INTU – Market expectations are for rapid Uniform ROA expansion, but management may have concerns about product features, client servicing, and tax product demand

• Intuit Inc. (INTU:USA) currently trades at historical peaks relative to UAFRS-based (Uniform) Earnings, with a 30.3x Uniform P/E, implying bullish expectations for the firm. However, management may have concerns about revenue growth per customer and retention rates, as well as organic revenue guidance and the potential of new features
• Specifically, management may be concerned about their ability to sustain Quickbooks Online Ecosystem revenue growth, and may be overstating retention rate improvements expected from increased value and functionality.  Additionally, management may be concerned about the potential of new features added to TurboTax, and their ability to compete with do-it-yourself solutions.  Management may also be concerned about their ability to meet organic revenue growth guidance, and about the benefits of marketing efforts