Citrix Systems, Inc.

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SKU: CTXS Category:

Description

Citrix had a bad quarter with revenues below expectations and GAAP earnings witnessing a staggering 44% decline. Despite the company’s organic SaaS ARR (Annual Recurring Revenue) growth rate growing 74% as compared to last year, the fact is that the company was not able to convert the recurring revenues into earnings. Moreover, a bleak outlook for 2021 also led to the stock plummeting. It is evident that the management have had some sales execution challenges due to the increased complexity around managing the faster transition to the cloud. At the same time, the complex mix of the different license model types seems to be complicating Citrix’s product offerings. The silver lining on this dark cloud is that nearly 63% of its subscription revenue is now coming from its SaaS offering and it appears to be a matter of time before the underlying business performance improves as they go through this business model transition. We keep a ‘Hold’ rating on the stock with a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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