Analyst Note| Julie Bhusal Sharma |
On Sept. 23, Intuit hosted its 2020 investor day, which detailed impressive updated metrics on the business as well as its unveiling of a new omnichannel e-commerce platform, QuickBooks Commerce, which the company has hinted at creating since 2019. As it’s early days for QuickBooks Commerce with little detail on its monetization, we’ve yet to significantly incorporate this offering into our expectations. However, our bull case continues to reflect robust adoption of the omnichannel platform, as it previously had. Additionally, Intuit continued to refrain from giving explicit guidance for fiscal 2021. All things considered, we’re maintaining our $304 fair value estimate for wide-moat Intuit, leaving the company fairly valued, in our view.