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After dropping more than 40% year to date, shares of Workday finally look appealing enough to buy.
Investors turned cautious after the company’s Q1 earnings print, which saw slightly disappointing revenue growth and cautious commentary around deal closings.
Still, Workday’s ability to generate 20%+ revenue growth on top of 20%+ pro forma operating margins still puts the company in the vaunted “Rule of 40” club.
The stock’s valuation, currently sitting under <6x forward revenue, is the lowest multiple in recent history.