Samsara (IOT): platform in the making

Samsara is an IoT platform that has consistently delivered a >30%+ growth over the last 5 years. We believe a high growth rate is sustainable due to low market penetration and 200%+ ROI on Samsara’s product.

Samsara looks to be the only 'platform' in the industry, and has the potential to be winner takes most situation.

• Samsara is all about ROI. Their solution has been able to show paybacks of a few months, hence the fast revenue growth.

• Land and expand: Net dollar retention of ~115%

• The video market is only ~5% penetrated.

• With a massive TAM and low current penetration, we see many years of high growth ahead.

• In the short term we believe there is an upside to the current guidance/consensus.

Potential Upside:     $54 (+28%)

Sensible Downside: $31 (-25%)

Link to Research