MNDY - monday.com: Hypergrowth At Reasonable Valuation

• monday.com is a recent high-growth IPO that has been caught in the recent tech sell-off. Shares are 31% off from their all-time highs.
• The company offers project management software in the cloud on a subscription basis (SaaS). Its vision is to create a work operating system, based on no/low-code features and easy integration.
• Project management software is a competitive market. But there is a big total addressable market which is expected to grow to $87.6 billion in 2024, potentially serving multiple winners.
• The stock is currently trading at less than 30 times FY 2022 sales, which makes it relatively cheap to other stocks in the sector. If the company continues executing, this could be a winning investment.

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