Public Comps - Sample Weekly Dashboard 2/28/2020

Jon Ma -

Here's a sample of what we send out to our paying customers every week. If you're interested, you can subscribe here https://www.publiccomps.com/#pricing

Median B2B SaaS Valuation Multiples: 8.0x

  • B2B SaaS Multiples dropped due to Coronavirus concerns: -10% from last week (8.8x 2/21/20)
  • Despite the drop in SaaS multiples, we're still well above the 7.2x EV/NTM Revenue at the trough of Oct'19 during the Q4'19 SaaS selloff
  • Note: we're getting our NTM Revenue source from Zacks.com which we take the median analyst estimate of NTM revenue.
  • You can see the list of our 80 Public B2B SaaS Companies here

SaaS Earnings & IPOs:

Earnings: we had quite a few earnings but highlight 2 that stood out.

  • Elastic (2/27/2020: The Developer focused Search & Analytics company reported for Jan'20 $416m ARR growing 60% YoY with -13% LTM FCF margins. Growth rate decelerated by 85% from 70% YoY in Jan'19. Stock price went up significantly given the reacceleration from previous quarters of 58% and 59% YoY in the last 2 quarters. It's worth noting the business has >130% Net Dollar Retention and one of the true Product-Led Growth companies where you can swipe a credit card and start playing around with their product. https://ir.elastic.co/financials/quarterly-results/default.aspx.
  • Adyen (2/27/2020): Payment Platform reported $496m of revenue in FY19 growing 43% YoY with 56% EBITDA margins 😮. Rule of 100 anyone? Growth primarily driven by enterprises. Launched Adyen Issuing in Q4'19 to allow merchants to issue pre-loaded debit cards to, say, drivers for payment at pickup at a restaurant. https://www.adyen.com/investor-relations/H2-2019#section1

IPOs: we had two high growth SaaS companies release S-1s this week. Note, we did teardowns and added the metrics to our database within a few hours of the S-1 getting released. You can't get this quality & timely SaaS metrics anywhere via CapIQ, Bloomberg, Pitchbook because Howard and I literally sit in front of our computers and enter these metrics ourselves 😂.

  • Procore: see our teardown here. $339m ARR growing 55% YoY with -10% LTM FCF % with 117% NDR. Reminder that software is still eating the world and just getting started in the $10T construction market.
  • Zoom Info: see rundown here. $360m ARR growing 123% YoY with 10% LTM FCF % with 109% NDR. Note DiscoverOrg acquired a bunch of players so a lot of growth is from M&A.

Benchmarks:

See how Elastic, Procore, and Zoom Info stack up against the other top fast growing SaaS companies here

Customized Dashboard

Prefer quarterly dashboard reports or a certain category like "Data & Analytics" or "Developer Tools"? Email me and I'll switch you to our quarterly reporting cadence or customize your weekly dashboard.