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INTU - Xero: Sales Efficiency Decline Sets A Cautious Tone
Intuit Inc.
Assessing the market for small business accounting software, we conclude that Xero has faced heightened competition in international markets despite anticipated pandemic tailwinds.
With sales efficiency falling, we expect Xero will need to ramp sales and marketing spend to re-ignite sale growth. This will be detrimental to free cash flow generation.
With decelerating growth, consensus forecast for FY3/2022 free cash flow yield is 0.3%. With this lowly yield, we are neutral on the shares.