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AvePoint Inc (AVPT.O): C2Q26 Review + Callback Color: Making Steady Progress
研报英文原文证据摘录
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11 Aug 2026 07:01:17 ET │ 16 pages
AvePoint Inc (AVPT.O)
C2Q26 Review + Callback Color: Making Steady Progress
CITI'S TAKE
FX-adjusted ARR growth accelerated to 24%, with record ~$30M NNARR
sustaining double-digit YoY NNARR growth for 13-straight-Qs, while the
revenue outperformance was mostly driven by term license and support.
There’s visible opportunity with AVPT tackling AI/Agentic governance and
security needs, and mgmt is pulling forward investments to capitalize on
these trends into CY27. We like the consistent execution mgmt has
demonstrated over several Qs, though would like to see expanding
mind/market share and sustained profitable topline acceleration toward
$1B ARR/25-30% OPM CY29 targets, especially against the favorable
secular AI/agentic/data governance trends that AVPT should enjoy.
CY26E ARR CC guidance encouragingly inched up slightly, though the
accelerated GTM and product investments in 2H drive a downward
revision in OPM. Net, with largely intact out-year topline and exit
multiples, and the elevated buyback posture driving materially lower share
count, our PT inches up to $14.
Neutral / High Risk
Price (10 Aug 26 16:00)
US$12.99
Target price
US$14.00↑
from US$13.00
Expected share price return
7.8%
Expected dividend yield
0.0%
Expected total return
7.8%
Market Cap
US$2,748M
Fatima BoolaniAC
Joel Omino
Mark Zhang
EPS (US$)
Q1
Q2
Q3
Q4
FY
FC Cons
VA Cons
2025A
0.06A
0.12A
0.10A
0.36A
0.35A
2026E
0.10A
0.17A
0.09E
0.10E
0.46E
0.44E
0.47E
Previous
0.10A
0.07E
0.09E
0.10E
0.37E
na
2027E
0.10E
0.11E
0.13E
0.12E
0.45E
0.49E
0.50E
Previous
0.08E
0.10E
0.12E
0.13E
0.43E
na
2028E
0.12E
0.14E
0.16E
0.15E
0.57E
0.62E
0.63E
Previous
0.11E
0.13E
0.15E
0.17E
0.55E
na
Source: Company Reports and dataCentral, Citi Research. FC Cons: First Call Consensus. VA Cons: Visible Alpha Consensus.
Click here for Visible Alpha consensus data
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