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2021-11-26
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Okta: At This Lower Valuation, This Stock Is Now More Attractive<blockquote>Okta：在较低的估值下，这只股票现在更具吸引力</blockquote>
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It's rapidly growing and declares to investors that it's going to grow its revenues by at least 35% CAGR to $4 billion over the next 4 years.</p><p><blockquote>Okta（Okta）是一个身份管理平台。它正在快速增长，并向投资者宣布，未来 4 年内，其收入将增长至少 35% 的复合年增长率，达到 40 亿美元。</blockquote></p><p> Right now, its valuation is the most enticing it has been for a while, and for investors seeking this investment, this is perhaps the most rewarding time to consider these shares in a while. At 20x forward sales, investors will struggle to get Okta much cheaper.</p><p><blockquote>目前，其估值是一段时间以来最具吸引力的，对于寻求这种投资的投资者来说，这可能是一段时间以来考虑这些股票最有价值的时机。按照 20 倍的远期销售额，投资者将很难以更便宜的价格获得 Okta。</blockquote></p><p> <b>Investors' Sentiment Has Been Choppy</b></p><p><blockquote><b>投资者情绪起伏不定</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da2e035915a06ec74178d0e812d43522\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Back in 2020, Okta was a business that could do no wrong. Investors were passionately clamoring for the stock. But this year, very few investors would have had the stamina to withstand this volatility.</p><p><blockquote>早在2020年，Okta是一家不会出错的企业。投资者热情地追捧这只股票。但今年，很少有投资者有耐力承受这种波动。</blockquote></p><p> Incidentally, back in July, Istated,</p><p><blockquote>顺便说一句，早在七月份，</blockquote></p><p> <i>[...] Given that Okta's stock is already priced at 32x forward sales, new investors to the stock will struggle to find enough of an edge that's not already priced into its stock.</i> And despite a choppy trajectory, since July the stock has seen its multiple compresses, making it now an interesting investment opportunity.</p><p><blockquote><i>[...]鉴于 Okta 的股票定价已经是远期销售的 32 倍，该股票的新投资者将很难找到足够的优势，而该优势尚未计入其股票的定价。</i>尽管轨迹起伏不定，但自 7 月以来，该股经历了多次压缩，使其成为一个有趣的投资机会。</blockquote></p><p> <b>Okta's Revenue Growth Rates Remain Impressive</b></p><p><blockquote><b>Okta 的收入增长率仍然令人印象深刻</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/755020384382006c7a41ce2012ac63d0\" tg-width=\"640\" tg-height=\"259\" width=\"100%\" height=\"auto\"><span>Source: author's calculations</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的计算</span></p></blockquote></p><p> On the surface, these growth rates and guidance display an impressive growth trajectory for Okta.</p><p><blockquote>从表面上看，这些增长率和指导显示了Okta令人印象深刻的增长轨迹。</blockquote></p><p> That being said, its Q2 2022 results included Auth0, Okta's large acquisition. Without this acquisition, the stand-alone business grew by 39% y/y.</p><p><blockquote>话虽如此，其 2022 年第二季度业绩包括 Okta 的大型收购 Auth0。如果没有这次收购，独立业务同比增长39%。</blockquote></p><p> Thus, investors haven't been as compelled towards Okta, as there are some doubts over whether or not Okta is going to continue growing at such fast rates going forward.</p><p><blockquote>因此，投资者并没有被迫转向 Okta，因为人们对 Okta 未来是否会继续以如此快的速度增长存在一些疑问。</blockquote></p><p> For their part, Okta's management team consistently reassures investors that Okta will grow at a CAGR of at least 35% over the next 4 years to $4 billion in revenues.</p><p><blockquote>就Okta的管理团队而言，他们一直向投资者保证，Okta将在未来4年内以至少35%的CAGR增长，达到40亿美元的收入。</blockquote></p><p> Moreover, Okta's normalized billings in the quarter for its stand-alone business was up 47% y/y. This should ease investors' concerns over whether or not Okta is in fact capable of growing at 35% CAGR.</p><p><blockquote>此外，Okta 本季度独立业务的标准化账单同比增长 47%。这应该会缓解投资者对 Okta 实际上是否有能力以 35% 的复合年增长率增长的担忧。</blockquote></p><p> Indeed, as you know, billings are a leading indicator of a company's revenue growth rates. In the ideal scenario, you want to see billings coming in slightly higher than its revenue growth rates, but if that's not the case, you'd still hope to see them coming in higher than its long-term revenue growth target of 35% CAGR.</p><p><blockquote>事实上，如您所知，账单是公司收入增长率的领先指标。在理想情况下，您希望看到比林斯的收入略高于其收入增长率，但如果不是这种情况，您仍然希望看到它们的收入高于其 35% CAGR 的长期收入增长目标。</blockquote></p><p> So, let's understand the opportunity here some more.</p><p><blockquote>所以，让我们更多地了解一下这里的机会。</blockquote></p><p> <b>Why Okta? Why Now?</b></p><p><blockquote><b>为什么是奥克塔？为什么是现在？</b></blockquote></p><p> Okta allows secure access to devices and enables users to use technology safely. By identifying users, Okta secures users and connects them to the right technology.</p><p><blockquote>Okta允许安全访问设备，并使用户能够安全地使用技术。通过识别用户，Okta保护用户并将他们连接到正确的技术。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/78b5dd11e368a535a5d4abd3174e13bb\" tg-width=\"640\" tg-height=\"627\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> As you can see above, both Okta and Okta (Auth0), Okta's acquisition, have both been recognized as leaders by Gartner.</p><p><blockquote>如上所示，Okta 和 Okta 收购的 Okta (Auth0) 都被 Gartner 认定为领导者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2b6f8a9082224044d81f230f2a7362be\" tg-width=\"640\" tg-height=\"85\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Furthermore, as you can see, the number of customers rapidly adopting Okta's platform, with customers spending more than $100K of annual contract value (''ACV''), increased by<i>55% y/y for fiscal Q2 2022</i>.</p><p><blockquote>此外，如您所见，迅速采用Okta平台的客户数量，客户年度合同价值（“ACV”）超过10万美元，增加了<i>2022 财年第二季度同比增长 55%</i>.</blockquote></p><p> Yes, there was a notable jump from its fiscal Q1 2022 quarter, where customers spending more than $100K of ACV were only up 31% y/y. A meaningful portion of that jump in Q2 2022 would have come from its Auth0 acquisition.</p><p><blockquote>是的，与 2022 财年第一季度相比有了显着的增长，当时在 ACV 上花费超过 10 万美元的客户仅同比增长了 31%。2022 年第二季度的增长很大一部分来自于对 Auth0 的收购。</blockquote></p><p> Nevertheless, the recent jump in customers didn't stop Okta's net retention rates from coming in at 124% for Q2.</p><p><blockquote>尽管如此，最近客户数量的激增并没有阻止 Okta 第二季度的净保留率达到 124%。</blockquote></p><p> In sum, the point to impress upon readers is that this company is without a doubt rapidly growing, even if its share price is in negative territory in 2021.</p><p><blockquote>总之，给读者留下深刻印象的一点是，这家公司无疑正在快速增长，即使其股价在 2021 年处于负值区域。</blockquote></p><p> <b>Bearish Consideration: Profitability Profile</b></p><p><blockquote><b>看跌考虑：盈利能力概况</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/494fa6b9af566e452471c26284affbd9\" tg-width=\"640\" tg-height=\"236\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p><p> As you can see above, despite rapidly growing its top-line at a fast rate, Okta isn't quite benefitting from strong operating leverage, as its non-GAAP operating margin points to negative 7% for H1 2022 compared with negative 2% in the same period a year ago.</p><p><blockquote>如上所示，尽管其营收快速增长，但 Okta 并没有完全从强劲的运营杠杆中受益，因为其 2022 年上半年的非 GAAP 营业利润率为负 7%，而去年同期为负 2%。</blockquote></p><p> Obviously, readers would rapidly retort that this is because of the Auth0 acquisition, and integrations the company has had to do.</p><p><blockquote>显然，读者会很快反驳说，这是因为Auth0收购，以及该公司不得不进行的整合。</blockquote></p><p> On that front, I point readers to its guidance for the quarter ahead, where Okta's non-GAAP operating margins are expected to reach negative 10%. Thus, if last quarter the unappetizing profit margins were due to its acquisition of Auth0, what's the reason for its upcoming quarter to point to such lackluster profit margins?</p><p><blockquote>在这方面，我向读者指出其未来季度的指引，Okta 的非 GAAP 营业利润率预计将达到负 10%。因此，如果上季度利润率低迷是由于收购 Auth0，那么下一季度利润率如此低迷的原因是什么？</blockquote></p><p> <b>OKTA Stock Valuation - Attractively Priced</b></p><p><blockquote><b>OKTA 股票估值 - 定价有吸引力</b></blockquote></p><p> Okta is now priced at 20x its fiscal 2023 revenues (ending January 2023).</p><p><blockquote>Okta 目前的定价是其 2023 财年收入（截至 2023 年 1 月）的 20 倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/63cc39d8cb3cd78a5127b540cd52d8b0\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> If we look over its past twelve months, this is certainly towards the lower end of its multiple on a forward basis.</p><p><blockquote>如果我们回顾过去 12 个月，从远期来看，这肯定是其倍数的下限。</blockquote></p><p> Compared with other hyper-growth companies, such as CrowdStrike (CRWD) that's priced at 27x forward sales, or MongoDB (MDB) at 31x forward sales, Okta is certainly attractive.</p><p><blockquote>与其他高速增长的公司相比，例如定价为 27 倍远期销售额的 CrowdStrike (CRWD)，或定价为 31 倍远期销售额的 MongoDB (MDB)，Okta 无疑具有吸引力。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> Investors that are interested in increasing their exposure to digital enabling platforms, Okta right now trades at the cheapest valuation it has been for some time.</p><p><blockquote>对于有兴趣增加对数字支持平台的投资的投资者来说，Okta 目前的交易价格是一段时间以来最便宜的。</blockquote></p><p> The company continues to rapidly grow and appears to be successfully integrating its Auth0 acquisition.</p><p><blockquote>该公司继续快速增长，似乎正在成功整合其 Auth0 收购。</blockquote></p><p> What's more, Okta reassures investors that it can continue growing its revenues at 35% CAGR over the next 4 years, thus offering investors much craved visibility and strong growth prospects.</p><p><blockquote>更重要的是，Okta向投资者保证，它可以在未来4年内继续以35%的CAGR增长收入，从而为投资者提供渴望已久的可见性和强劲的增长前景。</blockquote></p><p> All that being said, given the plethora of stocks that have sold off in the past few weeks, I'm finding better investment opportunities elsewhere.</p><p><blockquote>话虽如此，考虑到过去几周有太多股票被抛售，我正在其他地方寻找更好的投资机会。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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It's rapidly growing and declares to investors that it's going to grow its revenues by at least 35% CAGR to $4 billion over the next 4 years.</p><p><blockquote>Okta（Okta）是一个身份管理平台。它正在快速增长，并向投资者宣布，未来 4 年内，其收入将增长至少 35% 的复合年增长率，达到 40 亿美元。</blockquote></p><p> Right now, its valuation is the most enticing it has been for a while, and for investors seeking this investment, this is perhaps the most rewarding time to consider these shares in a while. At 20x forward sales, investors will struggle to get Okta much cheaper.</p><p><blockquote>目前，其估值是一段时间以来最具吸引力的，对于寻求这种投资的投资者来说，这可能是一段时间以来考虑这些股票最有价值的时机。按照 20 倍的远期销售额，投资者将很难以更便宜的价格获得 Okta。</blockquote></p><p> <b>Investors' Sentiment Has Been Choppy</b></p><p><blockquote><b>投资者情绪起伏不定</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da2e035915a06ec74178d0e812d43522\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Back in 2020, Okta was a business that could do no wrong. Investors were passionately clamoring for the stock. But this year, very few investors would have had the stamina to withstand this volatility.</p><p><blockquote>早在2020年，Okta是一家不会出错的企业。投资者热情地追捧这只股票。但今年，很少有投资者有耐力承受这种波动。</blockquote></p><p> Incidentally, back in July, Istated,</p><p><blockquote>顺便说一句，早在七月份，</blockquote></p><p> <i>[...] Given that Okta's stock is already priced at 32x forward sales, new investors to the stock will struggle to find enough of an edge that's not already priced into its stock.</i> And despite a choppy trajectory, since July the stock has seen its multiple compresses, making it now an interesting investment opportunity.</p><p><blockquote><i>[...]鉴于 Okta 的股票定价已经是远期销售的 32 倍，该股票的新投资者将很难找到足够的优势，而该优势尚未计入其股票的定价。</i>尽管轨迹起伏不定，但自 7 月以来，该股经历了多次压缩，使其成为一个有趣的投资机会。</blockquote></p><p> <b>Okta's Revenue Growth Rates Remain Impressive</b></p><p><blockquote><b>Okta 的收入增长率仍然令人印象深刻</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/755020384382006c7a41ce2012ac63d0\" tg-width=\"640\" tg-height=\"259\" width=\"100%\" height=\"auto\"><span>Source: author's calculations</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的计算</span></p></blockquote></p><p> On the surface, these growth rates and guidance display an impressive growth trajectory for Okta.</p><p><blockquote>从表面上看，这些增长率和指导显示了Okta令人印象深刻的增长轨迹。</blockquote></p><p> That being said, its Q2 2022 results included Auth0, Okta's large acquisition. Without this acquisition, the stand-alone business grew by 39% y/y.</p><p><blockquote>话虽如此，其 2022 年第二季度业绩包括 Okta 的大型收购 Auth0。如果没有这次收购，独立业务同比增长39%。</blockquote></p><p> Thus, investors haven't been as compelled towards Okta, as there are some doubts over whether or not Okta is going to continue growing at such fast rates going forward.</p><p><blockquote>因此，投资者并没有被迫转向 Okta，因为人们对 Okta 未来是否会继续以如此快的速度增长存在一些疑问。</blockquote></p><p> For their part, Okta's management team consistently reassures investors that Okta will grow at a CAGR of at least 35% over the next 4 years to $4 billion in revenues.</p><p><blockquote>就Okta的管理团队而言，他们一直向投资者保证，Okta将在未来4年内以至少35%的CAGR增长，达到40亿美元的收入。</blockquote></p><p> Moreover, Okta's normalized billings in the quarter for its stand-alone business was up 47% y/y. This should ease investors' concerns over whether or not Okta is in fact capable of growing at 35% CAGR.</p><p><blockquote>此外，Okta 本季度独立业务的标准化账单同比增长 47%。这应该会缓解投资者对 Okta 实际上是否有能力以 35% 的复合年增长率增长的担忧。</blockquote></p><p> Indeed, as you know, billings are a leading indicator of a company's revenue growth rates. In the ideal scenario, you want to see billings coming in slightly higher than its revenue growth rates, but if that's not the case, you'd still hope to see them coming in higher than its long-term revenue growth target of 35% CAGR.</p><p><blockquote>事实上，如您所知，账单是公司收入增长率的领先指标。在理想情况下，您希望看到比林斯的收入略高于其收入增长率，但如果不是这种情况，您仍然希望看到它们的收入高于其 35% CAGR 的长期收入增长目标。</blockquote></p><p> So, let's understand the opportunity here some more.</p><p><blockquote>所以，让我们更多地了解一下这里的机会。</blockquote></p><p> <b>Why Okta? Why Now?</b></p><p><blockquote><b>为什么是奥克塔？为什么是现在？</b></blockquote></p><p> Okta allows secure access to devices and enables users to use technology safely. By identifying users, Okta secures users and connects them to the right technology.</p><p><blockquote>Okta允许安全访问设备，并使用户能够安全地使用技术。通过识别用户，Okta保护用户并将他们连接到正确的技术。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/78b5dd11e368a535a5d4abd3174e13bb\" tg-width=\"640\" tg-height=\"627\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> As you can see above, both Okta and Okta (Auth0), Okta's acquisition, have both been recognized as leaders by Gartner.</p><p><blockquote>如上所示，Okta 和 Okta 收购的 Okta (Auth0) 都被 Gartner 认定为领导者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2b6f8a9082224044d81f230f2a7362be\" tg-width=\"640\" tg-height=\"85\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Furthermore, as you can see, the number of customers rapidly adopting Okta's platform, with customers spending more than $100K of annual contract value (''ACV''), increased by<i>55% y/y for fiscal Q2 2022</i>.</p><p><blockquote>此外，如您所见，迅速采用Okta平台的客户数量，客户年度合同价值（“ACV”）超过10万美元，增加了<i>2022 财年第二季度同比增长 55%</i>.</blockquote></p><p> Yes, there was a notable jump from its fiscal Q1 2022 quarter, where customers spending more than $100K of ACV were only up 31% y/y. A meaningful portion of that jump in Q2 2022 would have come from its Auth0 acquisition.</p><p><blockquote>是的，与 2022 财年第一季度相比有了显着的增长，当时在 ACV 上花费超过 10 万美元的客户仅同比增长了 31%。2022 年第二季度的增长很大一部分来自于对 Auth0 的收购。</blockquote></p><p> Nevertheless, the recent jump in customers didn't stop Okta's net retention rates from coming in at 124% for Q2.</p><p><blockquote>尽管如此，最近客户数量的激增并没有阻止 Okta 第二季度的净保留率达到 124%。</blockquote></p><p> In sum, the point to impress upon readers is that this company is without a doubt rapidly growing, even if its share price is in negative territory in 2021.</p><p><blockquote>总之，给读者留下深刻印象的一点是，这家公司无疑正在快速增长，即使其股价在 2021 年处于负值区域。</blockquote></p><p> <b>Bearish Consideration: Profitability Profile</b></p><p><blockquote><b>看跌考虑：盈利能力概况</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/494fa6b9af566e452471c26284affbd9\" tg-width=\"640\" tg-height=\"236\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p><p> As you can see above, despite rapidly growing its top-line at a fast rate, Okta isn't quite benefitting from strong operating leverage, as its non-GAAP operating margin points to negative 7% for H1 2022 compared with negative 2% in the same period a year ago.</p><p><blockquote>如上所示，尽管其营收快速增长，但 Okta 并没有完全从强劲的运营杠杆中受益，因为其 2022 年上半年的非 GAAP 营业利润率为负 7%，而去年同期为负 2%。</blockquote></p><p> Obviously, readers would rapidly retort that this is because of the Auth0 acquisition, and integrations the company has had to do.</p><p><blockquote>显然，读者会很快反驳说，这是因为Auth0收购，以及该公司不得不进行的整合。</blockquote></p><p> On that front, I point readers to its guidance for the quarter ahead, where Okta's non-GAAP operating margins are expected to reach negative 10%. Thus, if last quarter the unappetizing profit margins were due to its acquisition of Auth0, what's the reason for its upcoming quarter to point to such lackluster profit margins?</p><p><blockquote>在这方面，我向读者指出其未来季度的指引，Okta 的非 GAAP 营业利润率预计将达到负 10%。因此，如果上季度利润率低迷是由于收购 Auth0，那么下一季度利润率如此低迷的原因是什么？</blockquote></p><p> <b>OKTA Stock Valuation - Attractively Priced</b></p><p><blockquote><b>OKTA 股票估值 - 定价有吸引力</b></blockquote></p><p> Okta is now priced at 20x its fiscal 2023 revenues (ending January 2023).</p><p><blockquote>Okta 目前的定价是其 2023 财年收入（截至 2023 年 1 月）的 20 倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/63cc39d8cb3cd78a5127b540cd52d8b0\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> If we look over its past twelve months, this is certainly towards the lower end of its multiple on a forward basis.</p><p><blockquote>如果我们回顾过去 12 个月，从远期来看，这肯定是其倍数的下限。</blockquote></p><p> Compared with other hyper-growth companies, such as CrowdStrike (CRWD) that's priced at 27x forward sales, or MongoDB (MDB) at 31x forward sales, Okta is certainly attractive.</p><p><blockquote>与其他高速增长的公司相比，例如定价为 27 倍远期销售额的 CrowdStrike (CRWD)，或定价为 31 倍远期销售额的 MongoDB (MDB)，Okta 无疑具有吸引力。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> Investors that are interested in increasing their exposure to digital enabling platforms, Okta right now trades at the cheapest valuation it has been for some time.</p><p><blockquote>对于有兴趣增加对数字支持平台的投资的投资者来说，Okta 目前的交易价格是一段时间以来最便宜的。</blockquote></p><p> The company continues to rapidly grow and appears to be successfully integrating its Auth0 acquisition.</p><p><blockquote>该公司继续快速增长，似乎正在成功整合其 Auth0 收购。</blockquote></p><p> What's more, Okta reassures investors that it can continue growing its revenues at 35% CAGR over the next 4 years, thus offering investors much craved visibility and strong growth prospects.</p><p><blockquote>更重要的是，Okta向投资者保证，它可以在未来4年内继续以35%的CAGR增长收入，从而为投资者提供渴望已久的可见性和强劲的增长前景。</blockquote></p><p> All that being said, given the plethora of stocks that have sold off in the past few weeks, I'm finding better investment opportunities elsewhere.</p><p><blockquote>话虽如此，考虑到过去几周有太多股票被抛售，我正在其他地方寻找更好的投资机会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4471919-okta-stock-low-valuation-attractive\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"OKTA":"Okta Inc."},"source_url":"https://seekingalpha.com/article/4471919-okta-stock-low-valuation-attractive","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104036555","content_text":"Summary\n\nOkta is rapidly growing its top line and guides investors for at least 35% CAGR over the next 4 years.\nHowever, its shares are in negative territory this year, underperforming many high flying peers.\nInvestors considering this investment, at just 20x forward sales, this is the best entry point for a while now.\n\nda-kuk/E+ via Getty Images\nInvestment Thesis\nOkta (OKTA) is an Identity Management platform. It's rapidly growing and declares to investors that it's going to grow its revenues by at least 35% CAGR to $4 billion over the next 4 years.\nRight now, its valuation is the most enticing it has been for a while, and for investors seeking this investment, this is perhaps the most rewarding time to consider these shares in a while. At 20x forward sales, investors will struggle to get Okta much cheaper.\nInvestors' Sentiment Has Been Choppy\nData by YCharts\nBack in 2020, Okta was a business that could do no wrong. Investors were passionately clamoring for the stock. But this year, very few investors would have had the stamina to withstand this volatility.\nIncidentally, back in July, Istated,\n\n[...] Given that Okta's stock is already priced at 32x forward sales, new investors to the stock will struggle to find enough of an edge that's not already priced into its stock.\n\nAnd despite a choppy trajectory, since July the stock has seen its multiple compresses, making it now an interesting investment opportunity.\nOkta's Revenue Growth Rates Remain Impressive\nSource: author's calculations\nOn the surface, these growth rates and guidance display an impressive growth trajectory for Okta.\nThat being said, its Q2 2022 results included Auth0, Okta's large acquisition. Without this acquisition, the stand-alone business grew by 39% y/y.\nThus, investors haven't been as compelled towards Okta, as there are some doubts over whether or not Okta is going to continue growing at such fast rates going forward.\nFor their part, Okta's management team consistently reassures investors that Okta will grow at a CAGR of at least 35% over the next 4 years to $4 billion in revenues.\nMoreover, Okta's normalized billings in the quarter for its stand-alone business was up 47% y/y. This should ease investors' concerns over whether or not Okta is in fact capable of growing at 35% CAGR.\nIndeed, as you know, billings are a leading indicator of a company's revenue growth rates. In the ideal scenario, you want to see billings coming in slightly higher than its revenue growth rates, but if that's not the case, you'd still hope to see them coming in higher than its long-term revenue growth target of 35% CAGR.\nSo, let's understand the opportunity here some more.\nWhy Okta? Why Now?\nOkta allows secure access to devices and enables users to use technology safely. By identifying users, Okta secures users and connects them to the right technology.\n\nAs you can see above, both Okta and Okta (Auth0), Okta's acquisition, have both been recognized as leaders by Gartner.\n\nFurthermore, as you can see, the number of customers rapidly adopting Okta's platform, with customers spending more than $100K of annual contract value (''ACV''), increased by55% y/y for fiscal Q2 2022.\nYes, there was a notable jump from its fiscal Q1 2022 quarter, where customers spending more than $100K of ACV were only up 31% y/y. A meaningful portion of that jump in Q2 2022 would have come from its Auth0 acquisition.\nNevertheless, the recent jump in customers didn't stop Okta's net retention rates from coming in at 124% for Q2.\nIn sum, the point to impress upon readers is that this company is without a doubt rapidly growing, even if its share price is in negative territory in 2021.\nBearish Consideration: Profitability Profile\n\nAs you can see above, despite rapidly growing its top-line at a fast rate, Okta isn't quite benefitting from strong operating leverage, as its non-GAAP operating margin points to negative 7% for H1 2022 compared with negative 2% in the same period a year ago.\nObviously, readers would rapidly retort that this is because of the Auth0 acquisition, and integrations the company has had to do.\nOn that front, I point readers to its guidance for the quarter ahead, where Okta's non-GAAP operating margins are expected to reach negative 10%. Thus, if last quarter the unappetizing profit margins were due to its acquisition of Auth0, what's the reason for its upcoming quarter to point to such lackluster profit margins?\nOKTA Stock Valuation - Attractively Priced\nOkta is now priced at 20x its fiscal 2023 revenues (ending January 2023).\nData by YCharts\nIf we look over its past twelve months, this is certainly towards the lower end of its multiple on a forward basis.\nCompared with other hyper-growth companies, such as CrowdStrike (CRWD) that's priced at 27x forward sales, or MongoDB (MDB) at 31x forward sales, Okta is certainly attractive.\nThe Bottom Line\nInvestors that are interested in increasing their exposure to digital enabling platforms, Okta right now trades at the cheapest valuation it has been for some time.\nThe company continues to rapidly grow and appears to be successfully integrating its Auth0 acquisition.\nWhat's more, Okta reassures investors that it can continue growing its revenues at 35% CAGR over the next 4 years, thus offering investors much craved visibility and strong growth prospects.\nAll that being said, given the plethora of stocks that have sold off in the past few weeks, I'm finding better investment opportunities elsewhere.","news_type":1,"symbols_score_info":{"OKTA":0.9}},"isVote":1,"tweetType":1,"viewCount":3765,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/877899323"}
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