PLAN - Anaplan: Cautious Heading Into Earnings

• Anaplan is currently guiding to revenue decelerating to 24-25%, from the 29% level seen in F2021.
• Dollar based net expansion rate continues to tick lower, implying the company is facing difficulties with upselling to current customers and/or churn.
• Margins continue to remain negative and are likely to remain there for the next year or so.
• Valuation is currently around 14.6x F2022 revenue, near the high-end of the company's historical level, and seems to be pricing in optimistic, accelerating growth trends for the next few years.

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