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ESTC - Datadog IPO: Growth Investors Will Follow This Name Very Carefully
Elastic N.V.
Reporting revenue growth of 96% y/y and positive FCF, Datadog (DDOG) will most likely please both growth and FCF investors. Other SaaS companies growing at less revenue growth trade at more than 15x sales, so Datadog’s valuation will most likely trade at more than this mark. In our view, with forward revenue of $489 million, Datadog’s enterprise value will most likely be more significant than $7.3 billion. With this in mind, a buying opportunity will commence at an enterprise value of less than $5 billion.