

22E Rev: 1.22B
23E Rev: 2B (66% gr)
22E GM 60-70%

Src: @Sentieo
#SaaS #software #tech #news #Nasdaq $NDX $IGV #hypergrowth #growth #trendwhizo

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$DDOG: Datadog normalizing from 50x+ EV/Sales (NTM) to 21x.

22E Rev: 1.6B
23E Rev: 2.2B @ 37% gr
GM 75%+
EBITDA margin : 15-17%

Src: @Sentieo
#SaaS #software #tech #news #Nasdaq $NDX $IGV #hypergrowth #growth #trendwhizo

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$CRWD: Crowdstrike normalizing from 48x+ EV/Sales (NTM) to 17.6x.

22E Rev: 1.45B
23E Rev: 2.15B @ 49% gr
GM 73-75%
EBITDA margin : 17-18% 💪

Src: @Sentieo
#SaaS #software #tech #news #Nasdaq $NDX $IGV #hypergrowth #growth #trendwhizo

6/

$ZS @zscaler normalizing from 50x+ EV/Sales (NTM) to 20x.

22E Rev: 1.05B
23E Rev: 1.43B @ 36% gr
GM 79%
EBITDA margin : 13-15% 💪

Src: @Sentieo
#SaaS #software #tech #news #Nasdaq $NDX $IGV #hypergrowth #growth #trendwhizo