Company Reports

We launch coverage of work management software provider Monday.com with a $200 fair value estimate and a no-moat rating. Work management software is an emerging niche within SaaS, which aims to improve the efficiency and productivity of project and process management by displacing widely deployed but suboptimal incumbent tools of email and spreadsheets. On a risk-adjusted basis, Monday's shares currently screen as fairly valued relative to our valuation, and we prefer moatier competitor Smartsheet, which currently trades in 4-star territory.

Monday is a leading provider of work management software. The emerging niche within software as a service, or SaaS, aims to improve the efficiency and productivity of project and process management by displacing widely deployed but suboptimal incumbent tools of email and spreadsheets. Monday’s solution allows customers to digitize business processes and to plan, capture, manage, automate, templatize, and report on custom workflows around a single source of truth. We believe work management tools offer superior functionality relative to incumbent solutions including centralized dashboards providing real time visibility, accountability, and consistency across complex, cross-functional projects, automating workflows, and dynamically assigning tasks.