Seeking Alpha: TIBCO Beats, But There's A Lot Left To Prove

Investors waiting for the "all clear" on TIBCO (TIBX) continue to get mixed messages. The company certainly had one of the strongest quarters for infrastructure and billings in many quarters, but the easy year-ago comp mutes some of the enthusiasm, particularly when it is clear that the key analytics business Spotfire continues to decelerate. A recent change in executive incentives could mark a shift toward a more margin-centric approach, but it remains to be seen whether growth in areas like analytics, ESB, and cloud can offset what looks like a slowing core business.

Talking about value is tricky in tech, as investors so often reward growth irrespective of value. Provided that TIBCO can improve margins, a high single-digit FCF growth rate seems plausible and both a DCF and EV/rev approach suggest these shares remain undervalued.

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TIBCO Beats, But There's A Lot Left To Prove