NOTEMNDY.TAabout 1 month ago6.1Kviews

monday.com: the margin bridge has one bad assumption in it

The savings target has been reiterated without a revised timeline. Reiterating the number while moving the date is how these programmes fail slowly.

Isaac Levy@isaac_levy

Unlock the full report

The locked call and the disclosures stay visible. The research body unlocks with purchase or subscription.

Fact-checked claims stay on the record
Platform fee is shown as its own line at checkout (10%)
Call block and disclosures remain free to read

Already subscribed? Log in

Discussion · 8

Dana KatzAUG 4

I have been waiting for someone to make this argument. The destocking signature is textbook and nobody is naming it. Has anything in the last print changed the entry you would take?

Ines FerreiraAUG 3

This changed my mind. The installed base argument is stronger than the cycle argument here. What does the bear actually have to be right about?

Omri ShakedAUG 3

I have been waiting for someone to make this argument. The cohort split is the detail that everyone leaves out. How much of this do you think is already in the buy side's numbers?

Isaac LevyAuthorAUG 3

Fair challenge. Invalidation is a close below the lock price on volume, and I should have written that into the card rather than leaving it implicit. (1106)

Noa BergmanAUG 3

Thanks for showing the workings. I had not appreciated how much of this is already in consensus. Would you underwrite this without the catalyst date?

Isaac LevyAuthorAUG 3

Fair challenge. Invalidation is a close below the lock price on volume, and I should have written that into the card rather than leaving it implicit. (1112)

Marco BianchiAUG 2

Thanks for showing the workings. The utilisation assumption is where I disagree. Does the thesis survive a soft guide next quarter?

Dana KatzAUG 3

Been long since the last one. I had not appreciated how much of this is already in consensus. Interested in what the kill switch looks like in practice.