Atlassian Corp A

TEAM: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$615.00	Lbwfyh	Fkjwcys

Atlassian Earnings: Selloff After Solid Quarter Offers a Buying Opportunity

Dan Romanoff

Nov 3, 2023

We are maintaining our fair value estimate of $215 per share for narrow-moat Atlassian after the company reported good results for its fiscal first quarter coupled with solid guidance for the second quarter. With shares selling off after hours we see a buying opportunity. Our model changes are minor and we struggle to uncover a supportable rationale for the selloff. Demand trends remain healthy overall and are showing signs of improvement as the company reported better-than-expected revenue and much-better-than-expected profitability. Guidance calls for solid revenue growth and good operating margins. Overall, results support our long-term thesis on a quality growth company.

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