Morningstar

Morningstar, Inc.

Equity Bottom-Up

We are raising our fair value estimate to $183 from $167, due to stronger expected adoption of Workday’s Financial Management and Adaptive Planning applications. This new fair value estimate implies a fiscal 2020 enterprise value/sales ratio of 11 times. We expect top line revenue to have a CAGR of 23% over the next five years. This assumes that average contract value grows 4% per year, while the number of customers grows from just north of 2,000 to over 8,700 by 2029. Workday believes it has…

United States

Workday, Inc. provides enterprise cloud-based applications. The Company offers human capital, spend, and financial management, as well as payroll, initiatives and higher education solutions. Workday serves the finance, healthcare, manufacturing, education, and technology industries worldwide.

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