MONDAY.COM:执行放缓引发预期重置 2025年执行加速&AI商业化有望重振信心

中信建投证券
21 Jan

核心观点阶段性执行放缓导致预期调整,2025 年多重催化&长期竞争力不变,仍然看好后续趋势。根据彭博一致预期,Monday 股价交易于7.63x EV/Rev,较可比公司存在一定折价,主要由于对竞争格局担忧以及EMEA 需求疲软。我们认为公司的长期逻辑并未改变,此前数个季度表现稳健致使预期过高从而引发回调,且情绪转弱时竞争对手收并购及发布新产品进一步引发抛售。业务层面潜在催化因素包括1)NDR有望...

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