更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 2 January 2025 Global Software Global Software: Top 25 research notes of 2024 Mark L. Moerdler, Ph.D. +1 212 756 1857 mark.moerdler@bernsteinsg.com Firoz Valliji, CFA +1 212 969 1226 firoz.valliji@bernsteinsg.com Shelly Tang, CFA +1 212 969 6559 shelly.tang@bernsteinsg.com As investors refine their 2025 strategy, we want to look back at the research we published in 2024 and highlight the notes that investors found most valuable. Unfortunately, we are not clairvoyant (especially ...

Industry Overview * **Software Industry Performance**: The software industry has largely underperformed in 2024, with a year-to-date return of 12% compared to the S&P 500's 25% and the NASDAQ's 31%. * **Valuation**: The software industry is currently trading at a significant discount to its historical averages. The EV/NTM FCF multiple for the software industry is 36.0x, which is 52% off the peak and 24% below the trailing average. The P/E multiple is 25.8x, which is 12% off the peak and in line with the trailing 5-year average. * **Growth**: Software trading is 4% above the trailing 5-year average on a growth-adjusted basis. * **High Growth Companies**: High-growth software companies are trading at an average of 80% of their 52-week high, with an average 2-year sales CAGR of 28% and an average EV/CY25 Sales multiple of 11.3x. * **Medium Growth Companies**: Medium-growth software companies are trading at an average of 79% of their 52-week high, with an average 2-year sales CAGR of 20% and an average EV/CY25 Sales multiple of 11.5x. * **Low Growth Companies**: Low-growth software companies are trading at an average of 74% below their 52-week high, with an average 2-year sales CAGR of 8% and an average EV/CY25 Sales multiple of 4.8x. Company Ratings and Updates * **Blackline Inc (BL.O)**: Rated Equal-weight as of September 29, 2024. * **E2open Parent Holdings Inc (ETWO.N)**: Rated Equal-weight as of January 17, 2024. * **OneStream Inc (OS.O)**: Rated Equal-weight as of August 19, 2024. * **Vertex Inc. (VERX.O)**: Rated Overweight as of January 17, 2024. * **Amplitude Inc. (AMPL.O)**: Rated Underweight as of February 1, 2024. * **Autodesk (ADSK.O)**: Rated Overweight as of August 23, 2024. * **Freshworks Inc (FRSH.O)**: Rated Equal-weight as of October 18, 2021. * **GoDaddy Inc (GDDY.N)**: Rated Equal-weight as of July 19, 2021. * **HubSpot, Inc. (HUBS.N)**: Rated Overweight as of March 21, 2023. * **Klaviyo, Inc (KVYO.N)**: Rated Equal-weight as of October 16, 2023. * **LegalZoom.com Inc (LZ.O)**: Rated Underweight as of July 28, 2022. * **Liveramp Holdings Inc (RAMP.N)**: Rated Overweight as of July 15, 2019. * **Matterport Inc (MTTR.O)**: Rated Equal-weight as of April 19, 2022. * **Semrush Holdings Inc -A (SEMR.N)**: Rated Equal-weight as of June 6, 2022. * **Sprinklr Inc (CXM.N)**: Rated Equal-weight as of July 19, 2021. * **Sprout Social Inc (SPT.O)**: Rated Equal-weight as of November 17, 2020. * **Wix.Com Ltd (WIX.O)**: Rated Equal-weight as of May 19, 2022. * **Zeta Global Holdings Corp (ZETA.N)**: Rated Equal-weight as of August 1, 2024. * **ZoomInfo Technologies Inc (ZI.O)**: Rated Equal-weight as of February 1, 2024. * **Check Point Software Technologies Ltd. (CHKP.O)**: Rated Equal-weight as of October 16, 2023. * **Cloudflare Inc (NET.N)**: Rated Overweight as of December 2, 2024. * **CrowdStrike Holdings Inc (CRWD.O)**: Rated Overweight as of January 9, 2024. * **CyberArk Software Ltd (CYBR.O)**: Rated Equal-weight as of January 9, 2024. * **Fortinet Inc. (FTNT.O)**: Rated Overweight as of October 7, 2022. * **Gen Digital Inc. (GEN.O)**: Rated Equal-weight as of June 7, 2024. * **Jamf Holding Corp (JAMF.O)**: Rated Equal-weight as of October 13, 2024. * **Okta, Inc. (OKTA.O)**: Rated Overweight as of December 2, 2024. * **Palo Alto Networks Inc (PANW.O)**: Rated Overweight as of October 10, 2017. * **Qualys Inc (QLYS.O)**: Rated Underweight as of February 9, 2021. * **Rapid7 Inc (RPD.O)**: Rated Equal-weight as of August 11, 2015. * **Secureworks Corp (SCWX.O)**: Rated Underweight as of December 2, 2024. * **SentinelOne, Inc. (S.N)**: Rated Equal-weight as of December 2, 2024. * **Tenable Holdings Inc (TENB.O)**: Rated Equal-weight as of December 2, 2024. * **Varonis Systems, Inc. (VRNS.O)**: Rated Overweight as of October 16, 2023. * **Zscaler Inc (ZS.O)**: Rated Equal-weight as of January 12, 2023. Other Key Points * **Morgan Stanley is acting as financial advisor to Secureworks in relation to the definitive agreement for Sophos to acquire Secureworks**. * **Stock ratings are subject to change**. * **Historical prices are not split adjusted**. * **Morgan Stanley uses a relative rating system using terms such as Overweight, Equal-weight, Not-Rated, or Underweight**. * **Investors should carefully read the definitions of all ratings used in Morgan Stanley Research**. * **Ratings (or research) should not be used or relied upon as investment advice**.

Coffee Barometer 2023 Content 1. Introduction 2 2. Coffee trade 5 3. Resilient livelihoods 13 4. Coffee brew index 21 5. Towards mandatory compliance 37 6. Conclusion 45 Sources 50 Endnotes 51 List of abbreviations 52 Bibliography 53 Colophon 56 Coffee Barometer 2023 Sjoerd Panhuysen & Frederik de Vries 1 Introduction Ensuring long-term viability and giving equal importance to short- term economic gain at the farm level are both integral to foster sustainability in the coffee sector. 2 Introduction The coff ...