Exa (EXA): Raising PT After A Solid Quarter - Needham
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Needham & Company analyst, James Ricchiuti reiterated his Buy rating on shares of Exa Corporation (NASDAQ: EXA) after the company's FQ3 results showed strong growth in Asia and the company issued in line guidance for FQ4.
FQ3 revenue increased 13% y/o/y, modestly above consensus, while adjusted EBITDA climbed 46% y/o/y, above the high end of guidance.
EXA registered 14% growth in license revs while project revs rose 6% y/o/y. License revenue growth was driven by continued strength in Asia, particularly in China.
Guidance for FQ4 revenue and adj. EBITDA was in line. At the midpoint of the FQ4 guidance, F17 revs are expected to increase 12%, representing a 6th consecutive year of double-digit revenue growth on either an as-reported or constant-currency basis.
The analyst expects to see improving profitability in F18.
Shares are trading at 2.4x EV/out-year revenue, well below technical software peers. The analyst thinks makes EXA represents an attractive value.
The PT inches up to $17 from $16.
Shares of Exa Corporation closed at $14.83 yesterday.
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