Adobe

Adobe inc. (ADBE) (Q2FY23) – Continuous momentum, but stock is no longer cheap

Highlights of the report

Adobe Inc. – Digital Experience segment revenue increased by 10% or 11% in constant currencies to $1.23bn, with Digital Experience subscription up 12% or 13% in constant currency to $1.10bn. The Adobe Experience Platform stood out as a particularly strong performer, with subscription revenue up 60% Y/Y.

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Adobe Inc., together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. 

Adobe achieved revenue of $4.89bn in its Q3FY23, representing 10% Y/Y growth or 13% in cc. Diluted earnings
per share were $3.05 on a GAAP basis and $4.09 on a non-GAAP basis. Cash flows from operations were $1.87bn. Remaining Performance Obligations (“RPO”) exiting the quarter were $15.72bn. Adobe repurchased ~2.1mn shares during the quarter.

The stock price increased by ~79% in the past 1- year. The stock has a 52-week high of $628.60 and its 52-week low is $318.60. The stock price rose in the past 3 months, yielding 13.21% returns due to Q3’s strong financial performance surpassing guidance.

Highlights

Valuation

– Enterprise Value
– CrispIdea Forecast
– Economic Value Added Analysis
– Discounted Cash Flow Analysis
– P/E Analysis
– Peer Valuation
– CrispIdea Forecast Relative to Consensus
– Consensus History and Surprise
– Consensus Momentum

Actual & Historical Performance

– Income Statement
– Balance Sheet
– Cash Flow
– 10 Year Historical Performance
– Ratio Analysis
– Du Pont Analysis
– ROIC & ROCE Analysis
– Segment Performance
– Key Metrics
– M&A Deals

Peer Performance

– Summary
– Profitability
– Growth
– Price Performance

Ownership

Stock Price Performance

Crispidea Coverage

Report details

Adobe inc. (ADBE) (Q2FY23) – Continuous momentum, but stock is no longer cheap

Price

$288.00

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