monday.com: attach is real and it is not discounted
Upsell into the installed base carries no acquisition cost. At this attach rate the contribution margin on the increment is close to the gross margin.
Evidence · 4 cards
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Discussion · 5
I came in sceptical. The lag between intake and revisions is the whole trade. What does the bear actually have to be right about?
Thanks for showing the workings. Splitting volume from price is what makes this legible. How are you thinking about the timing risk here?
Reasonable, and I have thought about it a lot. Early is a fair criticism of my last one on this name. The difference here is that the catalyst is dated rather than open-ended.
This changed my mind. The comp table did more work for me than the narrative did. Does the same logic apply to the closest comparable?
Finally someone put numbers on this. The mix argument is the part I had not considered properly. Where does this break if rates back up another 50bp?