Tableau Software - High Level Due-Diligence March 2011
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Tableau Software - High Level Due-Diligence March 2011
- 1. March 2011 Tableau Software - the “darling” of Self-Serve BI pure-play BI vendor delivers strong interactive visualization for analysis, dashboards, information delivery and managed analytic applications Highlights Triple digit sales growth with overwhelmingly positive customer survey feedback growing percentage of users accessing external facing Tableau applications through new SaaS offerings - Tableau Public and Tableau Digital lacks broader BI platform capabilities (reporting, semantic layer and predictive analytics) Opportunity primarily a SME player, less widely deployed in large enterprises uses a horizontal platform strategy and developing vertical or industry-specific applications continues to be a front-end tool option to Oracle Essbase (Visual Explorer) – hurt the competition Source: Tableau Software Press Release
- 2. March 2011 Tableau Software – Simple Strategy, Extremely Effective Fast Analytics for Everyone Three Part Strategy Raid Fire Analytics Served Through Web Socialize Your Analysis
- 3. March 2011 Tableau Software – Challenging the Giants Source: * Magic Quadrant for Business Intelligence Platforms, 27 January 2011, Rita L. Sallam, James Richardson, John Hagerty, Bill Hostmann, Gartner ** Tableau Software Press Release
- 4. March 2011 Qlik Technologies For Relative Valuation of Tableau Strong sales growth since inception, improving profitability YoY, rapidly increasing customer base with a stable ASP per customer… (Source: Qlik Technology, Inc. Financial Information from SEC Filings)
- 5. March 2011 Tableau Valuation - Using Multiples of QlikView(QLIK) QLIK TABL Revenues (in 000s of dollars) 2010 $226,521 $40,000 YoY Growth 44% 106% 2009 157,359 19,417 Profitability (Using 2010 QLIK ratios as a proxy, in 000s of dollars) Gorses Profit Margin 90% 202,799 35,811 Operating Profit Margin 12% 27,568 4,868 Net Profit Margin 6% 13,516 2,387 Preliminary Valuation Market Cap 2,150,000,000 - Enterprise Value 1,980,000,000 - Stock price 27.17 - Shares Outstanding 79,000,000 - PE Ratio 158.81 158.81 Value based on PE Ratio (Using QLIK as a proxy) 2,146,430,000 379,025,344 PS Ratio 9.48 9.48 Value based on PS Ratio (Using QLIK as a proxy) 379,025,344 Customer Analysis Customers 18,000 6,350 ASP per Customer $12,585 $6,299 Source: Tableau Software Press Release & Qlik Tech Financial Information from SEC Filings. Tableau had 5000 customer at EOY 2009. All numbers are preliminary and subjected to change.