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Strategies & Market Trends : The New Economy and its Winners

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From: Bill Harmond	5/30/2014 10:15:33 AM
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Deutsche Bank: Splunk (SPLK.OQ),USD50.01 Buy Price Target USD65 - Solid Print With 40%+ Growth. SPLK’s 1QF15 numbers were generally solid and beat the high end of guidance, highlighted by revenue growth of 50% to $86m (above the $80m high end of guidance), license growth of 42% (above our 39% estimate), billings growth of 46% (above our 39% estimate) and a roughly in-line margin and OCF performance. The 2QF15 revenue guidance of $92-$94m was in-line and implies growth of 40% at the high-end (likely closer to 47%-50% growth assuming a “normal” beat). SPLK reaffirmed its FY15 OCF margin guidance of ~20%, which remains at the high end of the per group range.

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