tableau software - high level due-diligence march 2011
DESCRIPTION
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Hig
hlig
hts
pure-play BI vendor delivers strong interactive visualization for analysis,
dashboards, information delivery and managed analytic applications
Triple digit sales growth with overwhelmingly positive customer survey feedback
growing percentage of users accessing external facing Tableau applications through new SaaS offerings - Tableau Public and Tableau Digital
Op
port
un
ity
lacks broader BI platform capabilities (reporting, semantic layer and predictive analytics)
primarily a SME player, less widely deployed in large enterprises
uses a horizontal platform strategy and developing vertical or industry-specific applications
continues to be a front-end tool option to Oracle Essbase (Visual Explorer) – hurt the competition
Tableau Software - the “darling” of Self-Serve BI
Source: Tableau Software Press Release
March 2011
Tableau Software – Simple Strategy, Extremely Effective
Raid Fire Analytics Served Through Web
Th
ree P
art
Str
ate
gy
Fast Analytics for Everyone
Socialize Your Analysis
March 2011
Source: * Magic Quadrant for Business Intelligence Platforms, 27 January 2011, Rita L. Sallam, James Richardson, John Hagerty, Bill Hostmann, Gartner** Tableau Software Press Release
Tableau Software – Challenging the Giants
March 2011
(Source: Qlik Technology, Inc. Financial Information from SEC Filings)
Strong sales growth since inception, improving profitability YoY, rapidly increasing customer base with a stable ASP per customer…
Qlik Technologies For Relative Valuation of Tableau
March 2011
Tableau Valuation - Using Multiples of QlikView(QLIK)
QLIK TABLRevenues (in 000s of dollars)
2010 $226,521 $40,000 YoY Growth 44% 106%
2009 157,359 19,417
Profitability (Using 2010 QLIK ratios as a proxy, in 000s of dollars)
Gorses Profit Margin 90% 202,799 35,811
Operating Profit Margin 12% 27,568 4,868
Net Profit Margin 6% 13,516 2,387
Preliminary Valuation
Market Cap 2,150,000,000 -
Enterprise Value 1,980,000,000 -Stock price 27.17 -
Shares Outstanding 79,000,000 -
PE Ratio 158.81 158.81
Value based on PE Ratio (Using QLIK as a proxy) 2,146,430,000 379,025,344
PS Ratio 9.48 9.48
Value based on PS Ratio (Using QLIK as a proxy) 379,025,344
Customer AnalysisCustomers 18,000 6,350
ASP per Customer $12,585 $6,299
Source: Tableau Software Press Release & Qlik Tech Financial Information from SEC Filings. Tableau had 5000 customer at EOY 2009.All numbers are preliminary and subjected to change.
March 2011