UiPath: Initiating Coverage With Narrow Moat Rating and $16.50 Fair Value Estimate

We have launched coverage of UiPath with a $16.50 fair value estimate and narrow moat rating. UiPath offers end-to-end cross-application process automation software that delivers meaningful cost savings, efficiency, and risk-management benefits to customers looking to automate repetitive processes traditionally executed by humans. UiPath shares cratered following the most recent quarterly results as near-term guidance fell below consensus estimates on macroeconomic pressures and internal execution issues, as well as the sudden departure of CEO Rob Enslin after a short tenure. Nonetheless, we view these issues as transitory, and at current prices, the shares screen attractive on a risk-adjusted basis.