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Shares of Model N have slipped ~20% from recent peaks, for no apparent reason.
The company released very strong fiscal second quarter results in May, showing an acceleration to 21% y/y growth.
Part of this acceleration was driven by a recent acquisition of Deloitte's Business Services unit, which contributed to roughly 15 points of growth.
The slide in Model N's share price has erased two turns from its valuation multiple, and the stock is now sitting at an attractive ~6x forward revenue multiple.