Workday Inc Class A

WDAY: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$191.00	Mhph	Hmzfdgslyn

Workday Earnings: Shares Approach Our $229 Fair Value Estimate Upon Strong Start to the Year

Julie Bhusal Sharma

May 26, 2023

Wide-moat Workday's first quarter was solid, beating our top- and bottom-line GAAP expectations. We are reiterating our $229 fair value estimate upon the broad-based beat, as our long-term projections remain intact. With shares rising by 8% upon the beat, we are pleased to see that shares have now approached our fair value estimate—bringing the high-quality name within 3-star territory. We continue to believe Workday will be able to surpass SAP in terms of the global enterprise resource planning market share in a decade—and this quarter’s results indicates to us that the company is well on this path.

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