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Palantir Technologies Inc Ordinary Shares - Class A PLTR

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Morningstar’s Analysis

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Economic Moat




Palantir Showcases Business-Wide Strength in Q3 With Strong Growth and Margin Improvements; $13 FVE

Mark Cash Equity Analyst

Analyst Note

| Mark Cash |

As its first quarter reporting as a public company, narrow-moat Palantir Technologies' 52% year-over-year revenue growth and adjusted operating margin of 25% were ahead of guidance and our expectations. Showing broad-based demand, revenue grew 35% for the commercial segment and 68% for the government business, compared with the prior year. The firm's transformation into a software vendor from a consulting-led company is evident in the margin improvements, with deployment efficiencies, process automations, and lower travel expenses driving the outperformance. Palantir's stock appreciated about 40% over the last week, and shares mainly stayed flat after reporting. We are maintaining our $13 fair value estimate and believe investors should seek a wider margin of safety.

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Company Profile

Business Description

Palantir Technologies provides organizations with solutions to manage large disparate data sets in an attempt to gain insight and drive operational outcomes. Founded in 2003, Palantir released its Gotham software platform in 2008, which focuses on the government intelligence and defense sectors. Palantir expanded into various commercial markets with its Foundry software platform in 2016 with the intent of becoming the data operating system for companies and industries. The Denver, Colorado company had 125 customers as of its IPO and roughly splits its revenue between commercial and government customers.

100 Hamilton Avenue, Suite 300
Palo Alto, CA, 94301
T +1 650 494-1574
Sector Technology
Industry Software - Infrastructure
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2013
Stock Type
Employees 2,464