TEAM is a bull thesis based on clean expansion, pricing power, and cheap valuation; margin growth from 2% to 20% justifies higher future valuation.

Team, how's team doing? this team rap uh you know jump in as well. Oh yeah, team's up about 6% as well. Team's interesting too.

teamep t team on August 7th I broke down um clean expansion this quarter in pricing power valuation I called them dirt cheap that they are a half peg even after they ran up 30% which I think was up to like 130 something like that uh seed expansion positive net income 75% of their free cash flow going back to buybacks.

Uh costs are scaling out. I wrote big gross PP operating PP is growing and we had good things to say about it. I think the uh the exponential move up in their margins is bullish.

their operating margins being this low right now because they're just turning into profitability doesn't make it look like it deserves a really good future valuation at Atlassian.

Uh but I think they're Wall Street is projecting that their operating margins are going to get a lot better. Let me see here cuz I mean it's software, right? So I've got projected 2% operating margin right now, which is horrible, right?

uh and that's expected to grow to an average of 20%, you know, on average over the next four years. That's a lot better. You know, that's where you could justify like a, you know, a two peg for the company and a a much higher valuation.