Atlassian Corp Class A

TEAM: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Atlassian Earnings: Strength Abounds in Blowout Quarter With Strong Guidance

Dan Romanoff

Jan 31, 2025

Narrow-moat Atlassian delivered strong second-quarter results that crushed our revenue and profitability expectations, while providing guidance that was also better than we or the street anticipated. We therefore are raising our fair value estimate to $270 per share, from $220 previously based on better growth and profitability through the medium term. Based on the surging stock in after-hours trading, we see shares as overvalued. However, if we based our model off of similar levels of outperformance for the rest of the year as we see in the second quarter, we could make a case for the stock being fairly valued.

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Atlassian Corp Class A

Atlassian Earnings: Strength Abounds in Blowout Quarter With Strong Guidance

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