奥多比 (ADBE.US):欧洲疲软或影响销售前景,目标价: 340.00
机构:中信证券
欧洲经济增长放缓,加上奥多比数字体验部门新合约签约有所延迟,这些可能影响公司 2020 财年的销售前景。
第三财季,公司在欧洲、中东和非洲地区的销售额同比增长 17%,相比第二财季的 20%和第一财季的26%。
增速下跌表明宏观经济状况恶化,可能需要几个季度才能恢复。最近收购的 Marketo 的预订疲软,显示中端市场客户正在缩减开支。奥多比的数字媒体部门增长迅速,驱动来自新用户的创意和文档云产品以及每用户支出的提升。考虑到订阅销售的占比较高,该业务更加稳定并且不易受短期经济冲击的影响。
在利用数字颠覆趋势以及改善各行各业客户体验需求方面,奥多比是定位较好的软件公司之一。
我们认为,公司在创意和文档软件领域占有无可争议的优势,同时在数字营销、分析、广告和商业领域颇具实力,应支持销售额在至少 3- 5 年内按年增长 15%以上。
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