Five9 Inc

FIVN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$67.00	Vdtf	Pwbsfmdl

Five9 Earnings: Impressive Customer Wins Amid Macro Pressure on Seat Expansion

Emma Williams

May 3, 2024

No-moat Five9 reported a reasonable start to fiscal 2024, with top-line growth and profitability marginally surpassing our expectations. Following the result, we have raised our medium-term margin forecasts based on improving operating leverage, resulting in a fair value estimate increase to $63 per share from $60. While shares jumped after the release, Five9 continues to screen as fairly valued on a risk-adjusted basis, and we prefer moatier, undervalued software peers.

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