2022-11-10-Gartner-Gartner_Inc._IT_Attractive_Research_CV_growth_accompanied_by_Conferences_and_EBITDA_margin_upside_Reiterate_Buy_1__14页_682kb

报告摘要

Gartner Inc.'s IT division reported strong 3Q 2022 financial results, with revenue growth of 15.2% year-over-year, exceeding estimates, driven by Conferences segment due to a return of in-person events and increased attendees/exhibitors.
Key highlights include a 24.9% EBITDA margin, surpassing pre-COVID levels, attributed to operational efficiencies, T&E savings, and real estate optimizations.
Gartner increased its full-year 2022 guidance for revenue to at least $5,405 million (up from $5,350 million), EBITDA to at least $1,360 million, and EPS to at least $10.06, reflecting mid-teens Research CV growth.
Goldman Sachs reiterates a "Buy" rating and raised its price target to $391 per share from $348, valuing Gartner at 23.5x its 2022 NTM EBITDA estimate, citing improved visibility in Research CV growth.
Positives include robust Conferences revenue (215% y/y growth in 3Q) and sales force expansion driving Research CV growth; Research productivities are strong, supported by price realization matching wage inflation.
Risks noted are FX headwinds (dragging revenue growth by 500 basis points), potential margin contraction from sales force normalization in 2023, and macroeconomic pressures.
Overall, Gartner maintains medium-term targets of 10%+ revenue growth and aims for double-digit CV growth through 2022, with EBITDA margins expanding in normalized levels.

展开完整摘要

试读结束，高清完整版pdf/doc/ppt,请点下载