ServiceNow Fiscal 2024 Update
Jan 30, 2025
ServiceNow (NOW) reported a good fiscal 2024, with revenues up over 22%, along with strong cash flow margins and excellent efficiency metrics. The firm is lining itself up as a leader in AI-based solutions for enterprise business, particularly in the service space, which I think is a "slam-dunk" application of the technology. 12-month backlog grew 19%, signaling continued out-sized revenue growth, and $5 million dollar customers were up 21%, further strengthening the company's switching cost moat. I continue to believe ServiceNow is one of the highest quality companies in our entire portfolio. The fair value gets a substantial increase up to $828, although the stock is a bit too hot right now for new money.
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Watch List
| CRWD | 113.61% |
| NTNX | 44.26% |
| VEEV | 13.93% |
| SNOW | 50.86% |
| WDAY | -9.43% |
| ENLT | -10.81% |
| WEAV | -27.40% |
| SE | 36.62% |
| SPSC | 12.33% |
| RDDT | 14.74% |
| APPF | 13.92% |
| CMG | 39.56% |
| INTU | 44.44% |
| PSTG | 12.28% |
vs. Fair Value Estimates
Buy List
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| HRMY | -55.45% |
| GLBE | -28.96% |
| YOU | -36.62% |
| MELI | -29.05% |
| ADBE | -39.09% |
vs. Fair Value Estimates
Hold List
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| ASML | -13.33% |
| VTEX | 3.36% |
| TSM | -24.34% |
| NYAX | -24.98% |
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| ODD | 9.51% |
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| CPNG | 6.04% |
| HIMS | 40.46% |
| PAYC | -6.84% |
| MNDY | 18.12% |
| ZS | 81.90% |
| V | -2.80% |
| ADSK | 5.86% |
| NOW | 19.40% |
| ABNB | -23.85% |
| FTNT | -0.17% |
| TEAM | -15.16% |
vs. Fair Value Estimates