Coupa Software Incorporated

NasdaqGS:COUP Stok Raporu

Piyasa değeri: US$6.1b

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Coupa Software Yönetim

Yönetim kriter kontrolleri 2/4

Coupa Software CEO'su Rob Bernshteyn, Feb2009 tarihinde atandı, in görev süresi 14.08 yıldır. in toplam yıllık tazminatı $ 17.93M olup, şirket hissesi ve opsiyonları dahil olmak üzere 3.8% maaş ve 96.2% ikramiyelerden oluşmaktadır. şirketin hisselerinin 0.34% ine doğrudan sahiptir ve bu hisseler $ 20.97M değerindedir. Yönetim ekibinin ve yönetim kurulunun ortalama görev süresi sırasıyla 5.3 yıl ve 7.1 yıldır.

Anahtar bilgiler

Rob Bernshteyn

İcra Kurulu Başkanı

US$17.9m

Toplam tazminat

CEO maaş yüzdesi3.83%
CEO görev süresi14.1yrs
CEO sahipliği0.3%
Yönetim ortalama görev süresi5.3yrs
Yönetim Kurulu ortalama görev süresi7.1yrs

Son yönetim güncellemeleri

Recent updates

Seeking Alpha • Oct 10

Coupa Software: Attractive Entry Point To Yield Long-Term IRR Of 17%

Summary The opportunity set for Coupa Software to continue capturing share and grow is huge. Coupa Software’s network effect continues to enhance as it scales. Coupa has a strong GTM strategy that enables it to effectively distribute its product. Summary I recommend a Buy rating on Coupa Software Incorporated (COUP). It has a combination of factors that make it attractive, such as: a strong value proposition, strong network effect, and scale advantage. More importantly, the stock's current low price makes it a good place for investors to get in, since it will give them a high IRR of 17% over the long term, thanks to continuous share capture in a large total addressable market ("TAM") and margin expansion. Company overview COUP provides Business Spend Management [BSM] solutions. It's a cloud-based business service management platform that facilitates connectivity between companies and their suppliers all over the world, allowing for better oversight and management of financial resources, supply chain efficiency, and cash flow. Providing the transactional engine for managing a company's business spend, COUP's BSM platform is comprised primarily of procurement, invoicing, expense management, and payment solutions. In addition to basic features, the platform offers advanced features and solutions for power users to help businesses with the technical and strategic parts of BSM such as contract management. TAM is significant COUP operates in a very large TAM with a total annual revenue opportunity of $94 billion, implying that COUP can continue to grow for a very long time before reaching maturity, given that its revenue as of FY22 was only $725 million. COUP Sep 22 Investor Day While there are many motivating factors for implementing BSM, I believe one of the most important is the potential for financial savings. Businesses are under increasing pressure to find ways to increase operational efficiencies, decrease costs, and boost profits and cash flow as a result of the current economic climate, intense competition, and the global regulatory environment. Consequently, spending management has evolved into a critical component of strategic planning for businesses in order to facilitate the realization of cost savings that boost operating profit and free up capital for further investment. There are two categories of spending for commercial enterprises: direct and indirect. Direct spending refers to items that are directly used in the production of the company's products, while indirect spending describes categories of goods and services that support the company's business processes and are consumed by internal stakeholders. Inefficient processes or point applications used by different departments can make it more challenging to manage indirect spending on goods and services, which in turn can lead to a lack of full spending visibility and wasteful employee behavior. Organizations need a tool to streamline their overall spending across all departments and employees, not just the procurement team. The bottleneck to dealing with business expenditures is managers' inability to conduct credible analyses due to incomplete visibility into the organization's spending. According to a 2018 COUP study, more than 60% of CFOs lack full visibility into organizational transactions. As a result, I believe there is a significant market for COUP's offering, which is not a patchwork of separate solutions and facilitates real-time spend analysis. To enable real-time analysis on spend data, businesses need a solution that integrates data from several sources and payments seamlessly, and provides a single source of data so employees can make informed purchasing decisions. The proliferation of fragmented point applications addressing specific areas of spend management on the market today has resulted in increased complexity for businesses and their employees, who frequently need to access multiple systems or review electronic and paper files before making informed purchases. Since financial transactions are not collected and stored in a centralized database, it is difficult to examine spending patterns and check for compliance with internal policies. Processes that aren't well thought out and don't work well together lead to mistakes, unhappy workers, and bad decisions about how to use resources. Strong network effect from large supplier network and data set COUP can be thought of as a business that serves as a network for both buyers and sellers. Suppliers are looking to expand their clientele base, while businesses are hoping to cut costs and improve their relationships with all of their suppliers. Scale is an important factor. As more companies join COUP's network, the total amount of money being managed increases. The more money we can manage, the more suppliers will want to work with us, and the more businesses will want to buy the products and services we offer, creating a powerful network effect. Spend under management also increases as a higher percentage of businesses and workers join COUP's network. The end result is greater customer savings and an increase in COUP's ability to bring in new customers. COUP manages over $3.8 million in spend for over 2,500 customers and 8 million suppliers as of July 2022. COUP's extensive data and knowledge base allow it to produce valuable Community Intelligence, which is then disseminated to the COUP user base as a whole. In order to better serve COUP's clientele, Community Intelligence analyzes structured data gathered from a large number of businesses spend transactions conducted on the COUP platform using artificial intelligence. The platform makes recommendations to customers based on community-wide best practices for optimizing spending decisions, raising operational efficiency, and decreasing risk. I believe the community intelligence solution is difficult to replicate due to the large amount of data required. More importantly, it is great for businesses because it helps them save money, and it should aid COUP's GTM initiatives by letting them better tailor their sales pitch to win over prospects, which will be especially useful as the company grows into the mid-market. COUP Sep 22 Investor Day Strong GTM strategy COUP's go-to-market [GTM] strategy consists of both direct sales time and strategic partnerships. Inside sales and field sales representatives make up the global direct sales team, which is segmented by region, account size, and use case. COUP's direct sales team structure makes a lot of sense, given that the product being sold is an enterprise solution and the target audience consists of c-suite executives who need a knowledgeable sales representative to manage the client relationship. I am optimistic about COUP's growth and scalability because of its partnership strategy, which mitigates the inefficiency that comes with having a direct sales team. Some of COUP's partners are advisory and referral firms; others are implementation firms like Deloitte, Accenture, and PwC; still others are resellers like IBM; and still others are technology providers like Dell Boomi. I think it's important to note that COUP carefully chooses its partners because they have established relationships with the most senior executives at major corporations. When COUP shifts its focus to the mid-market, it will require a GTM strategy that enables the company to rapidly and efficiently target customers from a wide variety of industries, increasing the significance of partnerships. Since the number of potential mid-market companies is much higher than at the enterprise level, it would be foolish to employ a direct sales strategy. Thus, a partnership approach is appropriate given the need for scalability and expanded distribution channels. COUP Sep 22 Investor Day Valuation At the current stock price of $65.07 and 75.9 million shares, the market cap is ~$4.9 billion. I believe the current market price presents a decent entry point for investors to enjoy a high IRR of 17% IRR. Based on my 10-year discounted cash flow ("DCF") model, I believe COUP will make $3.3 billion in sales and $1.1 billion in free cash flow ("FCF") in FY32. This will be driven by declining sales growth from its current 30+% to a terminal growth rate of 3%, and a long-term FCF margin of 33%, giving it a market cap of $18 billion and a stock price of $243 in FY31. Assumptions: Sales: growth to decline from the current 30+% to a long-term growth rate of 3% over 10 years. I believe growth should definitely slow as COUP represents a larger piece of the pie and the law of large numbers kicks in. Also, as COUP finishes signing the low-hanging fruit, it should be relatively harder to get more customers at the same speed. FCF: to follow management’s mid-and long-term guidance of 15+% and 33% to 35%, respectively. I have high confidence that FCF margin will expand eventually as the business will have fewer CAPEX requirements and profit margin should increase as COUP tones down on sales and marketing. Valuation: I derived my terminal value of $16 billion in FY32 by assuming a terminal growth of 3% and a discount rate of 10%. The reason for 3% is that I believe COUP should continue to grow a low-single digits and increase prices at the same level as inflation (2%).
Seeking Alpha • Sep 04

Coupa Software Q2 2023 Earnings Preview: Shares Look Attractive, But Keep An Eye Out

Summary Coupa Software's management team is due to report financial results covering the second quarter of the company's 2023 fiscal year on September 6th. There is always a risk, especially given current market conditions, that the business could experience some pain. But on the whole, shares look attractively priced for a growth enterprise.
Seeking Alpha • Jul 12

Coupa Software opens three new offices in Latin America

Coupa Software (NASDAQ:COUP) told Tuesday it has opened three new offices this month in Latin America – Mexico City, Mexico, São Paulo, Brazil and Bogotá, Columbia.  "Our growth across Latin America is exhilarating. We're excited to provide these new spaces for our Coupa community to collaborate and grow," said Mark Riggs, chief customer officer at Coupa. "We've seen a huge shift occurring in the region – companies are primed for transformation. They're ready to harness business spend management to break old bonds and reach new levels of success, becoming more profitable and purposeful." Coupa Software, which operates as business spend management platform, also revealed its plan to open an office in Johannesburg, South Africa later this month and to increase its workforce.  Earlier: Coupa Software Non-GAAP EPS of $0.08 beats by $0.03, revenue of $196.37M beats by $5.68M
Seeking Alpha • May 31

Coupa Software: Premium Valuation For Challenged Guidance

Coupa recently reported a strong Q4 with revenue coming in above expectations and margins improving yoy. FY23 guidance was disappointing with revenue growth of just 15-16% and operating margins of 3-4%. Valuation is still at a premium around 7.5x forward revenue, though revenue deceleration and lower margins do not bode well.
Seeking Alpha • Mar 15

Coupa: Q4 Points To Maturing Revenues, Guidance In Grim Light

Coupa's fiscal 2023 guidance leaves too much to be desired. Coupa Software's profit margins are moving in the wrong direction. Given the overall market sell-off, COUP stock is no longer the bargain opportunity it once was. I believe that this is a thesis-breaking quarter.
Seeking Alpha • Jan 21

Coupa: This Selloff Is Far Overdone

Shares of Coupa have sunk 60% over the past year and 20% since the start of January alone. The company remains the category leader in B2B procurement software, and continued ~40% y/y growth illustrates the enormity of the company's TAM. With positive pro forma operating income, Coupa is also a member of the vaunted Rule of 40 club. The stock trades at ~12x forward revenue, the cheapest at which Coupa has traded in recent memory.
Seeking Alpha • Dec 21

Coupa Software: Investor Panic Brings A Generational Opportunity

After a massive correction, Coupa's stock has become very reasonable, and I believe this is an opportune time for a long-term investment. Despite the bearish price action, Coupa's business fundamentals remain strong as evidenced by Q3 2021 earnings. Coupa's intrinsic value is ~$220 per share, i.e., it is undervalued by ~30%. Since Coupa's ten-year expected CAGR returns of ~19.2% beat my hurdle rate, I rate it a buy.
Seeking Alpha • Dec 07

Coupa Software: Investors Underreact To Poor Billings

Coupa Software's guidance for Q4 points to mid-teen growth rates. However, the biggest takeaway from Coupa's Q3 results is that Q4 2022 adjusted billings are only up in the mid-teens. At 14x forward sales, investors are paying too high a premium for COUP stock.
Seeking Alpha • Oct 15

Coupa Software: Recovering From The Pandemic Effects

Coupa Software's stock has been dropping over the course of the year because of macroeconomic concerns like the pandemic and rising interest rates. The company is a clear market leader in an area called Business Spend Management that has a TAM of $94 billion. As pandemic concerns wane, the near-term prospects for the company rise as its software will be needed to help repair broken supply chains caused by COVID-19. Coupa has consistently passed the "Rule of 40" for SaaS companies for the last 5 years. Coupa Software is a buy for both its short term and long-term prospects.
Seeking Alpha • Sep 08

Coupa: Stock Rallies On The Back Of Mixed Results

Coupa reports a very strong Q2 2022 result. As we look ahead to later parts of the year, question marks start to rise. Paying 23x next year's revenues isn't cheap for a stock that's probably going to be below the Rule of 40 by Q4 of this year.

CEO Tazminat Analizi

Rob Bernshteyn'un ücretlendirmesi Coupa Software'un kazancına kıyasla nasıl değişti?
TarihToplam TazminatMaaşŞirket Kazançları
Oct 31 2022n/an/a

-US$337m

Jul 31 2022n/an/a

-US$344m

Apr 30 2022n/an/a

-US$360m

Jan 31 2022US$18mUS$688k

-US$379m

Oct 31 2021n/an/a

-US$344m

Jul 31 2021n/an/a

-US$314m

Apr 30 2021n/an/a

-US$266m

Jan 31 2021US$16mUS$546k

-US$180m

Oct 31 2020n/an/a

-US$143m

Jul 31 2020n/an/a

-US$108m

Apr 30 2020n/an/a

-US$85m

Jan 31 2020US$11mUS$494k

-US$91m

Oct 31 2019n/an/a

-US$83m

Jul 31 2019n/an/a

-US$67m

Apr 30 2019n/an/a

-US$61m

Jan 31 2019US$9mUS$425k

-US$56m

Oct 31 2018n/an/a

-US$48m

Jul 31 2018n/an/a

-US$49m

Apr 30 2018n/an/a

-US$49m

Jan 31 2018US$4mUS$411k

-US$44m

Oct 31 2017n/an/a

-US$42m

Jul 31 2017n/an/a

-US$37m

Apr 30 2017n/an/a

-US$36m

Jan 31 2017US$6mUS$338k

-US$38m

Tazminat ve Piyasa: Rob 'nin toplam tazminatı ($USD 17.93M ), US pazarındaki benzer büyüklükteki şirketler için ortalamanın üzerindedir ($USD 8.40M ).

Tazminat ve Kazançlar: Rob şirketinin tazminatı, şirket kârsız olduğu sürece artırıldı.

CEO

Rob Bernshteyn (49 yo)

14.1yrs
Görev süresi
US$17,928,137
Tazminat

Mr. Robert Bernshteyn, also known as Rob, has been the Chief Executive Officer and Chairman of The Board of Coupa Software Incorporated since February 2009. Mr. Bernshteyn serves as a Member of Advisory Bo...

Liderlik Ekibi

İsimPozisyonGörev süresiTazminatSahiplik
Robert Bernshteyn
Chairman of the Board & CEO14.1yrsUS$17.93m0.34%
$ 21.0m
Anthony Tiscornia
Chief Financial Officer1.8yrsUS$1.54m0.0074%
$ 453.9k
Robert Glenn
Executive Vice President of Global Sales2.1yrsUS$3.74m0.017%
$ 1.1m
Todd Ford
Executive Officerless than a yearUS$8.96m0.041%
$ 2.5m
Mark Riggs
Chief Customer Officer & Member of Executive Advisory Board4.9yrsUS$4.27m0.0083%
$ 508.3k
Maurizio Baratta
Chief Accounting Officer1.8yrsVeri yok0.0085%
$ 521.1k
David Williams
Senior Vice President of Technology12yrsVeri yokVeri yok
Steven Horwitz
Vice President of Investor Relationsno dataVeri yokVeri yok
Jonathan Stueve
Senior VP & General Counsel9.2yrsVeri yokVeri yok
Chandar Pattabhiram
Chief Marketing Officer & Member of Executive Advisory Board5.6yrsVeri yokVeri yok
Raymond Martinelli
Chief People Officer7.3yrsVeri yokVeri yok
Ravi Thakur
Senior Vice President of Business Accelerationno dataUS$946.81kVeri yok
5.3yrs
Ortalama Görev Süresi
49yo
Ortalama Yaş

Deneyimli Yönetim: COUP 'un yönetim ekibi deneyimli ve deneyimlidir ( 5.3 yıldır).

Yönetim Kurulu Üyeleri

İsimPozisyonGörev süresiTazminatSahiplik
Robert Bernshteyn
Chairman of the Board & CEO14.1yrsUS$17.93m0.34%
$ 21.0m
Mark Riggs
Chief Customer Officer & Member of Executive Advisory Board4.9yrsUS$4.27m0.0083%
$ 508.3k
Chandar Pattabhiram
Chief Marketing Officer & Member of Executive Advisory Board4.9yrsVeri yokVeri yok
Donna Wilczek
Senior VP of Product Strategy & Innovation and Member of Executive Advisory Board6.9yrsVeri yokVeri yok
Roger Siboni
Lead Independent Director8.5yrsUS$276.97k0.016%
$ 951.7k
H. Stansbury
Independent Director7.3yrsUS$246.47k0.016%
$ 951.7k
George Bischof
Board Observerno dataVeri yokVeri yok
James McDowell Feuille
Board Observerno dataVeri yokVeri yok
Scott Thompson
Independent Director9.8yrsUS$236.47k0.016%
$ 951.7k
Frank van Veenendaal
Independent Director7.3yrsUS$243.97k0.13%
$ 8.3m
Óscar Salum
Member of Executive Advisory Board6.9yrsVeri yokVeri yok
Chris Chadwick
Member of Executive Advisory Board5.8yrsVeri yokVeri yok
7.1yrs
Ortalama Görev Süresi
61.5yo
Ortalama Yaş

Deneyimli Yönetim Kurulu: COUP 'nin yönetim kurulu üyeleri deneyimli olarak kabul edilir (ortalama görev süresi 7.1 yıldır).

Şirket Analizi ve Finansal Veri Durumu

VeriSon Güncelleme (UTC saati)
Şirket Analizi2023/03/01 12:12
Gün Sonu Hisse Fiyatı2023/02/27 00:00
Kazançlar2022/10/31
Yıllık Kazançlar2022/01/31

Veri Kaynakları

Şirket analizimizde kullanılan veriler S&P Global Market Intelligence LLC'den alınmıştır. Bu raporu oluşturmak için analiz modelimizde aşağıdaki veriler kullanılmıştır. Veriler normalize edilmiştir, bu da kaynağın mevcut olmasından kaynaklanan bir gecikmeye neden olabilir.

PaketVeriZaman ÇerçevesiÖrnek ABD Kaynağı *
Şirket Finansalları10 yıl
  • Gelir tablosu
  • Nakit akış tablosu
  • Bilanço
Analist Konsensüs Tahminleri+3 yıl
  • Finansal tahminler
  • Analist fiyat hedefleri
Piyasa Fiyatları30 yıl
  • Hisse senedi fiyatları
  • Temettüler, Bölünmeler ve Eylemler
Sahiplik10 yıl
  • En büyük hissedarlar
  • İçeriden öğrenenlerin ticareti
Yönetim10 yıl
  • Liderlik ekibi
  • Yönetim Kurulu
Önemli Gelişmeler10 yıl
  • Şirket duyuruları

* ABD menkul kıymetleri için örnek, ABD dışı için eşdeğer düzenleyici formlar ve kaynaklar kullanılmıştır.

Belirtilmediği sürece tüm finansal veriler yıllık bir döneme dayanmaktadır ancak üç ayda bir güncellenmektedir. Bu, İzleyen On İki Ay (TTM) veya Son On İki Ay (LTM) Verileri olarak bilinir. Daha fazla bilgi edinin.

Analiz Modeli ve Kar Tanesi

Bu raporu oluşturmak için kullanılan analiz modelinin ayrıntılarına GitHub sayfamızdan ulaşabilirsiniz, ayrıca raporlarımızı nasıl kullanacağınızı anlatan kılavuzlarımız ve Youtube'da eğitim videolarımız da bulunmaktadır.

Simply Wall St analiz modelini tasarlayan ve oluşturan dünya standartlarındaki ekip hakkında bilgi edinin.

Endüstri ve Sektör Metrikleri

Sektör ve bölüm metriklerimiz Simply Wall St tarafından her 6 saatte bir hesaplanmaktadır, sürecimizin ayrıntıları Github'da mevcuttur.

Analist Kaynakları

Coupa Software Incorporated 34 Bu analistlerden 25, raporumuzun girdisi olarak kullanılan gelir veya kazanç tahminlerini sunmuştur. Analistlerin gönderimleri gün boyunca güncellenmektedir.

AnalistKurum
Louis Edmond LardenoisArete Research Services LLP
Adam ShepherdArete Research Services LLP
Jamie SheltonArete Research Services LLP