WDAY – Market expectations are for Uniform ROA to reach new highs, and management is confident about Peakon, customer additions, and sales process

February 3, 2022

  • Workday (WDAY) currently trades well above corporate and historical averages relative to Uniform earnings, with a 155.3x Uniform P/E (Fwd. V/E’).
  • At these levels, markets are pricing in expectations for Uniform ROA to reach new highs of 31%, accompanied by 12% Uniform asset growth.
  • Meanwhile, analysts expect Uniform ROA to remain at 5% levels through 2023, accompanied by 13% Uniform asset growth.
  • If sustained going forward, these levels would imply a stock price closer to $31, representing significant equity downside for the firm.
  • However, the firm’s most recent earnings call suggests management is confident about their Peakon acquisition, customer additions, and sales process.

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