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Veeva Systems Inc Class A VEEV

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Morningstar’s Analysis

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Wide Moat Veeva Provides Ample Growth Opportunity, Buoyed by Vault; Raising FVE to $300

Dylan Finley Associate Equity Analyst

Analyst Note

| Dylan Finley |

After taking a fresh look at Veeva, we are maintaining our wide moat and positive moat trend ratings. We are raising our fair value estimate to $300 per share from $290 per share based on improved near-term outlook for subscription revenue growth. The company has sustained an impressive 25%-30% annual growth rate in subscription revenues over the past five years, simultaneously attracting new customers for their Commercial Cloud and Veeva Vault solutions and growing wallet share from existing customers subscribing to add-on modules.

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Company Profile

Business Description

Veeva is a leading supplier of software solutions for the life sciences industry. The company’s best-of-breed offering addresses operating and regulatory requirements for customers ranging from small, emerging biotechnology companies to departments of global pharmaceutical manufacturers. The company leverages its domain expertise and cloud-based platform to improve the efficiency and compliance of the underserved life sciences industry, displacing large, highly customized and dated enterprise resource planning, or ERP, systems that have limited flexibility. As the vertical leader, Veeva innovates, increases wallet share at existing customers, and expands into other industries with similar regulations, protocols, and procedures, such as consumer goods, chemicals, and cosmetics.

4280 Hacienda Drive
Pleasanton, CA, 94588
T +1 925 452-6500
Sector Healthcare
Industry Health Information Services
Most Recent Earnings Jan 31, 2021
Fiscal Year End Jan 31, 2022
Stock Type Aggressive Growth
Employees 4,506