Blackbaud: Evolving Beyond Cloud Migration With Narrow Moat Intact
Blackbaud is acquisitive and has used leverage to execute transactions. There is some risk that it will overpay, or more importantly, overburden its balance sheet with debt. The 2022 acquisition of ...
After a Fresh Look, We Upgrade SAP’s Moat to Wide and Lift Fair Value to EUR 265 From EUR 150
Our SAP fair value estimate is $278 per share, implying a fiscal 2025 enterprise value/EBITDA multiple of 28 times and a P/E ratio of 42 times. We expect low to midteens revenue growth in the near and ...