PTC Inc

PTC: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$982.00	Xbvrk	Ccjxkhls

PTC Continues Aggressive SaaS Transition to Fuel Future Growth; Raising FVE to $105

Julie Bhusal Sharma ,

Jan 27, 2022

Narrow-moat PTC kicked off its fiscal year 2022 by posting results slightly below our top- and bottom-line expectations. Nonetheless, results weren't discouraging, in our view, as PTC is accelerating its SaaS transition, which brings with it short-term growth headwinds--but worthwhile benefits in the long term. Despite slight earnings misses, we are raising our fair value estimate to $105 per share from $97, in most part due to rosier long-term corporate tax rates that we've baked in after updating in-house estimates. Shares remained flat after hours, trading around $113 per share, leaving PTC fairly valued.

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