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2021-06-13

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Snowflake Is a Growth Juggernaut. Wall Street Is Thinking About Stock Value.<blockquote>雪花是一个增长巨头。华尔街正在考虑股票价值。</blockquote>

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Wall Street Is Thinking About Stock Value.<blockquote>雪花是一个增长巨头。华尔街正在考虑股票价值。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1189143522","media":"Barron's","summary":"Snowflake remains one of the best growth stories in the history of the software business, and that h","content":"Snowflake remains one of the best growth stories in the history of the software business, and that has Wall Street talking about the stock’s valuation.<blockquote>Snowflake 仍然是软件行业历史上最好的增长故事之一，这也让华尔街开始谈论该股的估值。</blockquote> In meeting with analysts on Thursday,the cloud-data software company provided an ambitious goalof reaching $10 billion in product revenue in the January 2029 fiscal year. That compares to $554 million forthe January 2021 fiscal year.<blockquote>在周四与分析师的会议上， 这家云数据软件公司提出了一个雄心勃勃的目标， 即在 2029 年 1 月财年产品收入达到 100 亿美元。相比之下，2021 年 1 月财年为 5.54 亿美元。</blockquote> Snowflake (ticker: SNOW) should still be growing 30% at the top-line at that point, according to chief financial officer Mike Scarpelli, while generating 10% operating margins and free cash flow margins of 15% or better. He also said the company now sees a total addressable market of $90 billion, an expansion of more than 10% from the $81 billion estimated market size cited during its IPO roadshow in 2020.<blockquote>首席财务官 Mike Scarpelli 表示，届时 Snowflake（股票代码：SNOW）的营收仍应增长 30%，同时产生 10% 的营业利润率和 15% 或更高的自由现金流利润率。他还表示，该公司目前的潜在市场总额为 900 亿美元，比 2020 年 IPO 路演期间估计的 810 亿美元市场规模扩大了 10% 以上。</blockquote> The long-term growth goals help frame the huge opportunity that Snowflake has ahead, but did nothing to change the fundamental debate about the stock: Does the impressive growth rate—120% in product revenue in the latest year— justify the massive valuation? In afternoon trading Friday, shares were off 4.4%, to $237.84.<blockquote>长期增长目标有助于塑造 Snowflake 未来的巨大机遇，但并没有改变有关该股的基本争论：令人印象深刻的增长率（最近一年产品收入为 120%）是否证明了巨大的估值是合理的？周五下午交易中，股价下跌 4.4%，至 237.84 美元。</blockquote> Canaccord Genuity analyst David Hynes notes that if Snowflake hits its $10 billion target, it would be the fastest that a software company has reached that size. Hynes adds that the history of the management team, led by CEO Frank Slootman, suggests Snowflake could reach its target early.<blockquote>Canaccord Genuity 分析师 David Hynes 指出，如果 Snowflake 达到 100 亿美元的目标，这将是软件公司达到该规模的最快速度。Hynes 补充说，由首席执行官 Frank Slootman 领导的管理团队的历史表明 Snowflake 可以提前实现目标。</blockquote> But Hynes nonetheless is sticking with his Hold rating and $240 target price. “There’s no doubt that this is an exceptional business, but in our view, the stock’s current valuation”—about 47 times estimated calendar 2022 revenues—“fully reflects it.” He adds that as estimates move higher and the stock grinds sideways, he’s “getting closer to an upgrade,” but isn’t there yet. “We’re content to wait for more of the excess to burn off.”<blockquote>但海因斯仍然坚持持有评级和 240 美元的目标价。“毫无疑问，这是一项特殊的业务，但在我们看来，该股目前的估值”--约是 2022 年预计收入的 47 倍--“充分反映了这一点”。他补充说，随着估值走高和股票横盘整理，他 “离升级越来越近了”，但还没有到那一步。“我们满足于等待更多的多余燃烧殆尽”。</blockquote> Likewise, Morgan Stanley analyst Keith Weiss writes in a research note that given the 120% product growth in fiscal 2021, the $10 billion target might be conservative. He adds that “the harder part of the equation may be justifying the valuation based on these targets.” Weiss says the model that Snowflake laid out implies $1.6 billion in free cash flow in fiscal 2029, which values the stock at 51 times free cash flow 8 years out. “While very impressed by the market opportunity …and Snowflake’s opportunity,” he says valuation keeps him on the sidelines. Weiss repeats his Equal Weigh rating and $270 price target.<blockquote>同样，摩根士丹利分析师基思·韦斯 (Keith Weiss) 在一份研究报告中写道，鉴于 2021 财年产品增长 120%，100 亿美元的目标可能比较保守。他补充说，“等式中更困难的部分可能是根据这些目标来证明估值的合理性”。Weiss 表示，Snowflake 提出的模型意味着 2029 财年将有 16 亿美元的自由现金流，这意味着该股 8 年后自由现金流的 51 倍。“他说，虽然市场机会.和雪花的机会给他留下了深刻的印象，”估值让他一直在观望。韦斯重申了他的同等权重评级和 270 美元的目标价。</blockquote>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Snowflake Is a Growth Juggernaut. 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Wall Street Is Thinking About Stock Value.<blockquote>雪花是一个增长巨头。华尔街正在考虑股票价值。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarron's2021-06-13 00:01\n\n</h4>\n</header>\n<article>\nSnowflake remains one of the best growth stories in the history of the software business, and that has Wall Street talking about the stock’s valuation.<blockquote>Snowflake 仍然是软件行业历史上最好的增长故事之一，这也让华尔街开始谈论该股的估值。</blockquote> In meeting with analysts on Thursday,the cloud-data software company provided an ambitious goalof reaching $10 billion in product revenue in the January 2029 fiscal year. That compares to $554 million forthe January 2021 fiscal year.<blockquote>在周四与分析师的会议上， 这家云数据软件公司提出了一个雄心勃勃的目标， 即在 2029 年 1 月财年产品收入达到 100 亿美元。相比之下，2021 年 1 月财年为 5.54 亿美元。</blockquote> Snowflake (ticker: SNOW) should still be growing 30% at the top-line at that point, according to chief financial officer Mike Scarpelli, while generating 10% operating margins and free cash flow margins of 15% or better. He also said the company now sees a total addressable market of $90 billion, an expansion of more than 10% from the $81 billion estimated market size cited during its IPO roadshow in 2020.<blockquote>首席财务官 Mike Scarpelli 表示，届时 Snowflake（股票代码：SNOW）的营收仍应增长 30%，同时产生 10% 的营业利润率和 15% 或更高的自由现金流利润率。他还表示，该公司目前的潜在市场总额为 900 亿美元，比 2020 年 IPO 路演期间估计的 810 亿美元市场规模扩大了 10% 以上。</blockquote> The long-term growth goals help frame the huge opportunity that Snowflake has ahead, but did nothing to change the fundamental debate about the stock: Does the impressive growth rate—120% in product revenue in the latest year— justify the massive valuation? In afternoon trading Friday, shares were off 4.4%, to $237.84.<blockquote>长期增长目标有助于塑造 Snowflake 未来的巨大机遇，但并没有改变有关该股的基本争论：令人印象深刻的增长率（最近一年产品收入为 120%）是否证明了巨大的估值是合理的？周五下午交易中，股价下跌 4.4%，至 237.84 美元。</blockquote> Canaccord Genuity analyst David Hynes notes that if Snowflake hits its $10 billion target, it would be the fastest that a software company has reached that size. Hynes adds that the history of the management team, led by CEO Frank Slootman, suggests Snowflake could reach its target early.<blockquote>Canaccord Genuity 分析师 David Hynes 指出，如果 Snowflake 达到 100 亿美元的目标，这将是软件公司达到该规模的最快速度。Hynes 补充说，由首席执行官 Frank Slootman 领导的管理团队的历史表明 Snowflake 可以提前实现目标。</blockquote> But Hynes nonetheless is sticking with his Hold rating and $240 target price. “There’s no doubt that this is an exceptional business, but in our view, the stock’s current valuation”—about 47 times estimated calendar 2022 revenues—“fully reflects it.” He adds that as estimates move higher and the stock grinds sideways, he’s “getting closer to an upgrade,” but isn’t there yet. “We’re content to wait for more of the excess to burn off.”<blockquote>但海因斯仍然坚持持有评级和 240 美元的目标价。“毫无疑问，这是一项特殊的业务，但在我们看来，该股目前的估值”--约是 2022 年预计收入的 47 倍--“充分反映了这一点”。他补充说，随着估值走高和股票横盘整理，他 “离升级越来越近了”，但还没有到那一步。“我们满足于等待更多的多余燃烧殆尽”。</blockquote> Likewise, Morgan Stanley analyst Keith Weiss writes in a research note that given the 120% product growth in fiscal 2021, the $10 billion target might be conservative. He adds that “the harder part of the equation may be justifying the valuation based on these targets.” Weiss says the model that Snowflake laid out implies $1.6 billion in free cash flow in fiscal 2029, which values the stock at 51 times free cash flow 8 years out. “While very impressed by the market opportunity …and Snowflake’s opportunity,” he says valuation keeps him on the sidelines. Weiss repeats his Equal Weigh rating and $270 price target.<blockquote>同样，摩根士丹利分析师基思·韦斯 (Keith Weiss) 在一份研究报告中写道，鉴于 2021 财年产品增长 120%，100 亿美元的目标可能比较保守。他补充说，“等式中更困难的部分可能是根据这些目标来证明估值的合理性”。Weiss 表示，Snowflake 提出的模型意味着 2029 财年将有 16 亿美元的自由现金流，这意味着该股 8 年后自由现金流的 51 倍。“他说，虽然市场机会.和雪花的机会给他留下了深刻的印象，”估值让他一直在观望。韦斯重申了他的同等权重评级和 270 美元的目标价。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/snowflake-is-a-growth-juggernaut-wall-street-is-thinking-about-stock-value-51623432689?siteid=yhoof2\">Barron's</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNOW":"Snowflake"},"source_url":"https://www.barrons.com/articles/snowflake-is-a-growth-juggernaut-wall-street-is-thinking-about-stock-value-51623432689?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189143522","content_text":"Snowflake remains one of the best growth stories in the history of the software business, and that has Wall Street talking about the stock’s valuation.\nIn meeting with analysts on Thursday,the cloud-data software company provided an ambitious goalof reaching $10 billion in product revenue in the January 2029 fiscal year. That compares to $554 million forthe January 2021 fiscal year.\nSnowflake (ticker: SNOW) should still be growing 30% at the top-line at that point, according to chief financial officer Mike Scarpelli, while generating 10% operating margins and free cash flow margins of 15% or better. He also said the company now sees a total addressable market of $90 billion, an expansion of more than 10% from the $81 billion estimated market size cited during its IPO roadshow in 2020.\nThe long-term growth goals help frame the huge opportunity that Snowflake has ahead, but did nothing to change the fundamental debate about the stock: Does the impressive growth rate—120% in product revenue in the latest year— justify the massive valuation? In afternoon trading Friday, shares were off 4.4%, to $237.84.\nCanaccord Genuity analyst David Hynes notes that if Snowflake hits its $10 billion target, it would be the fastest that a software company has reached that size. Hynes adds that the history of the management team, led by CEO Frank Slootman, suggests Snowflake could reach its target early.\nBut Hynes nonetheless is sticking with his Hold rating and $240 target price. “There’s no doubt that this is an exceptional business, but in our view, the stock’s current valuation”—about 47 times estimated calendar 2022 revenues—“fully reflects it.” He adds that as estimates move higher and the stock grinds sideways, he’s “getting closer to an upgrade,” but isn’t there yet. “We’re content to wait for more of the excess to burn off.”\nLikewise, Morgan Stanley analyst Keith Weiss writes in a research note that given the 120% product growth in fiscal 2021, the $10 billion target might be conservative. He adds that “the harder part of the equation may be justifying the valuation based on these targets.” Weiss says the model that Snowflake laid out implies $1.6 billion in free cash flow in fiscal 2029, which values the stock at 51 times free cash flow 8 years out. “While very impressed by the market opportunity …and Snowflake’s opportunity,” he says valuation keeps him on the sidelines. 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