gky
2021-12-07
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CrowdStrike Stock: What To Consider After Recent Earnings<blockquote>CrowdStrike 股票：近期收益后需要考虑什么</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":606283346,"tweetId":"606283346","gmtCreate":1638885149816,"gmtModify":1638885150004,"author":{"id":3586473514667147,"idStr":"3586473514667147","authorId":3586473514667147,"authorIdStr":"3586473514667147","name":"gky","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":13,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body><p>Like</p></body></html>","htmlText":"<html><head></head><body><p>Like</p></body></html>","text":"Like","highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/606283346","repostId":1114040351,"repostType":4,"repost":{"id":"1114040351","kind":"news","pubTimestamp":1638883839,"share":"https://www.laohu8.com/m/news/1114040351?lang=zh_CN&edition=full","pubTime":"2021-12-07 21:30","market":"us","language":"en","title":"CrowdStrike Stock: What To Consider After Recent Earnings<blockquote>CrowdStrike 股票：近期收益后需要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114040351","media":"Seeking Alpha","summary":"Summary\n\nCrowdStrike delivered yet another strong quarter, though its stock took a nosedive amidst t","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>CrowdStrike delivered yet another strong quarter, though its stock took a nosedive amidst the tech sector rout.</li> <li>The stock still doesn't trade cheaply but it has arguably earned a premium multiple through consistent growth and strong cash flow generation.</li> <li>Cybersecurity is like insurance that all firms will need to purchase for cloud security.</li> <li>I rate shares a buy as the reduced multiples leave much room to the upside.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/770bf376305b1167868307e6a5706acf\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\"><span>gorodenkoff/iStock via Getty Images</span></p><p><blockquote><ul><li>CrowdStrike 又实现了一个强劲的季度业绩，尽管其股价在科技行业暴跌的情况下暴跌。</li><li>该股的交易价格仍然不便宜，但可以说，它通过持续增长和强劲的现金流产生赢得了溢价倍数。</li><li>网络安全就像所有公司都需要为云安全购买的保险。</li><li>我将该股评级为买入，因为市盈率的降低为上涨留下了很大的空间。</li></ul><p class=\"t-img-caption\"><span>gorodenkoff/iStock 来自盖蒂图片社</span></p></blockquote></p><p> CrowdStrike (CRWD) might not come up at the top of the list of cheapest tech stocks to buy, but it has seen its stock get hammered amidst the tech sector correction. The stock has typically traded very richly, making the volatility less surprising, but CRWD remains one of the highest quality stocks in the market today. I view its cybersecurity offerings to be akin to buying insurance for cloud security, making it a critical growth area for the indefinite future. Due to the perceived reliability of future growth, the stock looks ripe for a re-rating. I rate shares a buy.</p><p><blockquote>CrowdStrike (CRWD) 可能不会在最便宜购买的科技股名单中名列前茅，但其股票在科技行业调整中遭受重创。该股通常交易量非常丰富，因此波动性并不那么令人惊讶，但 CRWD 仍然是当今市场上质量最高的股票之一。我认为其网络安全产品类似于为云安全购买保险，使其成为无限期未来的关键增长领域。由于未来增长的可靠性，该股看起来重新评级的时机已经成熟。我将股票评级为买入。</blockquote></p><p> <b>CRWD Stock Price</b></p><p><blockquote><b>CRWD 股价</b></blockquote></p><p> CRWD almost perfectly shows what can be expected from a high-growth, high volatility stock, as it appears to move sharply higher during bull runs, and sharply lower during corrections as it has as of late.</p><p><blockquote>CRWD 几乎完美地展示了一只高增长、高波动性股票的预期，因为它似乎在牛市期间大幅走高，而在调整期间大幅走低，就像最近一样。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/79116039cda946b91fda98731f1f5e82\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> CRWD has typically traded at egregious multiples which had kept me from meaningfully investing in the name. Now trading just under $200 per share, one must start wondering if there’s even a value proposition here. While CRWD might not be a household name to the common person, it appears to be a household favorite for Wall Street firms as it is some sort of insurance for anyone operating in the cloud. While the stock far from the cheapest name in the tech sector, this may be the time to pounce.</p><p><blockquote>CRWD 通常以惊人的倍数进行交易，这使我无法对该名称进行有意义的投资。现在每股交易价格略低于 200 美元，人们不得不怀疑这里是否还有价值主张。虽然CRWD对普通人来说可能不是一个家喻户晓的名字，但它似乎是华尔街公司的最爱，因为它是任何在云中运营的人的某种保险。虽然该股远不是科技板块中最便宜的股票，但现在可能是抓住机会的时候了。</blockquote></p><p> <b>Is CrowdStrike Overvalued?</b></p><p><blockquote><b>CrowdStrike 被高估了吗？</b></blockquote></p><p> Even after the decline, is CRWD still overvalued? At least judging based on the stock price versus consensus price targets, CRWD is trading at its largest difference in many months.</p><p><blockquote>即使在下跌之后，CRWD 是否仍然被高估？至少从股价与共识目标价来看，CRWD 的交易价格差异是几个月来最大的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/400c546bc352da19770dc0892e11c65d\" tg-width=\"1280\" tg-height=\"682\" width=\"100%\" height=\"auto\"><span>Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>寻求阿尔法</span></p></blockquote></p><p> That is no guarantee that CRWD is undervalued, but it gives an indication to the extent that CRWD has fallen amidst the recent market correction.</p><p><blockquote>这并不能保证 CRWD 被低估，但它表明了 CRWD 在最近的市场调整中下跌的程度。</blockquote></p><p> <b>What To Expect After CrowdStrike Earnings</b></p><p><blockquote><b>CrowdStrike 财报公布后的预期</b></blockquote></p><p> CRWD is a best in class cybersecurity firm which has seen its customer base grow 75% year over year.</p><p><blockquote>CRWD是一家一流的网络安全公司，其客户群同比增长75%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/529fe5ee504f170ba474658746cdb8b3\" tg-width=\"1280\" tg-height=\"644\" width=\"100%\" height=\"auto\"><span>Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>投资者介绍</span></p></blockquote></p><p> That is no guarantee that CRWD is undervalued, but it gives an indication to the extent that CRWD has fallen amidst the recent market correction.</p><p><blockquote>这并不能保证 CRWD 被低估，但它表明了 CRWD 在最近的市场调整中下跌的程度。</blockquote></p><p> <b>What To Expect After CrowdStrike Earnings</b></p><p><blockquote><b>CrowdStrike 财报公布后的预期</b></blockquote></p><p> CRWD is a best in class cybersecurity firm which has seen its customer base grow 75% year over year.</p><p><blockquote>CRWD是一家一流的网络安全公司，其客户群同比增长75%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/529fe5ee504f170ba474658746cdb8b3\" tg-width=\"1280\" tg-height=\"644\" width=\"100%\" height=\"auto\"><span>Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>投资者介绍</span></p></blockquote></p><p> Judging based on the metrics above, it appears that CRWD still has more room to grow even among the largest companies. The more that CRWD continues to take market share in the sector, the easier it becomes to attract new clients due to the powerful brand recognition. If the top companies in your sector are using CrowdStrike and you aren’t, then that may put you at greater risk in the event of a cybersecurity event.</p><p><blockquote>从上述指标来看，即使在最大的公司中，CRWD似乎仍有更大的增长空间。CRWD在该领域的市场份额越多，由于强大的品牌知名度，就越容易吸引新客户。如果您所在行业的顶级公司正在使用 CrowdStrike，而您没有，那么在发生网络安全事件时，您可能会面临更大的风险。</blockquote></p><p> CRWD has generated strong dollar-based retention rates in excess of its 120% benchmark.</p><p><blockquote>CRWD 产生了强劲的美元保留率，超过了其 120% 的基准。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95654debcba36ed79f4e2d5a19b086b2\" tg-width=\"1280\" tg-height=\"529\" width=\"100%\" height=\"auto\"><span>Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>投资者介绍</span></p></blockquote></p><p> CRWD charges on a per-endpoint model, which should help sustain the high dollar-based retention rates as the world continues moving toward a digital world. Combining high dollar-based retention rates with customer growth has helped CRWD grow its annual recurring revenues by 67% in the latest quarter.</p><p><blockquote>CRWD 对每个端点模型收费，随着世界继续走向数字世界，这应该有助于维持以美元为基础的高保留率。将高美元保留率与客户增长相结合，帮助 CRWD 在最近一个季度将年度经常性收入增长了 67%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9cae35096ef4ecc024fbcb42dcbb204f\" tg-width=\"1280\" tg-height=\"652\" width=\"100%\" height=\"auto\"><span>Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>投资者介绍</span></p></blockquote></p><p> While CRWD is not yet GAAP profitable, it has been consistently achieving operating leverage and is solidly profitable on a non-GAAP basis (the main difference is stock based compensation)</p><p><blockquote>虽然 CRWD 尚未实现 GAAP 盈利，但它一直在实现运营杠杆，并且在非 GAAP 基础上实现稳健盈利（主要区别是基于股票的薪酬）</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d65ba9f58338fda3266fa25e94bc720f\" tg-width=\"1280\" tg-height=\"770\" width=\"100%\" height=\"auto\"><span>Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>投资者介绍</span></p></blockquote></p><p> In fact, I suspect that CRWD’s 32% free cash flow margin to be a huge drawing point for investors, as it may be predictive of future operating margins. CRWD’s cash flow generation has helped it amass over $1 billion in net cash. Looking forward, CRWD expects the strong growth to continue, as it expects organizations to steadily increase their spend on cloud security to as much as 10% of its IT budget.</p><p><blockquote>事实上，我怀疑 CRWD 32% 的自由现金流利润率对投资者来说是一个巨大的吸引力，因为它可能会预测未来的营业利润率。CRWD 的现金流产生帮助其积累了超过 10 亿美元的净现金。展望未来，CRWD预计强劲增长将持续，因为它预计组织将稳步增加云安全支出，达到其IT预算的10%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c72dde811a34c995ed10fe2d1104153a\" tg-width=\"1280\" tg-height=\"661\" width=\"100%\" height=\"auto\"><span>Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>投资者介绍</span></p></blockquote></p><p> This kind of thinking makes CRWD appear like some sort of insurance for anyone in the cloud, which is arguably a phenomenal place to be in the expense structure. Further, there is the clear implication that CRWD will grow in-line with the growth of data, which is one of the stronger secular growth stories in the market today.</p><p><blockquote>这种想法使 CRWD 看起来像是云中任何人的某种保险，这可以说是费用结构中一个非凡的位置。此外，很明显，CRWD将随着数据的增长而增长，这是当今市场上更强劲的长期增长故事之一。</blockquote></p><p> <b>Is CRWD Stock A Buy, Sell, or Hold?</b></p><p><blockquote><b>CRWD 股票是买入、卖出还是持有？</b></blockquote></p><p> The strong growth, solid cash flow generation, and insurance-like niche all make CRWD look like a safe stock. That safety characteristic has helped it trade at healthy multiples. Even after the recent stock declines, CRWD still trades above 30x sales.</p><p><blockquote>强劲的增长、稳定的现金流产生以及保险般的利基市场都使 CRWD 看起来像一只安全的股票。这种安全特性帮助它以健康的倍数进行交易。即使在最近股价下跌之后，CRWD 的交易价格仍然超过销售额的 30 倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa7c00bbe9df86dcc89839f27d128f1e\" tg-width=\"1280\" tg-height=\"214\" width=\"100%\" height=\"auto\"><span>Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>寻求阿尔法</span></p></blockquote></p><p> What is a fair value for the stock? CRWD has guided for long term 20% operating margins.</p><p><blockquote>股票的公允价值是多少？CRWD 的长期营业利润率为 20%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1614660c29368136dad041d45dde80b4\" tg-width=\"1280\" tg-height=\"624\" width=\"100%\" height=\"auto\"><span>Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>投资者介绍</span></p></blockquote></p><p> At the risk of coming off optimistic, I view these targets as being highly sandbagged especially considering that the company is already generating 40% cash flow margins. Nonetheless, I assume 30% long term operating margins (50% seems more reasonable). At recent prices, CRWD is trading at an effective 1.4x price to earnings growth ratio (‘PEG’) based on 2022e sales, and 1.3x PEG based on 2023e sales. Yet those projections for 2022 and 2023 growth seem understated, as CRWD should be able to get to around 20% growth just from dollar-based net retention alone. I expect CRWD to be able to sustain 30+% growth over the next five years at least. With that kind of reliable growth profile, I would expect CRWD to trade closer to a 2x PEG, implying around 40% potential returns over the next 12 months. CRWD isn’t cheap, but the stock looks very buyable on the thesis that its high quality is deserving of higher multiples. I note that such a thesis leaves plenty of room to the downside, as the stock will likely be punished severely in the event that growth estimates fall short or if the company loses its quality luster. That said, the recent broad declines in the tech sector have brought CRWD down to highly reasonable multiples which appear to leave much room to the upside. I rate shares a buy.</p><p><blockquote>冒着显得乐观的风险，我认为这些目标是高度沙袋化的，特别是考虑到该公司已经产生了 40% 的现金流利润率。尽管如此，我假设长期营业利润率为 30%（50% 似乎更合理）。按最近的价格计算，CRWD 的实际市盈率（“PEG”）为基于 2022 财年销售额的 1.4 倍，PEG 为基于 2023 财年销售额的 1.3 倍。然而，这些对 2022 年和 2023 年增长的预测似乎被低估了，因为仅按美元计算的净保留率，CRWD 就应该能够实现 20% 左右的增长。我预计CRWD至少在未来五年内能够保持30%以上的增长。凭借这种可靠的增长状况，我预计 CRWD 的交易价格将接近 2 倍挂钩，这意味着未来 12 个月的潜在回报率约为 40%。CRWD 并不便宜，但这只股票看起来非常值得购买，因为它的高质量值得更高的市盈率。我注意到这样的论点留下了很大的下行空间，因为如果增长预期低于预期或公司失去质量光泽，该股可能会受到严厉惩罚。也就是说，最近科技行业的普遍下跌已将 CRWD 降至非常合理的倍数，这似乎留下了很大的上涨空间。我将股票评级为买入。</blockquote></p><p></p>","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>CrowdStrike Stock: What To Consider After Recent Earnings<blockquote>CrowdStrike 股票：近期收益后需要考虑什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrowdStrike Stock: What To Consider After Recent Earnings<blockquote>CrowdStrike 股票：近期收益后需要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-07 21:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>CrowdStrike delivered yet another strong quarter, though its stock took a nosedive amidst the tech sector rout.</li> <li>The stock still doesn't trade cheaply but it has arguably earned a premium multiple through consistent growth and strong cash flow generation.</li> <li>Cybersecurity is like insurance that all firms will need to purchase for cloud security.</li> <li>I rate shares a buy as the reduced multiples leave much room to the upside.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/770bf376305b1167868307e6a5706acf\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\"><span>gorodenkoff/iStock via Getty Images</span></p><p><blockquote><ul><li>CrowdStrike 又实现了一个强劲的季度业绩，尽管其股价在科技行业暴跌的情况下暴跌。</li><li>该股的交易价格仍然不便宜，但可以说，它通过持续增长和强劲的现金流产生赢得了溢价倍数。</li><li>网络安全就像所有公司都需要为云安全购买的保险。</li><li>我将该股评级为买入，因为市盈率的降低为上涨留下了很大的空间。</li></ul><p class=\"t-img-caption\"><span>gorodenkoff/iStock 来自盖蒂图片社</span></p></blockquote></p><p> CrowdStrike (CRWD) might not come up at the top of the list of cheapest tech stocks to buy, but it has seen its stock get hammered amidst the tech sector correction. The stock has typically traded very richly, making the volatility less surprising, but CRWD remains one of the highest quality stocks in the market today. I view its cybersecurity offerings to be akin to buying insurance for cloud security, making it a critical growth area for the indefinite future. Due to the perceived reliability of future growth, the stock looks ripe for a re-rating. I rate shares a buy.</p><p><blockquote>CrowdStrike (CRWD) 可能不会在最便宜购买的科技股名单中名列前茅，但其股票在科技行业调整中遭受重创。该股通常交易量非常丰富，因此波动性并不那么令人惊讶，但 CRWD 仍然是当今市场上质量最高的股票之一。我认为其网络安全产品类似于为云安全购买保险，使其成为无限期未来的关键增长领域。由于未来增长的可靠性，该股看起来重新评级的时机已经成熟。我将股票评级为买入。</blockquote></p><p> <b>CRWD Stock Price</b></p><p><blockquote><b>CRWD 股价</b></blockquote></p><p> CRWD almost perfectly shows what can be expected from a high-growth, high volatility stock, as it appears to move sharply higher during bull runs, and sharply lower during corrections as it has as of late.</p><p><blockquote>CRWD 几乎完美地展示了一只高增长、高波动性股票的预期，因为它似乎在牛市期间大幅走高，而在调整期间大幅走低，就像最近一样。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/79116039cda946b91fda98731f1f5e82\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> CRWD has typically traded at egregious multiples which had kept me from meaningfully investing in the name. Now trading just under $200 per share, one must start wondering if there’s even a value proposition here. While CRWD might not be a household name to the common person, it appears to be a household favorite for Wall Street firms as it is some sort of insurance for anyone operating in the cloud. While the stock far from the cheapest name in the tech sector, this may be the time to pounce.</p><p><blockquote>CRWD 通常以惊人的倍数进行交易，这使我无法对该名称进行有意义的投资。现在每股交易价格略低于 200 美元，人们不得不怀疑这里是否还有价值主张。虽然CRWD对普通人来说可能不是一个家喻户晓的名字，但它似乎是华尔街公司的最爱，因为它是任何在云中运营的人的某种保险。虽然该股远不是科技板块中最便宜的股票，但现在可能是抓住机会的时候了。</blockquote></p><p> <b>Is CrowdStrike Overvalued?</b></p><p><blockquote><b>CrowdStrike 被高估了吗？</b></blockquote></p><p> Even after the decline, is CRWD still overvalued? At least judging based on the stock price versus consensus price targets, CRWD is trading at its largest difference in many months.</p><p><blockquote>即使在下跌之后，CRWD 是否仍然被高估？至少从股价与共识目标价来看，CRWD 的交易价格差异是几个月来最大的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/400c546bc352da19770dc0892e11c65d\" tg-width=\"1280\" tg-height=\"682\" width=\"100%\" height=\"auto\"><span>Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>寻求阿尔法</span></p></blockquote></p><p> That is no guarantee that CRWD is undervalued, but it gives an indication to the extent that CRWD has fallen amidst the recent market correction.</p><p><blockquote>这并不能保证 CRWD 被低估，但它表明了 CRWD 在最近的市场调整中下跌的程度。</blockquote></p><p> <b>What To Expect After CrowdStrike Earnings</b></p><p><blockquote><b>CrowdStrike 财报公布后的预期</b></blockquote></p><p> CRWD is a best in class cybersecurity firm which has seen its customer base grow 75% year over year.</p><p><blockquote>CRWD是一家一流的网络安全公司，其客户群同比增长75%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/529fe5ee504f170ba474658746cdb8b3\" tg-width=\"1280\" tg-height=\"644\" width=\"100%\" height=\"auto\"><span>Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>投资者介绍</span></p></blockquote></p><p> That is no guarantee that CRWD is undervalued, but it gives an indication to the extent that CRWD has fallen amidst the recent market correction.</p><p><blockquote>这并不能保证 CRWD 被低估，但它表明了 CRWD 在最近的市场调整中下跌的程度。</blockquote></p><p> <b>What To Expect After CrowdStrike Earnings</b></p><p><blockquote><b>CrowdStrike 财报公布后的预期</b></blockquote></p><p> CRWD is a best in class cybersecurity firm which has seen its customer base grow 75% year over year.</p><p><blockquote>CRWD是一家一流的网络安全公司，其客户群同比增长75%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/529fe5ee504f170ba474658746cdb8b3\" tg-width=\"1280\" tg-height=\"644\" width=\"100%\" height=\"auto\"><span>Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>投资者介绍</span></p></blockquote></p><p> Judging based on the metrics above, it appears that CRWD still has more room to grow even among the largest companies. The more that CRWD continues to take market share in the sector, the easier it becomes to attract new clients due to the powerful brand recognition. If the top companies in your sector are using CrowdStrike and you aren’t, then that may put you at greater risk in the event of a cybersecurity event.</p><p><blockquote>从上述指标来看，即使在最大的公司中，CRWD似乎仍有更大的增长空间。CRWD在该领域的市场份额越多，由于强大的品牌知名度，就越容易吸引新客户。如果您所在行业的顶级公司正在使用 CrowdStrike，而您没有，那么在发生网络安全事件时，您可能会面临更大的风险。</blockquote></p><p> CRWD has generated strong dollar-based retention rates in excess of its 120% benchmark.</p><p><blockquote>CRWD 产生了强劲的美元保留率，超过了其 120% 的基准。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95654debcba36ed79f4e2d5a19b086b2\" tg-width=\"1280\" tg-height=\"529\" width=\"100%\" height=\"auto\"><span>Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>投资者介绍</span></p></blockquote></p><p> CRWD charges on a per-endpoint model, which should help sustain the high dollar-based retention rates as the world continues moving toward a digital world. Combining high dollar-based retention rates with customer growth has helped CRWD grow its annual recurring revenues by 67% in the latest quarter.</p><p><blockquote>CRWD 对每个端点模型收费，随着世界继续走向数字世界，这应该有助于维持以美元为基础的高保留率。将高美元保留率与客户增长相结合，帮助 CRWD 在最近一个季度将年度经常性收入增长了 67%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9cae35096ef4ecc024fbcb42dcbb204f\" tg-width=\"1280\" tg-height=\"652\" width=\"100%\" height=\"auto\"><span>Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>投资者介绍</span></p></blockquote></p><p> While CRWD is not yet GAAP profitable, it has been consistently achieving operating leverage and is solidly profitable on a non-GAAP basis (the main difference is stock based compensation)</p><p><blockquote>虽然 CRWD 尚未实现 GAAP 盈利，但它一直在实现运营杠杆，并且在非 GAAP 基础上实现稳健盈利（主要区别是基于股票的薪酬）</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d65ba9f58338fda3266fa25e94bc720f\" tg-width=\"1280\" tg-height=\"770\" width=\"100%\" height=\"auto\"><span>Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>投资者介绍</span></p></blockquote></p><p> In fact, I suspect that CRWD’s 32% free cash flow margin to be a huge drawing point for investors, as it may be predictive of future operating margins. CRWD’s cash flow generation has helped it amass over $1 billion in net cash. Looking forward, CRWD expects the strong growth to continue, as it expects organizations to steadily increase their spend on cloud security to as much as 10% of its IT budget.</p><p><blockquote>事实上，我怀疑 CRWD 32% 的自由现金流利润率对投资者来说是一个巨大的吸引力，因为它可能会预测未来的营业利润率。CRWD 的现金流产生帮助其积累了超过 10 亿美元的净现金。展望未来，CRWD预计强劲增长将持续，因为它预计组织将稳步增加云安全支出，达到其IT预算的10%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c72dde811a34c995ed10fe2d1104153a\" tg-width=\"1280\" tg-height=\"661\" width=\"100%\" height=\"auto\"><span>Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>投资者介绍</span></p></blockquote></p><p> This kind of thinking makes CRWD appear like some sort of insurance for anyone in the cloud, which is arguably a phenomenal place to be in the expense structure. Further, there is the clear implication that CRWD will grow in-line with the growth of data, which is one of the stronger secular growth stories in the market today.</p><p><blockquote>这种想法使 CRWD 看起来像是云中任何人的某种保险，这可以说是费用结构中一个非凡的位置。此外，很明显，CRWD将随着数据的增长而增长，这是当今市场上更强劲的长期增长故事之一。</blockquote></p><p> <b>Is CRWD Stock A Buy, Sell, or Hold?</b></p><p><blockquote><b>CRWD 股票是买入、卖出还是持有？</b></blockquote></p><p> The strong growth, solid cash flow generation, and insurance-like niche all make CRWD look like a safe stock. That safety characteristic has helped it trade at healthy multiples. Even after the recent stock declines, CRWD still trades above 30x sales.</p><p><blockquote>强劲的增长、稳定的现金流产生以及保险般的利基市场都使 CRWD 看起来像一只安全的股票。这种安全特性帮助它以健康的倍数进行交易。即使在最近股价下跌之后，CRWD 的交易价格仍然超过销售额的 30 倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa7c00bbe9df86dcc89839f27d128f1e\" tg-width=\"1280\" tg-height=\"214\" width=\"100%\" height=\"auto\"><span>Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>寻求阿尔法</span></p></blockquote></p><p> What is a fair value for the stock? CRWD has guided for long term 20% operating margins.</p><p><blockquote>股票的公允价值是多少？CRWD 的长期营业利润率为 20%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1614660c29368136dad041d45dde80b4\" tg-width=\"1280\" tg-height=\"624\" width=\"100%\" height=\"auto\"><span>Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>投资者介绍</span></p></blockquote></p><p> At the risk of coming off optimistic, I view these targets as being highly sandbagged especially considering that the company is already generating 40% cash flow margins. Nonetheless, I assume 30% long term operating margins (50% seems more reasonable). At recent prices, CRWD is trading at an effective 1.4x price to earnings growth ratio (‘PEG’) based on 2022e sales, and 1.3x PEG based on 2023e sales. Yet those projections for 2022 and 2023 growth seem understated, as CRWD should be able to get to around 20% growth just from dollar-based net retention alone. I expect CRWD to be able to sustain 30+% growth over the next five years at least. With that kind of reliable growth profile, I would expect CRWD to trade closer to a 2x PEG, implying around 40% potential returns over the next 12 months. CRWD isn’t cheap, but the stock looks very buyable on the thesis that its high quality is deserving of higher multiples. I note that such a thesis leaves plenty of room to the downside, as the stock will likely be punished severely in the event that growth estimates fall short or if the company loses its quality luster. That said, the recent broad declines in the tech sector have brought CRWD down to highly reasonable multiples which appear to leave much room to the upside. I rate shares a buy.</p><p><blockquote>冒着显得乐观的风险，我认为这些目标是高度沙袋化的，特别是考虑到该公司已经产生了 40% 的现金流利润率。尽管如此，我假设长期营业利润率为 30%（50% 似乎更合理）。按最近的价格计算，CRWD 的实际市盈率（“PEG”）为基于 2022 财年销售额的 1.4 倍，PEG 为基于 2023 财年销售额的 1.3 倍。然而，这些对 2022 年和 2023 年增长的预测似乎被低估了，因为仅按美元计算的净保留率，CRWD 就应该能够实现 20% 左右的增长。我预计CRWD至少在未来五年内能够保持30%以上的增长。凭借这种可靠的增长状况，我预计 CRWD 的交易价格将接近 2 倍挂钩，这意味着未来 12 个月的潜在回报率约为 40%。CRWD 并不便宜，但这只股票看起来非常值得购买，因为它的高质量值得更高的市盈率。我注意到这样的论点留下了很大的下行空间，因为如果增长预期低于预期或公司失去质量光泽，该股可能会受到严厉惩罚。也就是说，最近科技行业的普遍下跌已将 CRWD 降至非常合理的倍数，这似乎留下了很大的上涨空间。我将股票评级为买入。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4473627-crowdstrike-stock-recent-earnings\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CRWD":"CrowdStrike Holdings, Inc."},"source_url":"https://seekingalpha.com/article/4473627-crowdstrike-stock-recent-earnings","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114040351","content_text":"Summary\n\nCrowdStrike delivered yet another strong quarter, though its stock took a nosedive amidst the tech sector rout.\nThe stock still doesn't trade cheaply but it has arguably earned a premium multiple through consistent growth and strong cash flow generation.\nCybersecurity is like insurance that all firms will need to purchase for cloud security.\nI rate shares a buy as the reduced multiples leave much room to the upside.\n\ngorodenkoff/iStock via Getty Images\nCrowdStrike (CRWD) might not come up at the top of the list of cheapest tech stocks to buy, but it has seen its stock get hammered amidst the tech sector correction. The stock has typically traded very richly, making the volatility less surprising, but CRWD remains one of the highest quality stocks in the market today. I view its cybersecurity offerings to be akin to buying insurance for cloud security, making it a critical growth area for the indefinite future. Due to the perceived reliability of future growth, the stock looks ripe for a re-rating. I rate shares a buy.\nCRWD Stock Price\nCRWD almost perfectly shows what can be expected from a high-growth, high volatility stock, as it appears to move sharply higher during bull runs, and sharply lower during corrections as it has as of late.\n\nCRWD has typically traded at egregious multiples which had kept me from meaningfully investing in the name. Now trading just under $200 per share, one must start wondering if there’s even a value proposition here. While CRWD might not be a household name to the common person, it appears to be a household favorite for Wall Street firms as it is some sort of insurance for anyone operating in the cloud. While the stock far from the cheapest name in the tech sector, this may be the time to pounce.\nIs CrowdStrike Overvalued?\nEven after the decline, is CRWD still overvalued? At least judging based on the stock price versus consensus price targets, CRWD is trading at its largest difference in many months.\nSeeking Alpha\nThat is no guarantee that CRWD is undervalued, but it gives an indication to the extent that CRWD has fallen amidst the recent market correction.\nWhat To Expect After CrowdStrike Earnings\nCRWD is a best in class cybersecurity firm which has seen its customer base grow 75% year over year.\nInvestor Presentation\nThat is no guarantee that CRWD is undervalued, but it gives an indication to the extent that CRWD has fallen amidst the recent market correction.\nWhat To Expect After CrowdStrike Earnings\nCRWD is a best in class cybersecurity firm which has seen its customer base grow 75% year over year.\nInvestor Presentation\nJudging based on the metrics above, it appears that CRWD still has more room to grow even among the largest companies. The more that CRWD continues to take market share in the sector, the easier it becomes to attract new clients due to the powerful brand recognition. If the top companies in your sector are using CrowdStrike and you aren’t, then that may put you at greater risk in the event of a cybersecurity event.\nCRWD has generated strong dollar-based retention rates in excess of its 120% benchmark.\nInvestor Presentation\nCRWD charges on a per-endpoint model, which should help sustain the high dollar-based retention rates as the world continues moving toward a digital world. Combining high dollar-based retention rates with customer growth has helped CRWD grow its annual recurring revenues by 67% in the latest quarter.\nInvestor Presentation\nWhile CRWD is not yet GAAP profitable, it has been consistently achieving operating leverage and is solidly profitable on a non-GAAP basis (the main difference is stock based compensation)\nInvestor Presentation\nIn fact, I suspect that CRWD’s 32% free cash flow margin to be a huge drawing point for investors, as it may be predictive of future operating margins. CRWD’s cash flow generation has helped it amass over $1 billion in net cash. Looking forward, CRWD expects the strong growth to continue, as it expects organizations to steadily increase their spend on cloud security to as much as 10% of its IT budget.\nInvestor Presentation\nThis kind of thinking makes CRWD appear like some sort of insurance for anyone in the cloud, which is arguably a phenomenal place to be in the expense structure. Further, there is the clear implication that CRWD will grow in-line with the growth of data, which is one of the stronger secular growth stories in the market today.\nIs CRWD Stock A Buy, Sell, or Hold?\nThe strong growth, solid cash flow generation, and insurance-like niche all make CRWD look like a safe stock. That safety characteristic has helped it trade at healthy multiples. Even after the recent stock declines, CRWD still trades above 30x sales.\nSeeking Alpha\nWhat is a fair value for the stock? CRWD has guided for long term 20% operating margins.\nInvestor Presentation\nAt the risk of coming off optimistic, I view these targets as being highly sandbagged especially considering that the company is already generating 40% cash flow margins. Nonetheless, I assume 30% long term operating margins (50% seems more reasonable). At recent prices, CRWD is trading at an effective 1.4x price to earnings growth ratio (‘PEG’) based on 2022e sales, and 1.3x PEG based on 2023e sales. Yet those projections for 2022 and 2023 growth seem understated, as CRWD should be able to get to around 20% growth just from dollar-based net retention alone. I expect CRWD to be able to sustain 30+% growth over the next five years at least. With that kind of reliable growth profile, I would expect CRWD to trade closer to a 2x PEG, implying around 40% potential returns over the next 12 months. CRWD isn’t cheap, but the stock looks very buyable on the thesis that its high quality is deserving of higher multiples. I note that such a thesis leaves plenty of room to the downside, as the stock will likely be punished severely in the event that growth estimates fall short or if the company loses its quality luster. That said, the recent broad declines in the tech sector have brought CRWD down to highly reasonable multiples which appear to leave much room to the upside. I rate shares a buy.","news_type":1,"symbols_score_info":{"CRWD":0.9}},"isVote":1,"tweetType":1,"viewCount":1886,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/606283346"}
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