2024-03-27 21:51:58 ET
Summary
- Veeva Systems is experiencing a technological transition that has impacted its revenue growth and adjusted EBITDA.
- The company's management has provided guidance for 2025, and based on projections, the stock is considered cheap with a potential 22% premium.
- The company is going to consolidate its leadership in cloud software in the healthcare industry, exploiting economies of scale and creating higher barriers to entry.
Context
Veeva Systems (VEEV) is a cloud-based software serving the healthcare industry. It has always been one of my favorite companies due to its constant value generation, ethics, and execution capabilities. Since 2021, it has been lagging behind Technological indexes, as you can see in Figure 1....
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Veeva Systems: A Jewel In Transition