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Monday.Com Ltd Ordinary Shares MNDY

Morningstar Rating
$178.07 −7.03 (3.80%)
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Company Report

Initiating Coverage of Monday.com With a No-Moat Rating and $200 Fair Value Estimate

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.

Price vs Fair Value

MNDY is trading at a 7% discount.
Price
$185.02
Fair Value
$694.00
Uncertainty
Very High
1-Star Price
$478.00
5-Star Price
$335.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Monday has achieved strong traction in the sticky enterprise market and is well placed to capitalize on existing relationships by upgrading users to higher value plans and converting free users.

Bears

The collaborative work management software market is fragmented and fiercely competitive, elevating pressure on Monday to invest in product innovation.

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News

Trading Information

Previous Close Price
$185.10
Day Range
$177.33185.57
52-Week Range
$108.35239.22
Bid/Ask
$177.35 / $178.35
Market Cap
$8.71 Bil
Volume/Avg
845,885 / 873,285

Key Statistics

Price/Earnings (Normalized)
94.82
Price/Sales
11.80
Dividend Yield (Trailing)
Dividend Yield (Forward)
Total Yield

Company Profile

Monday.com is a provider of work management software delivered via a cloud-based software-as-a-service model. The firm’s solutions offer flexible and highly customizable tools to digitize business processes across countless use cases. Monday’s offering supports workflow management across departments, real-time visibility and accountability, and automation capabilities. Monday also offers prepackaged CRM and DevOps management solutions, in addition to standalone survey and digital whiteboard tools. As of 2023, Monday served over 225,000 customers in more than 200 countries.
Sector
Technology
Industry
Software - Application
Stock Style Box
Mid Growth
Total Number of Employees
1,854

Competitors

Valuation

Metric
MNDY
MSFT
SMAR
Price/Earnings (Normalized)
94.8237.2444.53
Price/Book Value
10.7112.858.45
Price/Sales
11.8013.515.25
Price/Cash Flow
80.2429.4426.80
Price/Earnings
MNDY
MSFT
SMAR

Financial Strength

Metric
MNDY
MSFT
SMAR
Quick Ratio
2.741.021.25
Current Ratio
2.821.221.34
Interest Coverage
41.49
Quick Ratio
MNDY
MSFT
SMAR

Profitability

Metric
MNDY
MSFT
SMAR
Return on Assets (Normalized)
8.25%19.91%9.86%
Return on Equity (Normalized)
12.92%39.57%21.66%
Return on Invested Capital (Normalized)
7.79%29.21%16.17%
Return on Assets
MNDY
MSFT
SMAR
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