Deutsche Bank Initiates Success Factors (SFSF) with a Buy
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Deutsche Bank initiates coverage on Success Factors (NASDAQ: SFSF) with a Buy rating and a $15 price target.
The firm said, "SuccessFactors is expanding its leadership position in performance management (FY07 growth of 95%), a market in its early stages of adoption (<10% penetrated by our est.) We view its aggressive customer acquisition strategy as favorably supported by an organically built multi-tenanted SaaS model with high inherent customer profitability (i.e., GMs up 300 pts y/y and we est. operating profitability of existing customers at over 68%). Our customer diligence demonstrates high satisfaction, usage, and renewal rates. We also believe recent enterprise momentum signify increasing awareness/acceptance and an expanding competitive leadership position."
While Deutsche Bank believes that prolonged macro weakness could curtail growth, the firm believes that SFSF’s diversified base of 1,950 customers (22% SMB bookings vs. 17% in '07), 3m users, and 60 industries helps insulate the company from economic headwinds.
SuccessFactors, Inc. (SuccessFactors) is a provider of on-demand performance and talent management software solutions.
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