Microsoft Corporation

Wyceny

Statystyki
Dywidendy
Rekomendacje
Wyceny
Wskaźniki
Analiza techniczna

Do wycen spółek stosujemy 4 metody:
Aktualna cena: 493.15
Wartość godziwa DCF 220.6
Monte Carlo (mediana scenariuszy): 319.1
Wycena zdyskontowanych dywidend: -
Wycena porównawcza (wskaźnikowa): 291.1

Zestawienie wycen spółki z aktualnym kursem akcji

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Metoda zdyskontowanych przepływów pieniężnych DCF (ang. Discounted Cash Flow) – uważana jest za najbardziej właściwą, polega na dyskontowaniu przepływów finansowych (FCFF) generowanych przez analizowaną spółkę. Silne strony tej metody to uwzględnienie wszystkich strumieni gotówki, jakie wpływają i wypływają ze spółki oraz kosztu pieniądza w czasie. Wadami metody wyceny DCF jest: duża ilość założeń parametrów (m.in. przychody, rentowność, koszt pieniądza w czasie, podatki) oraz długi horyzont czasowy przeprowadzanej wyceny.

Podstawowe założenia modelu DCF:

Średni wzrost przychodów (CAGR) w latach 2024-2033: 7.1%
Średni wzrost przychodów (CAGR) za poprzednie 2014-2023: 9.2%
Średni wzrost przychodów (CAGR) w najbliższych 5 latach (2024-2028): 7.6%
Średni wzrost przychodów (CAGR) za ostatnie 5 lat (2024-2028): 13.0%
Marża EBIT w okresie terminalnym (TV): 40.0 %
Beta: 0.877
Koszt kapitału (WACC): 8.3%



index 2033P TV 2024P 2025P 2026P 2027P 2028P 2029P 2030P 2031P 2032P
Przychód (mln) 420 436 428 844 233 106 251 755 271 895 288 209 305 501 323 831 349 738 374 220 400 415
Ebit (%) 40.0 40.0 41.0 41.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0
EBIT (mln) 168 174 171 537 95 573 103 219 108 758 115 283 122 200 129 532 139 895 149 688 160 166
Amtortyzacja 25 226 25 730 13 986 15 105 16 313 17 292 18 330 19 429 20 984 22 453 24 024
Capex -21 021 25 730 -11 655 -12 587 -13 594 -14 410 -15 275 -16 191 -17 486 -18 711 -20 020
Δ Kapitału obr. -37 -37 -23 -25 -26 -27 -29 -30 -32 -33 -35
FCFF 140 462 138 983 79 769 86 150 90 839 96 289 102 066 108 190 116 844 125 023 133 774
Wartość bieżąca 64 236 1 012 959 75 543 75 358 73 350 71 773 70 230 68 377 68 109 67 214 66 331
FCFF (%) 33.4 0.0 34.2 34.2 33.4 33.4 33.4 33.4 33.4 33.4 33.4
symbol MSFT MSFT MSFT MSFT MSFT MSFT MSFT MSFT MSFT MSFT MSFT
id 1 3 341 343 346 350 353 356 362 366 371


Kalkulacja wyceny (mln)
Wartość firmy (EV) 1 713 486
Dług netto 71 069
Gotówka 5 116
Udziały mniejszościowe 0
Ilość akcji 7 468 000
Wartość godziwa firmy 1 647 533
Wartość godziwa akcji Brak danych
Kalkulacja WACC - koszt kapitału
Stopa wolna od ryzyka 4.4%
Premia rynkowa 4.6%
Beta 0.877
Udział kapitału własnego 97.8%
Udział długu 2.2%
Koszt kapitału własnego 8.4%
Koszt długu 5.0%
WACC 8.3%

Modelowanie probabilistyczne - Monte Carlo: To zaawansowana wersja wyceny DCF, w której analityk dokonuje założeń dla kluczowych parametrów, takich jak wzrost lub spadek przychodów, marża operacyjna, poziom inwestycji, amortyzacja i wysokość opodatkowania. W naszym modelu przeprowadzane jest 100 000 symulacji w losowych scenariuszach opartych na określonych zakresach dla tych parametrów (od wartości minimalnych do maksymalnych). Wyniki są następnie grupowane według przedziałów cenowych. W odróżnieniu od tradycyjnego modelu DCF, gdzie analityk prezentuje tylko jeden wynik wyceny, modelowanie Monte Carlo dostarcza pełniejszego obrazu, pokazując potencjalne skrajne wartości wyceny – od najniższych do najwyższych – w zależności od tego, jak dobrze spółka będzie performować. Dzięki temu inwestor może lepiej zrozumieć zarówno optymistyczne, jak i pesymistyczne scenariusze rozwoju firmy oraz ich wpływ na wartość spółki, uzyskując bardziej kompletny obraz ryzyka i możliwości związanych z inwestycją. Inwestor zyskuje w ten sposób nie tylko średnią wycenę, ale także widzi pełen wachlarz możliwych wyników, co pozwala mu lepiej przygotować się na różne potencjalne scenariusze.

Założenia modelu MIN MAX
Roczny wzrost sprzedaży (%) 5.0 15.0
Marża operacyjna EBIT (%) 35.0 45.0
Kapitał pracujący (%) 20.0 34.0
Capex (%) 5.0 10.0
Amortyzacja (%) 6.0 10.0
Koszt kapitału % (WACC) 6.0 8.0
Stopa podatkowa (%) 22.0 27.0
Monte Carlo Simulation Image

Metoda mnożnikowa – opiera się na porównaniu mnożników firm z branży, w której działa wyceniana spółka (np. EV/EBITDA, P/E, P/BV). Metoda ta bardzo dobrze odzwierciedla bieżący stan rynku, wymaga mniejszej liczby założeń oraz jest prostsza w zastosowaniu. Do jej wad można zaliczyć dużą podatność wyceny na zmienność cen porównywanych spółek, subiektywny dobór porównywalnych firm oraz uproszczenie obrazu spółki prowadzące do pominięcia bardzo istotnych parametrów (np. przewaga konkurencyjna, tempo wzrostu, poziom rentowności, strukturę zadłużenia).

EV/EBITDA TTM P/E TTM P/B TTM
Mediana dla branży 17.2 29.7 3.1
Microsoft Corporation 23.1 36.2 10.9
Mediana / Microsoft Corporation 0.7 0.8 0.3


Pozostałe spółki z branży Software - Infrastructure
Nazwa firmy Symbol Kapitalizacja (mln $) EV/EBITDA P/E P/B Giełda
Kginicis Co.,Ltd 035600.KQ 238 -1.1 7.5 0.6 KOSDAQ
Maxvision Technology Corp. 002990.SZ 1,032 55.6 49.1 3.0 Shenzhen
Venustech Group Inc. 002439.SZ 2,605 -141.0 -172.6 1.7 Shenzhen
Hi Sun Technology (China) Limited 0818.HK 182 -51.8 9.2 0.2 HKSE
NHN KCP Corp. 060250.KQ 371 9.8 11.0 1.9 KOSDAQ
Wiscom System Co., Ltd. 002090.SZ 516 44.4 55.4 2.5 Shenzhen
Topsec Technologies Group Inc. 002212.SZ 1,218 116.2 83.6 0.9 Shenzhen
Eastcompeace Technology Co.,ltd 002017.SZ 1,438 54.1 51.6 5.5 Shenzhen
Danal Co., Ltd. 064260.KQ 345 2.6 60.0 1.5 KOSDAQ
Nice Information & Telecommunication, Inc. 036800.KQ 147 4.1 5.2 0.6 KOSDAQ
Focus Technology Co., Ltd. 002315.SZ 1,874 28.4 28.6 5.7 Shenzhen
AhnLab, Inc. 053800.KQ 494 18.1 20.7 1.9 KOSDAQ
Needs Well Inc. 3992.T 135 15.8 24.6 4.4 Tokyo
Enigmo Inc. 3665.T 80 29.5 26.5 1.0 Tokyo
NTT Data Intramart Corporation 3850.T 134 18.9 55.9 3.7 Tokyo
Qingdao AInnovation Technology Group Co., Ltd. 2121.HK 424 -11.5 -5.2 2.0 HKSE
Zhongfu Information Inc. 300659.SZ 517 -37.7 -27.1 2.9 Shenzhen
Wellnet Corporation 2428.T 96 14.0 12.3 1.6 Tokyo
Wangsu Science & Technology Co.,Ltd. 300017.SZ 3,550 31.0 35.5 2.6 Shenzhen
TerraSky Co.,Ltd. 3915.T 276 22.0 38.3 3.5 Tokyo
Minwise Co., Ltd 214180.KQ 146 3.8 7.2 1.0 KOSDAQ
Goldpac Group Limited 3315.HK 85 16.9 12.0 0.3 HKSE
Qualys, Inc. 3L7A.F 5,126 25.1 28.0 10.2 Frankfurt Stock Exchange
Beijing VRV Software Corporation Limited 300352.SZ 1,082 -36.6 -39.3 5.9 Shenzhen
St. Modwen Properties Limited 1IG.F 1,842 6.5 16.3 1.3 Frankfurt Stock Exchange
Beijing Sinnet Technology Co., Ltd 300383.SZ 3,329 31.8 82.3 1.9 Shenzhen
GMO Pepabo, Inc. 3633.T 55 9.2 11.8 3.4 Tokyo
BizConf Telecom Co.,Ltd. 300578.SZ 555 212.2 197.0 3.4 Shenzhen
Shenzhen InfoGem Technologies Co., Ltd. 300085.SZ 3,986 -441.1 -253.3 60.2 Shenzhen
CAICA DIGITAL Inc. 2315.T 59 -83.3 -69.7 3.7 Tokyo
PKSHA Technology Inc. 3993.T 759 18.5 38.6 3.2 Tokyo
Lianlian DigiTech Co Ltd 2598.HK 2,074 -33.7 -59.7 8.2 HKSE
Saltlux Inc. 304100.KQ 485 68.0 -135.3 9.0 KOSDAQ
TI Cloud Inc. 2167.HK 61 27.0 12.6 0.8 HKSE
Hangzhou DPtech Technologies Co.,Ltd. 300768.SZ 1,483 83.9 66.8 3.1 Shenzhen
Soliton Systems K.K. 3040.T 175 15.9 14.7 2.1 Tokyo
JIG-SAW INC. 3914.T 126 30.6 45.3 5.9 Tokyo
NSFOCUS Technologies Group Co., Ltd. 300369.SZ 833 -21.4 -19.0 2.4 Shenzhen
I'LL inc. 3854.T 472 15.4 22.8 9.1 Tokyo
JustSystems Corporation 4686.T 1,643 16.1 19.1 2.2 Tokyo
GMO AD Partners Inc. 4784.T 4,260 192.8 457.1 41.7 Tokyo
Trend Micro Incorporated 4704.T 8,949 19.2 40.1 12.6 Tokyo
Systems Engineering Consultants Co.,LTD. 3741.T 189 15.7 20.1 2.9 Tokyo
Egis Technology Inc. 6462.TWO 389 -22.5 -10.3 1.9 Taipei Exchange
kaonavi, inc. 4435.T 360 155.9 174.2 19.9 Tokyo
FIXER Inc. 5129.T 55 -16.3 -15.5 1.5 Tokyo
Galaxy Software Services Corporation 6752.TWO 181 18.1 22.1 4.5 Taipei Exchange
eCloudvalley Digital Technology Co., Ltd. 6689.TW 187 26.6 36.0 1.9 Taiwan
SAKURA Internet Inc. 3778.T 1,239 18.5 59.3 5.8 Tokyo
Taiwan Auto-Design Co. 6791.TWO 74 21.8 26.9 5.1 Taipei Exchange
AI inside Inc. 4488.T 105 86.0 -29.4 3.2 Tokyo
FLECT Co., Ltd. 4414.T 86 11.8 18.0 4.8 Tokyo
TDC SOFT Inc. 4687.T 428 15.1 18.1 3.0 Tokyo
Acer Cyber Security Inc. 6690.TWO 180 5.0 22.7 1.9 Taipei Exchange
Turn Cloud Technology Service Inc. 6870.TWO 159 30.8 40.7 4.2 Taipei Exchange
Hillstone Networks Co., Ltd. 688030.SS 391 -26.0 -20.8 3.3 Shanghai
Smaregi, Inc. 4431.T 421 25.7 38.1 8.3 Tokyo
CETC Digital Technology Co.,Ltd. 600850.SS 2,261 23.5 29.4 3.3 Shanghai
Japan Business Systems, Inc. 5036.T 469 6.7 16.2 2.7 Tokyo
Hyweb Technology Co., Ltd. 5212.TWO 53 8.7 11.9 3.1 Taipei Exchange
Wuhan Xingtu Xinke Electronics Co.,Ltd. 688081.SS 257 -23.3 -21.3 4.5 Shanghai
INESA Intelligent Tech Inc. 600602.SS 3,144 88.3 146.3 5.6 Shanghai
Global Security Experts Inc. 4417.T 350 31.1 50.3 16.5 Tokyo
Koal Software Co., Ltd. 603232.SS 496 94.7 95.3 2.7 Shanghai
Appier Group, Inc. 4180.T 1,136 31.2 56.7 5.0 Tokyo
360 Security Technology Inc. 601360.SS 9,751 -83.3 -54.4 2.3 Shanghai
Bairong Inc. 6608.HK 892 36.2 14.7 0.9 HKSE
Serverworks Co.,Ltd. 4434.T 123 22.7 26.7 1.6 Tokyo
GMO Research & AI, Inc. 3695.T 74 102.5 168.0 2.2 Tokyo
91App, Inc. 6741.TWO 339 18.8 20.4 3.1 Taipei Exchange
Bonree Data Technology Co., Ltd 688229.SS 299 -22.3 -19.8 5.3 Shanghai
4C Group AB (publ) 4C.ST 65 10.0 -166.0 2.4 Stockholm Stock Exchange
DBAPPSecurity Co., Ltd. 688023.SS 695 -3.9 -57.5 2.1 Shanghai
DREAMARTS CORPORATION 4811.T 91 13.6 19.1 5.7 Tokyo
GMO Payment Gateway, Inc. 3769.T 4,891 25.9 35.2 6.8 Tokyo
Kakao Pay Corp. 377300.KS 9,127 275.2 -941.4 6.9 KSE
Tokai Soft Co., Ltd. 4430.T 53 4.9 9.1 1.3 Tokyo
Bingo Software Co., Ltd. 688227.SS 454 -51.7 -54.5 2.5 Shanghai
EASYCARD Corporation 6035.TWO 165 11.7 17.8 4.0 Taipei Exchange
Hennge K.K. 4475.T 397 42.2 48.3 15.5 Tokyo
OPTiM Corporation 3694.T 209 10.5 25.8 3.6 Tokyo
Robot Payment Inc. 4374.T 65 20.5 26.4 10.7 Tokyo
Sunyard Technology Co.,Ltd 600571.SS 1,052 178.5 105.8 6.6 Shanghai
Beijing Fourth Paradigm Tech 6682.HK 3,298 -77.0 -84.3 4.5 HKSE
Intelligent Wave Inc. 4847.T 204 11.7 20.8 3.2 Tokyo
pluszero, Inc. 5132.T 198 81.9 116.4 23.1 Tokyo
EDGE Technology Inc. 4268.T 62 253.7 310.2 13.3 Tokyo
Qi An Xin Technology Group Inc. 688561.SS 3,149 -16.5 -17.5 2.7 Shanghai
Finatext Holdings Ltd. 4419.T 419 58.8 92.6 6.7 Tokyo
NNK Group Limited 3773.HK 79 13.0 17.0 1.7 HKSE
Cyber Security Cloud , Inc. 4493.T 128 27.3 34.5 4.7 Tokyo
UCAP Cloud Information Technology Co.,Ltd. 688228.SS 541 132.6 204.6 3.3 Shanghai
Adobe Inc. ADB.DE 163,567 17.7 24.5 12.6 Frankfurt Stock Exchange
Adobe Inc. ADBE 163,209 19.2 24.0 14.4 NASDAQ Global Select
Changing Information Technology Inc. 8272.TWO 52 17.8 22.0 2.7 Taipei Exchange
Alqemam for Computer Systems Co. 9558.SR 73 15.8 19.1 3.4 Saudi
TradeGo FinTech Limited 8017.HK 56 -158.3 92.6 3.7 HKSE
Intumit Inc. 7547.TWO 90 68.2 70.2 4.6 Taipei Exchange
Yeahka Limited 9923.HK 676 253.2 57.0 1.8 HKSE
Beijing Qingyun Technology Co., Ltd. 688316.SS 436 -30.1 -27.8 48.2 Shanghai
Perfect Presentation for Commercial Services Company 7204.SR 905 15.2 20.2 6.0 Saudi
ACI Worldwide, Inc. ACIW 4,835 9.4 18.0 3.3 NASDAQ Global Select
ROPEOK Technology Group Co.,Ltd. 688619.SS 318 -12.7 -12.5 2.8 Shanghai
Acusensus Limited ACE.AX 78 37.5 -64.8 2.4 Australian Securities Exchange
Japaniace Co.,Ltd. 9558.T 59 10.7 11.1 2.9 Tokyo
LINEPAY 7722.TWO 1,201 47.9 58.5 6.0 Taipei Exchange
Linklogis Inc. 9959.HK 516 -18.0 -3.9 0.4 HKSE
Affirm Holdings, Inc. AFRM 20,945 49.8 -342.1 7.4 NASDAQ Global Select
Adyen N.V. ADYEN.AS 58,257 61.1 53.8 11.8 Amsterdam
Advenica AB (publ) ADVE.ST 113 32.1 53.2 8.9 Stockholm Stock Exchange
Ailleron S.A. ALL.WA 65 1.1 9.7 2.2 Warsaw Stock Exchange
AvidXchange Holdings, Inc. AVDX 2,022 49.7 1,090.2 3.0 NASDAQ Global Select
Akamai Technologies, Inc. AK3.DE 16,788 10.6 33.7 3.5 Frankfurt Stock Exchange
Agile Content, S.A. AGIL.MC 59 2.6 35.5 1.1 Madrid Stock Exchange
A10 Networks, Inc. ATEN 1,329 24.7 27.0 6.9 New York Stock Exchange
Airship AI Holdings, Inc. AISP 171 -2.3 -95.2 -7.3 NASDAQ Global Market
Altair Engineering Inc. ALTR 9,633 151.8 673.0 11.1 NASDAQ Global Select
Allot Ltd. ALLT 383 157.3 -103.2 7.6 NASDAQ Global Select
Arqit Quantum Inc. ARQQW 492 -30.9 -19.7 29.7 NASDAQ Capital Market
WALLIX GROUP SA ALLIX.PA 131 -534.6 -34.1 14.9 Paris
AvePoint, Inc. AVPT 3,890 236.2 -157.8 10.5 NASDAQ Global Select
Akamai Technologies, Inc. AKAM 11,364 6.2 26.4 2.6 NASDAQ Global Select
Airship AI Holdings, Inc. AISPW 166 -2.3 -95.2 -7.3 NASDAQ Capital Market
Arbe Robotics Ltd. ARBEW 167 -3.0 -2.6 5.7 NASDAQ Capital Market
Arqit Quantum Inc. ARQQ 530 -30.9 -19.7 29.7 NASDAQ Capital Market
authID Inc. AUID 67 -4.7 -3.6 7.3 NASDAQ Capital Market
Appian Corporation APPN 2,157 -51.2 -35.3 -67.3 NASDAQ Global Market
Bandwidth Inc. BAND 435 -0.2 -410.4 1.2 NASDAQ Global Select
AvePoint Inc AVPTW 1,512 236.2 -157.8 10.5 NASDAQ Global Select
Arbe Robotics Ltd. ARBE 165 -3.0 -2.6 5.7 NASDAQ Capital Market
HiPay Group SA ALHYP.PA 71 3.1 8.9 1.7 Paris
Bytes Technology Group plc BYIT.L 1,669 18.2 23.2 15.5 London Stock Exchange
Bango PLC BGO.L 96 10.9 -10.1 3.5 London Stock Exchange
AutoStore Holdings Ltd. AUTO.OL 1,859 6.7 16.1 1.3 Oslo Stock Exchange
Aurionpro Solutions Limited AURIONPRO.BO 834 28.3 37.6 4.7 Bombay Stock Exchange
Couchbase, Inc. BASE 1,321 -19.1 -17.3 10.1 NASDAQ Global Select
Consensus Cloud Solutions, Inc. CCSI 454 2.9 5.3 -9.1 NASDAQ Global Select
Cognyte Software Ltd. CGNT 670 79.9 -56.2 3.4 NASDAQ Global Select
Aurionpro Solutions Limited AURIONPRO.NS 835 28.3 37.6 4.7 National Stock Exchange of India
Beeks Trading Corporation Ltd. BKS.L 214 15.9 64.1 3.8 London Stock Exchange
Box, Inc. BOX 5,009 43.8 21.2 23.3 New York Stock Exchange
Backblaze, Inc. BLZE 298 -13.1 -6.3 3.8 NASDAQ Global Market
Adveritas Limited AV1.AX 63 -11.9 -9.6 -17.3 Australian Securities Exchange
CCC Intelligent Solutions Holdings Inc. CCCS 6,235 25.0 646.7 2.7 New York Stock Exchange
Bakkt Holdings, Inc. BKKT 89 -2.7 -3.3 1.9 New York Stock Exchange
Boku, Inc. BOKU.L 759 58.5 105.8 5.6 London Stock Exchange
BlackBerry Limited BB.TO 2,600 171.5 -32.3 3.5 Toronto Stock Exchange
BlackBerry Limited BB 2,594 171.8 -32.4 3.6 New York Stock Exchange
Cy4gate S.p.A. CY4.MI 140 7.7 -18.1 1.2 Milan
Corero Network Security plc CNS.L 96 83.5 120.9 5.2 London Stock Exchange
Clavister Holding AB (publ.) CLAV.ST 154 27.9 -41.4 -15.0 Stockholm Stock Exchange
Dominion Hosting Holding S.p.A. DHH.MI 121 13.1 25.6 4.2 Milan
DataWalk S.A. DAT.WA 205 -14.8 -13.2 -115.9 Warsaw Stock Exchange
CyberArk Software Ltd. CYBR 20,159 486.3 -225.2 8.1 NASDAQ Global Select
Dropbox, Inc. DBX 8,169 11.1 17.8 -7.8 NASDAQ Global Select
Core Scientific, Inc. CORZW 1,759 -2.2 -4.1 -21.2 NASDAQ Global Select
Coveo Solutions Inc. CVO.TO 531 -64.6 -47.1 4.2 Toronto Stock Exchange
Dye & Durham Limited DND.TO 474 -7.3 -4.2 2.0 Toronto Stock Exchange
DigitalX Limited DCC.AX 57 -23.7 -15.9 1.2 Australian Securities Exchange
ClearSale S.A. CLSA3.SA 359 172.7 -69.0 2.8 São Paulo
CSG Systems International, Inc. CSGS 1,854 6.9 21.4 6.3 NASDAQ Global Select
Cyberoo S.p.A. CYB.MI 72 3.4 17.0 2.5 Milan
Cellebrite DI Ltd. CLBT 3,851 56.4 -20.8 11.1 NASDAQ Global Select
Confluent, Inc. CFLT 8,195 -18.9 -25.2 7.9 NASDAQ Global Select
Cloud Technologies S.A. CLD.WA 57 8.7 15.8 2.4 Warsaw Stock Exchange
CrowdStrike Holdings, Inc. CRWD 121,285 749.3 -699.9 34.9 NASDAQ Global Select
Amdocs Limited DOX 10,311 11.9 19.2 3.0 NASDAQ Global Select
Corpay, Inc. CPAY 23,138 7.7 22.8 6.7 New York Stock Exchange
DigitalOcean Holdings, Inc. DOCN 2,581 4.5 23.8 -12.3 New York Stock Exchange
Core Scientific, Inc. Tranche 2 Warrants CORZZ 3,505 -2.2 -4.1 -21.2 Nasdaq
Check Point Software Technologies Ltd. CHKP 23,892 25.3 27.8 8.6 NASDAQ Global Select
Endava plc DAVA 870 19.3 117.1 1.0 New York Stock Exchange
Core Scientific, Inc. CORZ 3,543 -2.2 -4.1 -21.2 NASDAQ Global Select
PT ITSEC Asia Tbk CYBR.JK 389 90.8 124.1 35.4 Jakarta Stock Exchange
cyan AG CYR.DE 61 -22.9 -3.8 2.0 Frankfurt Stock Exchange
CI&T Inc CINT 793 8.7 26.9 2.5 New York Stock Exchange
Exclusive Networks SA EXN.PA 1,998 8.0 43.2 1.8 Paris
Fonix Mobile plc FNX.L 308 16.1 19.9 19.5 London Stock Exchange
F-Secure Oyj FSECURE.HE 383 3.1 15.4 6.5 Helsinki
Elliptic Laboratories ASA ELABS.OL 135 35.6 -2,897.2 3.9 Oslo Stock Exchange
Shift4 Payments, Inc. FOUR 8,657 -18.9 30.1 8.2 New York Stock Exchange
Fortinet, Inc. FTNT 80,020 35.2 42.7 40.9 NASDAQ Global Select
Findi Limited FND.AX 172 5.7 263.6 6.7 Australian Securities Exchange
EROAD Limited ERD.NZ 164 8.5 -429.9 0.8 NZSE
Five9, Inc. FIVN 2,067 53.6 -398.7 3.1 NASDAQ Global Market
Global Blue Group Holding AG GB 1,489 3.8 20.3 10.1 New York Stock Exchange
EverCommerce Inc. EVCM 1,839 24.9 -57.2 2.5 NASDAQ Global Select
Exasol AG EXL.DE 91 40.2 343.1 17.2 Frankfurt Stock Exchange
EROAD Limited ERD.AX 162 8.6 -435.5 0.8 Australian Securities Exchange
DLocal Limited DLO 3,192 20.3 30.1 7.4 NASDAQ Global Select
E2E Networks Limited E2E.NS 582 47.0 81.2 2.4 National Stock Exchange of India
F5, Inc. FFIV 17,076 21.8 27.6 5.2 NASDAQ Global Select
Euronet Worldwide, Inc. EEFT 4,398 6.3 13.8 3.4 NASDAQ Global Select
EVERTEC, Inc. EVTC 2,350 5.6 18.1 4.3 New York Stock Exchange
Gen Digital Inc. GEN 18,163 6.6 28.1 8.0 NASDAQ Global Select
Gigas Hosting, S.A. GIGA.MC 79 1.3 -15.0 1.6 Madrid Stock Exchange
Haivision Systems Inc. HAI.TO 93 12.4 55.9 1.3 Toronto Stock Exchange
Gentrack Group Limited GTK.AX 782 76.8 177.9 8.2 Australian Securities Exchange
Robinhood Markets, Inc. HOOD 72,142 57.0 45.6 9.1 NASDAQ Global Select
GigaCloud Technology Inc. GCT 612 2.8 5.6 1.7 NASDAQ Global Market
Givex Corp. GIVX.TO 139 29.3 411.0 4.2 Toronto Stock Exchange
Gorilla Technology Group Inc. GRRR 539 25.0 -4.0 3.5 NASDAQ Capital Market
GoDaddy Inc. GDDY 25,582 31.3 33.7 127.3 New York Stock Exchange
HashiCorp, Inc. HCP 7,111 -45.1 -57.9 5.6 NASDAQ Global Select
Gentrack Group Limited GTK.NZ 783 49.5 130.1 6.0 NZSE
IONOS Group SE IOS.DE 6,595 10.7 33.6 36.0 Frankfurt Stock Exchange
Samsara Inc. IOT 22,640 -176.4 -189.4 20.3 New York Stock Exchange
Joint Stock Company Kaspi.kz KKS.F 15,290 5.5 7.4 4.7 Frankfurt Stock Exchange
IONOS Group SE IOS.VI 6,595 10.7 33.7 36.0 Vienna
Infibeam Avenues Limited INFIBEAM.NS 683 17.2 24.8 1.5 National Stock Exchange of India
Kaltura, Inc. KLTR 308 -27.9 -16.2 2.6 NASDAQ Global Select
i3 Verticals, Inc. IIIV 632 13.7 5.4 1.6 NASDAQ Global Select
Janover Inc. JNVR 158 -61.6 -44.5 39.7 NASDAQ Capital Market
Infibeam Avenues Limited INFIBEAM.BO 683 17.2 24.8 1.5 Bombay Stock Exchange
Informatica Inc. INFA 8,408 23.9 3,781.5 3.2 New York Stock Exchange
International Money Express, Inc. IMXI 311 4.4 5.8 2.3 NASDAQ Capital Market
Klaviyo, Inc. KVYO 9,094 -143.2 -190.9 8.5 New York Stock Exchange
Aurora Mobile Limited JG 66 -87.7 -66.9 6.9 NASDAQ Global Market
Microsoft Corporation MSF.F 3,649,723 24.1 37.8 11.3 Frankfurt Stock Exchange
Microsoft Corporation MSF.DE 3,649,723 24.1 37.7 11.3 Frankfurt Stock Exchange
Microsoft Corporation MSFT 3,650,343 24.1 37.7 11.3 NASDAQ Global Select
Locaweb Serviços de Internet S.A. LWSA3.SA 416 11.3 70.6 0.8 São Paulo
Joint Stock Company Kaspi.kz KSPI 15,507 5.6 7.5 4.7 Nasdaq
MongoDB, Inc. MDB 17,084 -215.4 -197.0 5.6 NASDAQ Global Market
Lesaka Technologies, Inc. LSAK 330 -18.4 -5.0 1.7 NASDAQ Global Select
Megaport Limited MP1.AX 1,409 126.8 197.1 6.8 Australian Securities Exchange
Microsoft Corporation MSFT.NE 3,806,593 25.5 2.0 0.6 NEO
Nexi S.p.A. NEXI.MI 6,984 -0.8 12.3 0.6 Milan
PayPoint plc PAY.L 801 6.8 15.1 5.8 London Stock Exchange
OVH Groupe S.A. OVH.PA 2,511 3.1 1,253.2 4.6 Paris
Odine Solutions Teknoloji Ticaret ve Sanayi AS ODINE.IS 233 16.5 19.6 4.2 Istanbul Stock Exchange
Payoneer Global Inc. PAYO 2,485 15.6 22.2 3.3 NASDAQ Global Market
Nutanix, Inc. NTNX 19,973 92.5 841.5 -27.9 NASDAQ Global Select
PCI-PAL PLC PCIP.L 51 48.1 -53.7 -18.3 London Stock Exchange
NFON AG NFN.DE 124 9.6 150.4 2.2 Frankfurt Stock Exchange
Marqeta, Inc. MQ 2,704 88.2 52.3 2.9 NASDAQ Global Select
Oracle Financial Services Software Limited OFSS.BO 9,321 24.5 33.7 9.6 Bombay Stock Exchange
Palo Alto Networks, Inc. PANW 135,074 81.9 108.4 18.6 NASDAQ Global Select
NetScout Systems, Inc. NTCT 1,743 -5.8 -4.8 0.0 NASDAQ Global Select
PaySign, Inc. PAYS 346 29.7 56.4 8.7 NASDAQ Capital Market
One97 Communications Limited PAYTM.BO 6,645 193.5 -87.5 3.8 Bombay Stock Exchange
Pagaya Technologies Ltd. PGYWW 1,458 9.2 -4.1 4.5 NASDAQ Capital Market
PALO ALTO NETWORKS CDR (CAD HED PANW.NE 135,213 89.5 92.4 18.2 Cboe CA
Oracle Corporation ORC.DE 607,491 22.5 49.4 35.9 Frankfurt Stock Exchange
PagSeguro Digital Ltd. PAGS 3,271 1.9 8.1 1.2 New York Stock Exchange
Oracle Corporation ORCL 604,657 22.7 48.5 29.5 New York Stock Exchange
Okta, Inc. OKTA 16,611 104.0 132.0 2.6 NASDAQ Global Select
UiPath Inc. PATH 6,712 -64.3 -101.6 4.0 New York Stock Exchange
Cloudflare, Inc. NET 65,078 716.0 -788.8 45.2 New York Stock Exchange
One97 Communications Limited PAYTM.NS 6,637 193.5 -87.5 3.8 National Stock Exchange of India
Oddity Tech Ltd. ODD 4,129 32.7 38.9 12.5 NASDAQ Global Market
Nuvei Corporation NVEI 4,839 11.2 202.5 2.3 NASDAQ Global Select
Oracle Financial Services Software Limited OFSS.NS 9,317 24.5 33.7 9.6 National Stock Exchange of India
Payfare Inc. PAY.TO 141 11.3 10.0 2.2 Toronto Stock Exchange
Nuvei Corporation NVEI.TO 4,964 11.4 252.5 2.9 Toronto Stock Exchange
OneSpan Inc. OSPN 605 12.5 10.4 2.6 NASDAQ Capital Market
Pagaya Technologies Ltd. PGY 1,489 9.2 -4.1 4.5 NASDAQ Capital Market
Profile Systems & Software SA PROF.AT 188 15.2 23.9 4.4 Athens
Rekor Systems, Inc. REKR 136 -2.8 -2.3 3.7 NASDAQ Capital Market
Palantir Technologies Inc. PLTR 323,008 757.8 589.5 62.0 New York Stock Exchange
Rabbit Holdings Public Company Limited RABBIT.BK 69 -19.2 -10.6 0.3 Thailand
Rubrik, Inc. RBRK 17,438 -38.8 -32.9 -31.0 New York Stock Exchange
Priority Technology Holdings, Inc. PRTH 650 -1.6 22.9 -4.0 NASDAQ Capital Market
Radware Ltd. RDWR 1,215 96.5 104.2 3.7 NASDAQ Global Select
Qualys, Inc. QLYS 5,090 25.2 28.1 10.3 NASDAQ Global Select
Palantir Technologies Inc. PTX.F 324,228 746.6 589.7 62.0 Frankfurt Stock Exchange
Railtown AI Technologies Inc. RAIL.CN 53 -8.8 -5.6 38.0 Canadian Securities Exchange
Rapid7, Inc. RPD 1,506 11.0 58.9 28.3 NASDAQ Global Market
Rackspace Technology, Inc. RXT 304 -0.8 -1.0 -0.3 NASDAQ Global Select
Repay Holdings Corporation RPAY 432 0.9 -33.0 0.6 NASDAQ Capital Market
Remitly Global, Inc. RELY 4,189 163.3 -903.5 5.7 NASDAQ Global Select
LiveRamp Holdings, Inc. RAMP 2,133 117.4 27,321.4 2.3 New York Stock Exchange
Spirent Communications plc SPT.L 1,522 35.7 119.0 3.9 London Stock Exchange
Seeing Machines Limited SEE.L 176 -5.6 -4.8 4.0 London Stock Exchange
Block, Inc. SQ 51,730 33.8 19.8 2.4 New York Stock Exchange
Smartoptics Group AS SMOP.OL 153 24.1 50.8 4.9 Oslo Stock Exchange
Synchronoss Technologies, Inc. SNCR 71 -3.5 -29.6 1.8 NASDAQ Global Select
Serko Limited SKO.AX 210 -24.2 -25.6 3.1 Australian Securities Exchange
SPS Commerce, Inc. SPSC 5,198 38.8 63.8 5.6 NASDAQ Global Select
Smartpay Holdings Limited SPY.NZ 163 16.8 40.2 5.0 NZSE
StoneCo Ltd. STNE 4,210 11.6 -17.7 2.1 NASDAQ Global Select
Synopsys, Inc. SNPS 74,212 51.9 34.3 7.5 NASDAQ Global Select
Block, Inc. SQ3.F 40,322 24.5 15.4 1.9 Frankfurt Stock Exchange
Smartpay Holdings Limited SMP.AX 162 16.7 40.0 5.0 Australian Securities Exchange
SecureWorks Corp. SCWX 756 -18.7 -8.7 1.7 NASDAQ Global Select
Serko Limited SKO.NZ 220 -31.0 -26.7 3.3 NZSE
Sangoma Technologies Corporation SANG 194 3.4 -27.5 0.7 NASDAQ Global Select
Sangoma Technologies Corporation STC.TO 195 3.4 -27.4 0.7 Toronto Stock Exchange
Block, Inc. SQ2.AX 57,474 32.6 19.9 2.7 Australian Securities Exchange
SentinelOne, Inc. S 5,679 -21.8 -13.7 3.8 New York Stock Exchange
TELUS International (Cda) Inc. TIXT.TO 999 -1.0 -8.9 0.5 Toronto Stock Exchange
Tucows Inc. TCX 223 -2.2 -2.2 1.0 NASDAQ Capital Market
Tyro Payments Limited TYR.AX 285 7.0 15.5 2.2 Australian Securities Exchange
Veritone, Inc. VERI 64 0.8 -1.9 4.5 NASDAQ Global Market
SolarWinds Corporation SWI 3,201 12.0 28.3 2.3 New York Stock Exchange
Tuya Inc. TUYA 1,300 -42.2 276.3 1.4 New York Stock Exchange
Tucows Inc. TC.TO 222 -19.8 -2.3 -2.1 Toronto Stock Exchange
Tenable Holdings, Inc. TENB 4,093 156.9 -89.7 10.5 NASDAQ Global Select
Toast, Inc. TOST 25,869 160.8 162.6 15.4 New York Stock Exchange
TELUS International (Cda) Inc. TIXT 1,004 -1.0 -8.9 0.5 New York Stock Exchange
Stem, Inc. STEM 1,163 -0.9 -1.4 -2.8 New York Stock Exchange
Topicus.com Inc. TOI.V 9,991 21.7 87.6 20.1 Toronto Stock Exchange Ventures
U-BX Technology Ltd. Ordinary Shares UBXG 57 -105.4 -9.5 0.3 Nasdaq
Teradata Corporation TDC 2,086 5.9 15.0 13.1 New York Stock Exchange
Worldline SA WLN.PA 1,704 -2.4 -4.4 0.2 Paris
secunet Security Networks Aktiengesellschaft YSN.DE 1,580 12.8 24.8 9.0 Frankfurt Stock Exchange
W.A.G payment solutions plc WPS.L 834 3.9 -17.6 2.8 London Stock Exchange
Xplus S.A. XPL.WA 67 24.7 37.2 11.6 Warsaw Stock Exchange
Wiit S.p.A. WIIT.MI 475 3.2 36.3 11.9 Milan
Windward Ltd. WNWD.L 254 -52.7 -33.2 42.5 London Stock Exchange
Wirtualna Polska Holding S.A. WPL.WA 662 4.1 14.8 2.4 Warsaw Stock Exchange
Yubico AB YUBICO.ST 1,239 29.3 31.4 7.5 Stockholm Stock Exchange
WithSecure Oyj WITH.HE 203 12.5 -4.5 2.7 Helsinki
VeriSign, Inc. VRS.DE 24,065 20.0 30.6 -12.2 Frankfurt Stock Exchange
Gorilla Technology Group Inc. GRRRW 444 25.0 -4.0 3.5 NASDAQ Capital Market
VeriSign, Inc. VRSN 26,645 22.4 34.1 -19.2 NASDAQ Global Select
Zscaler, Inc. ZS 48,122 488.1 -1,232.2 26.5 NASDAQ Global Select
SORACOM INC 147A.T 256 63.8 122.7 4.2 Tokyo
Zuora, Inc. ZUO 1,541 -53.9 -20.6 8.3 New York Stock Exchange
Wix.com Ltd. WIX 9,037 54.6 60.6 -53.3 NASDAQ Global Select
Zenvia Inc. ZENV 83 4.2 -8.5 0.5 NASDAQ Capital Market
TIANJU DIHE (SUZHOU) TECH CO LTD 2479.HK 415 61.0 85.7 4.7 HKSE
Wrkr Ltd WRK.AX 86 -94.5 -48.2 6.7 Australian Securities Exchange
Zaggle Prepaid Ocean Services Limited ZAGGLE.NS 659 27.1 65.1 4.6 National Stock Exchange of India
Varonis Systems, Inc. VRNS 5,620 -52.5 -62.0 15.4 NASDAQ Global Select
Verint Systems Inc. VRNT 1,067 5.4 13.5 0.8 NASDAQ Global Select
WEX Inc. WEX 4,925 -0.0 17.8 6.9 New York Stock Exchange
VRAIN SOLUTION INC. 135A.T 200 45.6 66.2 19.8 Tokyo
OrderYOYO A/S YOYO.CO 132 23.3 -29.3 5.0 Copenhagen
Zaggle Prepaid Ocean Services Limited ZAGGLE.BO 658 27.1 65.1 4.6 Bombay Stock Exchange
Yext, Inc. YEXT 1,020 -115.5 -38.1 6.9 New York Stock Exchange
Aeternal Mentis, S.A. AMEN.MC 127 59.7 383.0 14.9 Madrid Stock Exchange
Alpha Technology Group Limited Ordinary Shares ATGL 366 -1,128.2 -1,047.5 55.7 NASDAQ