PEGASYSTEMS INC PEGA

March 30, 2022 - 11:42am EST by

member

						2022	2023
Price:		81.00		EPS		0	0
Shares Out. (in M):		82		P/E		0	0
Market Cap (in $M):		6,616		P/FCF		0	0
Net Debt (in $M):		-227		EBIT		0	0
TEV (in $M):		6,844		TEV/EBIT		0	0

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#	AUTHOR DATE SUBJECT
6	member 8/19/22 12:25AM Re: unit economics, mature margins, and EV/ Rev multiples 4
Got close on this one and coulnd't pull the trigger. To be fair, I agree its somewhat compelling at current price. Given discount to peers and relative to enterprise software as a whole. And esp... login to read the rest 4 view available tags
4	member 8/17/22 3:52PM unit economics, mature margins, and EV/ Rev multiples
MSLM & other software investors on here - PEGA's stock chart screams "buy" at me but this EV/ Revenue game is hard... After the 1H downdraft, there's now a slew of decent software businesses trading at 2-4x... login to read the rest view available tags
3	member 3/31/22 6:16AM Re: Re: What’s the bear case? 2
MSLM - thanks for the write up. Tangential question since you know the space: have you looked at APPN? Trades at a 100% multiple premium with lower growth and worse margins (on tile of 40... login to read the rest 1 view available tags
2	member 3/30/22 11:38PM Re: What’s the bear case? 1
I think the biggest bear case revolves around where future growth comes from. For instance, the opportunity in the middle market, which PEGA has done fairly poorly. Historically PEGA succeeded with larger enterprise customers, which is... login to read the rest view available tags
1	member 3/30/22 4:19PM What’s the bear case?
I assume there's at least some nugget of a reason the market is only valuing this business at the modest EV/sales multiple it's currently getting? (otherwise sounds very compelling, thanks for writing it up) view available tags

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