Workday Inc Class A

WDAY: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$721.00	Ztmtw	Vgbvnjdlny

Workday: Taking Advantage of a $160 Billion TAM Is Well in the Works; Maintaining $270 Fair Value

Julie Bhusal Sharma

Sep 18, 2024

Wide-moat Workday’s financial analyst day continued to emphasize its top long-term growth opportunities, from artificial intelligence to the medium enterprise market, implying roughly similar targets as given last year, all within a $160 billion total addressable market. We reiterate our $270 fair value estimate for Workday as we see worthwhile capital allocation that will allow the firm to extract considerable value from its strong switching costs. We believe shares are fairly valued.

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