Corporate Executive Board CompanyEXBD

Morningstar Rating

Stock Research and Analysis

by Swami Shanmugasundaram

Corporate Executive Board is a leading provider of best-practices research and analysis to large corporations around the world. A highly scalable business model, a proven membership-based service offering, and substantial barriers to entry secure the firm's wide moat, in our view. Read more

Bulls Say

The company derives more than 90% of its revenue from existing clients, and the company continuously focuses on enhancing its client relationship, giving it substantial recurring revenue opportunities.

The relatively small size of membership fees makes clients less price-sensitive and has allowed the company to steadily push up its prices.

The company's membership model provides value for its clients by allowing them access to best-practices research at a fraction of the cost of consultants. Read more

Bears Say

More than 40% of the company's total subscriptions come up for renewal in the fourth quarter, making it susceptible to economic/industry events that occur in the fourth quarter.

Corporate Executive Board's business model is based on the generation of intellectual capital. Its growth and profitability could be impacted if it cannot attract and retain top talent.

With 80% of Fortune 500 companies already members, Corporate Executive Board will have to shift its strategy toward targeting more international and smaller companies. This shift could present some additional risks in the form of a less-stable client base and a lengthened sales cycle. Read more

Strategy

The company's growth strategy is based on a multipronged approach that includes cross-selling additional programs to existing clients, expanding its reach among middle-market companies, launching new research programs, and increasing prices. Read more

Management

We believe stewardship at Corporate Executive Board is fair. The company is led by CEO and chairman Thomas L. Monahan, who has been with the company since 1996. Before becoming CEO in 2005, Monahan held various positions at Corporate Executive Board and its former parent, Advisory Board. Read more

Profile

Based in Washington, D.C., Corporate Executive Board provides in-depth best-practices research and analysis addressing corporate strategy, operations management, and general management issues. Read more

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