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Atlassian Corporation PLC A - Stock Quote TEAM

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Morningstar's Atlassian Corporation PLC A Stock Analysis

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Atlassian Delivers Strong Results as Cloud Transition Continues; Guidance Mixed; FVE Steady at $428

Dan Romanoff, CPA Senior Equity Analyst

Analyst Note

| Dan Romanoff, CPA |

We are maintaining our fair value estimate of $428 per share for narrow-moat Atlassian after the company reported good third-quarter results and guidance. With the steep selloff in software stocks over the last six months, we view shares as undervalued. Atlassian delivered revenue and profitability ahead of the top end of its guidance. Additionally, management provided a mixed outlook with stronger revenue than we were looking for coupled with weaker margins. Ultimately this is unsurprising, as the company’s transition to the cloud makes modelling more challenging. We are impressed with Atlassian’s cloud migration progress and remain confident that while the rapid transition is pressuring near-term margins, the company will benefit from its investments and drive long-term profitability and revenue growth. We view robust third-quarter results as reinforcing our view that Atlassian offers a broad suite of easy-to-purchase, -deploy, and -use IT tools that can help customers innovate and cut costs.

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Atlassian Corporation PLC A's Company Profile

Business Description

Atlassian produces software that helps teams work together more efficiently and effectively. The company provides project planning and management software, collaboration tools, and IT help desk solutions. The company operates in four segments: subscriptions (term licenses and cloud agreements), maintenance (annual maintenance contracts that provide support and periodic updates and are generally attached to perpetual license sales), perpetual license (upfront sale for indefinite usage of the software), and other (training, strategic consulting, and revenue from the Atlassian Marketplace app store). Atlassian was founded in 2002 and is headquartered in Sydney, Australia.

341 George Street, Level 6
Sydney, NSW, 2000, Australia
T +61 292621443
Sector Technology
Industry Software - Application
Most Recent Earnings Mar 31, 2022
Fiscal Year End Jun 30, 2022
Stock Type
Employees 8,179

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