CrowdStrike's Investor Briefing Lays Out Substantial Growth Drivers; Shares Fairly Valued

We are maintaining our $225 fair value estimate for narrow-moat CrowdStrike Holdings after its 2022 investor briefing, and we view shares as fairly valued. While we were impressed with the technology demos and path management laid out to achieve hit $3 billion in annualized recurring revenue in fiscal year 2024 and then $5 billion in ARR by fiscal year 2026, we still suspect that these targets are conservative and CrowdStrike will overachieve. We expect CrowdStrike's leadership position within endpoint detection and response, the burgeoning space of extended detection and response, and additional modules in areas like log ingestion and identity to fuel durable growth that easily outpaces its core markets. The company's single agent approach, regardless of the modules adopted, and collecting data once to use multiple times continue to make CrowdStrike standout and be a share gainer.