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CrowdStrike Holdings Inc Class A CRWD

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Morningstar’s Analysis

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CrowdStrike’s Investor Briefing Spotlights Its Disruption Is Early Stages; Maintaining $175 FVE

Mark Cash Senior Equity Analyst

Analyst Note

| Mark Cash |

We are maintaining our $175 fair value estimate after narrow-moat CrowdStrike’s investor briefing. Our main takeaway is that CrowdStrike is in the very early stages of disrupting the endpoint and workload security markets, and that secular and company-specific tailwinds will propel robust growth throughout this decade. CrowdStrike laid out plans to triple its annual recurring revenue, or ARR, to $3 billion, which we expect to be achievable in fiscal year 2024 (management did not explicitly guide, but illustrated the path to $3 billion in ARR in fiscal year 2025). The long-term target model now contains at least 20%-22% in adjusted operating margin (up from 20%-plus) and at least 30% free cash flow margin.

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Company Profile

Business Description

CrowdStrike Holdings Inc is a cybersecurity vendor that specializes in endpoint protection, threat intelligence and hunting, attack remediation, and offers various solutions to supplement security and network operations teams. Its cloud-based architecture collects data across all its endpoint agents, analyzes the information within its cloud platform, and updates all of its customers' security posture. CrowdStrike sells packaged tiers of cybersecurity protection and offers individual security modules via its online marketplace. The company was founded in 2011, went public in 2019, and is based in California.

Contact
150 Mathilda Place, Suite 300
Sunnyvale, CA, 94086
T +1 888 512-8906
Sector Technology
Industry Software - Infrastructure
Most Recent Earnings Jan 31, 2021
Fiscal Year End Jan 31, 2021
Stock Type Speculative Growth
Employees 3,394

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