Table Of Contents
 

1. The SaaS Investment Thesis     

* Why SaaS Is Better For Customers     

* Why SaaS Is Better For Vendors (ie Management Team)     

* Why SaaS Is Better For Investors     

* Buy The SaaS Index Or Individual SaaS Stocks?     

* SaaS And Macroeconomic Cycles     

* What Investors Should Focus On During This Phase Of The Transition To SaaS     

 

2. Companies In The Pure SaaS Index     

* Concur Technologies (CNQR)     

* SALESFORCE.COM (CRM)     

* Constant Contact (CTCT)     

* DemandTec (DMAN)     

* Kenexa (KNXA)     

* LogMein (LOGM)     

* NETSUITE (N)     

* RightNow Technologies (RNOW)     

* SuccessFactors (SFSF)     

* Taleo Corporation (TLEO)     

* DealerTrak (TRAK)     

* Ultimate Software (ULTI)     

* Vocus (VOCS)     

 

3. Finding The Next SaaS Momentum Play   
 

* Revenue Is A Meaningful Comparable For SaaS Companies     

* Why We Measure Q-Q Revenue Growth     

* SaaS Stocks Ranked By Q-Q Revenue Growth     

* SaaS Stocks Ranked By Revenue Acceleration/Momentum Across Two Quarters     

* How Does The Market Value Revenue Momentum?     

 

4. Finding The Next Value Play In The SaaS Index 
    

* Top 5 Stocks Based On Low PSR     

* Value Filter # 2: Cash To Market Cap     

* How Did The Value Plays Do Last Quarter?     

 

5. Who Is In Both The Value 5 And The Momentum 5?  
   

 

6. SaaS Index Valuation &  Performance  
   

 

7. Valuing The  Salesforce.com (CRM) Bellwethe
r     

* The 3-Point Bear Case On CRM     

* The 3-Point Bull Case On CRM     

* How Did The Market View CRM Last Quarter?     

* What Does The Latest CRM Qtr Report Tell Us?           

 

Appendices: First Time Subscribers Start Here     

A: Index Methodology     

 

B. Salesforce.com (CRM) The SaaS Bellwether     

 

C: Force Platform – Long Term Salesforce.com Growth     

 

D: Why We Use PSR As A Value Indicators     

 

E: Why Buyout Firms Clean Up While Public Market Investors Are Not Paying Attention     

 

F: Finding The Momentum Play In The SaaS Index     

 

G: Why Deferred Revenue May Be Becoming Less Important 

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