A reserve price is a minimum; even though the bid may start at a very low price, there will be no winner unless the bids reach a reserve price set by the seller.
Our research indicates overall customer demand within the HCM space remains healthy and at elevated levels. While the buzz in the HCM space around was about new greenfield applications to automate Talent Management TMwe believe today s HCM market represents a more comprehensive approach to workforce management driven by some of the most leading-edge companies currently in the Cloud applications market.
The result has been for HCM applications to evolve from back-office systems of record to the forefront of systems of engagement.
While we believe overweight exposure to the entire group is warranted given strong secular trends and consistently strong execution, we believe these three names have the best opportunity to outperform over the remaining seven months of the year based on several individual characteristics.
We have favorable dispositions to operating models and execution at both Healthstream and Workday, believing both can outperform the broader software space throughoutbut individual challenges may limit their respective upside potential. For HSTM, uncertainty around the headwind posed by the looming decline in ICD revenues could limit upside until better visibility into this impact is gained.
For WDAY, we believe its industry-high valuation limits upside potential as additional multiple expansion seems unlikely unless sales, which have been strong, can reaccelerate growth.
May 19, Topic of Discussion: Our research indicates that overall customer demand within the HCM remains healthy and at elevated levels. While we believe overweight exposure to the entire group is warranted given strong secular trends and consistently strong execution, we believe these three have the best opportunity to outperform over the final seven months of this year based on several individual characteristics: For Paylocity, adoption of Cloud-based core HRMS and payroll solutions has accelerated over the last two years and we believe these demand levels are sustainable for at least the next three years.
For Ultimate, we believe the recent sell-off after 1Q15 results has created an excellent buying opportunity for one of the most consistent execution stories to date in the SaaS subsector.
Like Paylocity, Ultimate continues to benefit from elevated HCM spending levels led by its robust payroll platform, but it may have the best opportunity to benefit from the burgeoning trend of customers seeking to purchase TM applications from the same core HRMS and payroll vendor.
We have favorable dispositions to operating models and execution at both Healthstream and Workday, believing both can outperform the broader software space throughoutbut company-specific challenges may limit their upside potential.
For Healthstream, the uncertainty around the growth headwind posed by the looming decline in ICD revenues could limit upside to the stock until better visibility into this impact is gained. For Workday, we believe its industry-high valuation limits upside potential as we believe additional multiple expansion is unlikely unless sales, which have been strong, can reaccelerate growth.
Collaborative, Connected, and Converging The underlying primary driver is the importance of workforce management in corporate executive ranks.
Concerns about the ability to attract and retain top talent is often cited as a top two priority for CEOs in several studies every year.
The industry has dubbed this challenge the war for talent. We believe this executive priority has driven the mass adoption of Talent Management software over the past 10 years as companies seek better methods to align individual goals with corporate goals, better methods to measure performance in order to effectively compensate performance levels, and also better methods to properly train its workforce to carry out stated corporate goals.
We lay out several drivers below that shape our thesis on the HCM software space over the next couple years. In aggregate, we believe these drivers combined can sustain a healthy growth rate in the space through Driver 1:Feb 19, · This is the One Million Digits of Pi I used google for this.:lol.
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