{"id":44344,"date":"2019-07-11T00:00:00","date_gmt":"2019-07-10T22:00:00","guid":{"rendered":"https:\/\/techma.bakertilly.es\/valoracion-de-tableu-por-salesforce\/"},"modified":"2025-03-12T11:48:17","modified_gmt":"2025-03-12T10:48:17","slug":"valoracion-de-tableau-por-salesforce","status":"publish","type":"post","link":"https:\/\/techma.bakertilly.es\/en\/valoracion-de-tableau-por-salesforce\/","title":{"rendered":"TABLEAU VALUATION BY SALESFORCE"},"content":{"rendered":"<p style=\"text-align: justify;\">Salesforce has recently closed the largest acquisition in its history, the <span style=\"text-decoration: underline;\">acquisition of companies<\/span> from Tableau by <strong>13.880M\u20ac<\/strong>. The deal comes on the heels of purchases by Google and Microsoft in the same field, highlighting the importance that cloud and data analytics are taking on in the businesses of technology companies.<\/p>\n<p style=\"text-align: justify;\">We analyse in the following lines this purchase and the <span style=\"text-decoration: underline;\">v<\/span><span style=\"text-decoration: underline;\">from<\/span><span style=\"text-decoration: underline;\">valuation<\/span> of Tableau from a corporate finance perspective.<\/p>\n<p style=\"text-align: justify;\">US customer relationship management (CRM) platform Salesforce has reached a definitive agreement to acquire Tableau in a share-for-share swap. The agreed terms value the software company at around $177 per share, a premium of almost 50% to its last trading price.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"MODELO_DE_NEGOCIO_DE_TABLEAU\"><\/span><strong>TABLEAU BUSINESS MODEL<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">It is a company specialising in data representation and visualisation, which has become a real reference in the field of <a href=\"https:\/\/techma.bakertilly.es\/en\/reports\/market-research-2022-sector-big-data\/\">Big Data<\/a>. It offers different products:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Tableau Desktop<\/li>\n<li>Tableau Server<\/li>\n<li>Tableau Online<\/li>\n<li>Tableau Reader<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">It currently has over 86,000 customers, which include companies such as Wells Fargo, Dow Chemical, SpaceX or <a href=\"https:\/\/www.netflix.com\/es\/\" target=\"_blank\" rel=\"noopener\">Netflix<\/a>.<\/p>\n<p style=\"text-align: justify;\">Tableau generates revenue through two channels: software licences and maintenance and service fees.<\/p>\n<p style=\"text-align: justify;\">The former has experienced significant growth in recent periods as a result of the company's transition to a business model based primarily on this revenue stream.<\/p>\n<p style=\"text-align: justify;\">The second is mainly the sale of maintenance agreements (technical support and upgrades). These revenues are expected to continue to grow as a result of the increase in the total customer base.<\/p>\n<p style=\"text-align: justify;\">The future performance and success of the company depends on a number of factors: the ability to continue to acquire customers and expand its network; to continue to innovate and improve its products; to maintain investment in its infrastructure; and possible changes in customer consumption trends.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"VALORACION_DE_TABLEAU\"><\/span><strong>TABLEAU RATING<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Through the latest financial statements presented by the company we analyse its financial situation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Analisis_financiero\"><\/span><strong>Financial analysis<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\">Tableau shows very notable sales growth, reaching double digits in the last year, which is very positive. This is mainly due to its international expansion, which is allowing it to reach new customers.<\/p>\n<p style=\"text-align: justify;\">However, it should be noted that this growth is being achieved thanks to the company's significant marketing and sales expenditure, which represents 75% of sales. As stated in its annual accounts, these expenses are expected to continue to rise as a result of its expansion, and will represent the largest item of its operating expenses.<\/p>\n<p style=\"text-align: justify;\">For this reason, doubts arise as to whether the company will be able to increase its sales at a faster rate than its operating expenses, so that it can move away from losses and start adding positive net profit.<\/p>\n<p style=\"text-align: justify;\">The balance sheet shows no significant changes, except for the increase in shareholders' equity, mainly due to the share premium corresponding to the stock options that Tableau grants to its employees, which they consider to be a very good form of remuneration.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">From an operational point of view, the corporate transaction seems reasonable and logical. In this way, Salesforce enhances its CRM and middleware services with the addition of Tableau and its powerful data analytics tool. In addition, significant synergies can be created that will help to reduce considerable costs through the cross-selling that will be generated.<\/p>\n<p style=\"text-align: justify;\">However, it is worth looking at the agreed purchase price. Taking into account the EV\/Sales ratio, it can be seen that both companies have had a ratio of around 8.5x in the last year. However, the transaction price is equivalent to 13.2x, 65% higher than historical. It can therefore be said that the price paid for Salesforce exceeds the valuation that Tableau has had in recent months.<\/p>\n<p style=\"text-align: justify;\">Therefore, although the transaction makes sense from a business model perspective, the price paid is excessive considering Tableau's growth rate and operating losses.<\/p>","protected":false},"excerpt":{"rendered":"<p>Salesforce's purchase of Tableau highlights the importance of business valuation in corporate finance.<\/p>","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[100],"tags":[155,153,702],"sectores":[2212],"tipo-contenido":[2264],"class_list":["post-44344","post","type-post","status-publish","format-standard","hentry","category-valoracion-de-empresas","tag-corporate-finance-spain","tag-global-corporate-finance","tag-valoracion-de-empresas","sectores-enterprise-software","tipo-contenido-informes-de-valoracion"],"acf":[],"_links":{"self":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/44344","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/comments?post=44344"}],"version-history":[{"count":0,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/44344\/revisions"}],"wp:attachment":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media?parent=44344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/categories?post=44344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tags?post=44344"},{"taxonomy":"sectores","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/sectores?post=44344"},{"taxonomy":"tipo-contenido","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tipo-contenido?post=44344"}],"curies":[{"name":"well played","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}