Summary data - SaaS and fintech EV/S and Growth…

I’ve previously linked to this spreadsheet and am reposting to say I think that it’s been updated with the latest rounds of ERs - but please feel free to point out if I’ve missed something or made a mistake

It’s fairly self explanatory. The formulae for the 3 SaaS valuation models considered is linked in the document. Interpret as you will

A few comments of note
TWLO, SMAR, ZS, and MDB are now relatively less expensive than ESTC
I really like SHOP but can’t help but feel the short term potential in baked in
LVGO has potential to be an incredible compounder if they can maintain lofty growth rates

2 links that should be required reading to reassure you to maintain a LT perspective on the power of compounding growth especially if you are worried about the recent SaaS haircut

Some historical reading on the SAAS Granddaddy, CRM and the power of long term compounding business modles…

The SaaS business model and metrics…


I love this spreadsheet, and I would love to see where/how you pull data to populate it, for learning purposes.

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Thanks ZY

The data comes from the ER reports issued by the companies in their website- manually transcribed,… which is why I’m aware there may be the occasional error

The current financial data is via the GoogleFinance function - most of the formulae are right there in the cells if you are interested in learning



Thanks Tchalla,
To better appreciate the work you’ve done here, I have a question. When comparing Oomph vs EV/s 2020 I assume you’re using the companies low ball estimated projections yes?

Hi Will

Thanks for asking.

The estimates for rev growth that I’ve used are generally more aggressive (and therefore a lower margin of safety) than the guidance officially issued and can be seen in column F under the recent data tab.

I appreciate that the ability to maintain high rev growth depends on where the company lies on its S curve and other potential risks like sales execution issues. It’s my best guess.

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Wow. Recent Data tab - there it is. All your work. Having seen that I think many here seeing that would be in this conversation. It’s really what makes your presentation so amazingly useful.

Thank you.

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