Veeva Systems Inc Class A

VEEV: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$119.00	Cpctv	Smgjtfkk

We Raise Veeva’s FVE to $275 Thanks to Its Strong Performance and Continued Major Customer Wins

Keonhee Kim

Mar 2, 2023

Wide-moat Veeva ended fiscal 2023 with strong results. Total sales were up 16% year over year as subscription services and professional services posted strong results, up 16.3% and 14.9%, respectively. After adjusting for full-year results, we raise our fair value estimate to $275 from $265, roughly a 4% increase, due to time value of money and a slightly raised long-term outlook.

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