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Shopify Inc Registered Shs -A- Subord Vtg - Stock Quote SHOP

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Morningstar's Shopify Inc Registered Shs -A- Subord Vtg Stock Analysis

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Shopify Misses, Growth Decelerates Further, Spending Levels Jump; FVE Down to $450

Dan Romanoff, CPA Senior Equity Analyst

Analyst Note

| Dan Romanoff, CPA |

Narrow-moat Shopify reported first quarter results that fell well short of our expectations. Although we remain bullish on e-commerce over the long-term, the near-term outlook for Shopify remains uncertain (as evidenced by our very high fair value uncertainty rating) as we search for a new normal for e-commerce in a post-COVID world. Combined with modest negative revisions to our long-term growth estimates and meaningfully lower profitability assumptions throughout our forecast, we are cutting our fair value estimate to $450 per share from $730 (to CAD 580 from CAD 930 for Canadian shares). Shares appear fairly valued to us.

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Shopify Inc Registered Shs -A- Subord Vtg's Company Profile

Business Description

Shopify offers an e-commerce platform primarily to small and midsize businesses. The firm has two segments: subscription solutions (43% of fiscal 2018 revenue) and merchant solutions (57% of fiscal 2018 revenue). The subscription solutions segment allows Shopify merchants to conduct e-commerce on a variety of platforms, including the company’s website, physical stores, pop-up stores, kiosks, social networks (Facebook), and Amazon. Merchant solutions are add-on products for the platform that facilitate e-commerce and include Shopify Payments, Shopify Shipping, and Shopify Capital.

Contact
151 O'Connor Street, Ground Floor
Ottawa, ON, K2P2L8, Canada
T +1 613 241-2828
Sector Technology
Industry Software - Application
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 10,000

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