{"id":15790,"date":"2022-04-15T09:43:06","date_gmt":"2022-04-15T09:43:06","guid":{"rendered":"https:\/\/valutico.com\/adobe-inc\/"},"modified":"2023-11-24T16:41:29","modified_gmt":"2023-11-24T16:41:29","slug":"adobe-inc","status":"publish","type":"post","link":"https:\/\/valutico.com\/de\/adobe-inc\/","title":{"rendered":"Adobe Inc."},"content":{"rendered":"<h1>Adobe Inc. fell over 38% &#8211; is the stock now undervalued?<\/h1>\n<h2><\/h2>\n<div id=\"attachment_10787\" style=\"width: 2570px\" class=\"wp-caption alignnone\"><img fetchpriority=\"high\" decoding=\"async\" aria-describedby=\"caption-attachment-10787\" class=\"lazyload size-full wp-image-10787\" src=\"https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/AdobeMAX2019-031-scaled.jpg\" data-orig-src=\"https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/AdobeMAX2019-031-scaled.jpg\" alt=\"\" width=\"2560\" height=\"1668\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%272560%27%20height%3D%271668%27%20viewBox%3D%270%200%202560%201668%27%3E%3Crect%20width%3D%272560%27%20height%3D%271668%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/AdobeMAX2019-031-200x130.jpg 200w, https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/AdobeMAX2019-031-300x195.jpg 300w, https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/AdobeMAX2019-031-400x261.jpg 400w, https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/AdobeMAX2019-031-600x391.jpg 600w, https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/AdobeMAX2019-031-768x500.jpg 768w, https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/AdobeMAX2019-031-800x521.jpg 800w, https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/AdobeMAX2019-031-1024x667.jpg 1024w, https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/AdobeMAX2019-031-1200x782.jpg 1200w, https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/AdobeMAX2019-031-1536x1001.jpg 1536w, https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/AdobeMAX2019-031-scaled.jpg 2560w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><p id=\"caption-attachment-10787\" class=\"wp-caption-text\">&#8230;Tuesday, Nov.5, 2019, in Los Angeles. Jordan Strauss\/AP Images for Adobe)<\/p><\/div>\n<p>&nbsp;<\/p>\n<h2>Key Summary<\/h2>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Because of the war in Ukraine, the company will lose about $75 million of 2022 sales<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Resulting from that, Adobe dipped 38% after earnings<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Adobe looks forward for continued decelerating growth rates in the next quarter, but expects growth to pick up in the second half of this year<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Adobe (ASDAQ:ADBE) offers a line of creative, business and mobile software and services used by high-end consumers, creative professionals, designers, knowledge workers, original equipment manufacturers developers and enterprises.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">After releasing earnings by the end of Q1, Adobe fell double-digits. The company was seen as one of the stocks that apparently could not fall, but the recent crash proved that differently. While that isn&#8217;t nearly as much as the worst of it, the fall may have surprised long term investors who became complacent as the stock just kept going up and up and up. While Adobe\u2019s growth rates were already slowing down heading into 2021, the stock nonetheless kept soaring at a similar pace with high-growth peers because the valuation multiples kept expanding. That made the stock quite dangerous at the peaks, but the valuation reset has helped bring the stock back to legitimately buyable levels. Further, Adobe\u2019s guidance for 13% revenue growth in the second quarter indicates its slowdown will continue even as it rolls out new products. It didn\u2019t directly address that slowdown during its conference call, but a new product launch and a price hike suggest it might be facing tougher competition.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">13 years ago, Adobe had already proven itself with well-known products like its Photoshop image editor, Acrobat PDF manager, and Illustrator design software. Yet even Adobe probably didn&#8217;t imagine just how much the world would change, with digital transformation having dramatically increased the number of creative professionals who rely on its tools to do their work and get it in front of the largest possible audience.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Adobe also recently shut down its businesses in Russia and Belarus in response to Russia\u2019s invasion of Ukraine. It expects that exit to reduce its annual revenue by about $75 million &#8212; but that only represents about 0.4% of its projected revenue this year.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">In our Valutico analysis we came up with a value range of USD 150 &#8211; 200 billion, using DCF with a WACC of 7.6%. As you can see below, we calculated the discount rate using a levered beta of 1.11 and a risk free rate of 2.8%.<\/span><\/p>\n<p><img decoding=\"async\" class=\"lazyload alignnone size-full wp-image-10799\" src=\"https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/adobe.png\" data-orig-src=\"https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/adobe.png\" alt=\"\" width=\"1760\" height=\"654\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271760%27%20height%3D%27654%27%20viewBox%3D%270%200%201760%20654%27%3E%3Crect%20width%3D%271760%27%20height%3D%27654%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/adobe-200x74.png 200w, https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/adobe-300x111.png 300w, https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/adobe-400x149.png 400w, https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/adobe-600x223.png 600w, https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/adobe-768x285.png 768w, https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/adobe-800x297.png 800w, https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/adobe-1024x381.png 1024w, https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/adobe-1200x446.png 1200w, https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/adobe-1536x571.png 1536w, https:\/\/valutico.com\/wp-content\/uploads\/2022\/04\/adobe.png 1760w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 1760px) 100vw, 1760px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">If you want to have a more detailed analysis, please click the link <em><a href=\"https:\/\/valutico.com\/companies\/adobe-inc-7dc00388-3a65-420d-9ee5-eda311da37ba\/evaluations\/ALpO3OHTQ_kYxbZxE506ds3LvA3wtWnUEimnESVWv1BrHDmsopLdBJ6gQyYJTqvxy0DYdmoJw2IdrdJO7g5qNg\/share\">here<\/a>.\u00a0<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Adobe Inc. fell over 38% &#8211; is the stock now [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":21499,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[35],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.9 - 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