《Crispidea：2024年Salesforce公司研究報告-戰略合作伙伴關系推動收入增長（英文版）（37頁）.pdf》由會員分享，可在線閱讀，更多相關《Crispidea：2024年Salesforce公司研究報告-戰略合作伙伴關系推動收入增長（英文版）（37頁）.pdf（37頁珍藏版）》請在三個皮匠報告上搜索。

1、CrispIdea|R E S E A R C HSalesforce,IncE Q U I T Y R E S E A R C H Technology|Software Application|Aug 05,2024Salesforce,IncStrategic partnerships drive revenue growthWe maintain our“Buy”rating and downgrade TP to$290 for FY26.This provides an upside potential of 10%over the CMP of$263.10.Our TP is

2、based on a forward P/E of 26.0 x,EPS of$11.15,and EV/EBITDA of 19.36x for FY26.Our estimates are based on the following factors 1)Strong Revenue Growth 2)Customer Success and 3)Doubles Down on AI and Data CloudStrong Revenue Growth:Salesforces recent financial performance demonstrates robust growth,

3、underscoring its strong market position and the effectiveness of its strategic initiatives.The company reported$9.13bn in revenue for the latest quarter,marking an impressive 11%Y/Y increase.This sustained growth trajectory highlights Salesforces ability to take advantage of the growing demand for c

4、loud-based solutions and its strong market position.A key factor driving this growth was the performance of Salesforces subscription and support revenue,which increased by 12%Y/Y.This indicates a growing customer base relying on Salesforces core offerings and a consistent revenue stream for the comp

5、any.Customer Success:Salesforce has demonstrated its ability to deliver tangible value to customers through its AI and Data Cloud offerings.High-profile clients such as FedEx,Air India,and CrowdStrike have successfully leveraged Salesforces innovative solutions to transform their operations.These ca

6、se studies underscore the power of Salesforces technology in driving business growth and efficiency.By harnessing the capabilities of Salesforces AI and Data Cloud,these companies have been able to gain deeper insights into their customers,optimize their operations,and ultimately improve their overa

7、ll performance.These success stories serve as compelling evidence of Salesforces commitment to helping its customers achieve their business objectives.Please see important disclosures on last page of reportCompany NameSalesforce IncTickerCRMFY2025Q1Stock RatingBUYUnchangedIndustry ViewOverweightUnch

8、anged12-Mo Price Target290.00DowngradedCMP(Jul 29,2024)263.10Potential Upside10%Market Cap(USD bn)248.6Shares O/S(Mn)969.052 Week High318.71552 Week Low193.7Avg Volume(3M)82,31,556Avg Volume(10 days)52,24,899P/E(ttm)46.1P/S(ttm)7.0P/B(mrq)4.2Forward P/E24.6IBES EPS(ttm)8.96Profit Margin(TTM)15.28%Op

9、erating Margin(TTM)16.47%Revenue(TTM in Mn)35,743Revenue per Share(TTM)35.4Qtrly Rev Growth(yoy)11%Gross Profit(TTM in Mn)27,165EBITDA(TTM in Mn)10,177Net Income(TTM Mn)5,470Qtrly Earnings YoY672.69%Technology Sector Research TeamAnkit Sanwaria-Cloud,Software&IT ServicesResearch AShejal Ajmera,Head

10、of RCrispIdea|R E S E A R C HSalesforce,Inc2HighlightsOur Estimates:We expect sales to grow by 9%,9.1%and 10.0%for FY25,FY26 and FY27,respectively.We estimate Non-GAAP EPS to be$9.94,$11.15 and$12.68 for FY25,FY26 and FY27,respectively.Our Valuation:We project P/E to be 27.66x,26.0 x and 22.47x for

11、FY25,FY26 and FY27.We project EV/EBITDA to be 20.90 x,19.36x and 16.89x for FY25,FY26 and FY27,respectively.Q1FY25 results:Total first-quarter revenue was$9.13bn,an increase of 11%Y/Y and 11%CC.The first quarter GAAP operating margin was 18.7%.First quarter non-GAAP operating margin was 32.1%.First

12、quarter GAAP diluted EPS was$1.56,and non-GAAP diluted EPS was$2.44.Guidance:For FY25,CRM has given its revenue between$37.7bn to$38.0bn,9%growth.Non-GAAP operating margin is expected to be around 32.5%.GAAP EPS is expected to be$6.07-$6.15 and non-GAAP EPS is expected to be$9.68-$9.76For Q1FY25,CRM

13、 has given its revenue between$9.12bn to$9.17bn,11%growth GAAP EPS is expected to be between$1.42 to$1.44 and non-GAAP EPS is expected to be between$2.37 to$2.39Stock performance:The stock price surged by 13.72%in the past 1-year.The stock has a 52-week high of$318.71 and its 52-week low is$193.68.T

14、he stock price showed a downward trend in the past 3-month period and gave-6.48%returns.Valuation RatiosPeriodP/EP/SALESEV/REVSEV/EBITDALTM 46.1x7.0 x6.7x23.6xFY1(Current Yr)25.9x6.6x6.4x15.2xFY2(Next Yr)23.3x6.0 x5.8x14.1xFY0 Per Share Metrics (Currency:Native)Cash&STInv:14.62Sales:35.42Total Debt:

15、10.71Cash Flow:8.23WorkingCap:2.52Free CF:9.65Book Value:61.24Dividends:010,00020,00030,00040,00050,00060,00070,00080,000$0$50$100$150$200$250$300$3506/27/20229/27/202212/27/20223/27/20236/27/20239/27/202312/27/20233/27/20246/27/2024Volume(000)Closing Price50 Day MA200 Day MAFinancial SummaryApr 24Q

16、Apr 24LTMJan 23AJan 24AJan25EJan26EJan27E3-yr CAGRRevenue9,13335,74331,35234,85737,99441,45245,5976%Growth(%)11.011.018.311.29.0%9.1%10.0%Gross Income6,97127,16522,99226,31628,99031,75235,3377%Margin(%)76.376.073.375.576.3%76.6%77.5%EBITDA2,59610,1775,6449,95812,55714,34216,55210%Margin(%)28.428.518

17、.028.633.1%34.6%36.3%EBIT1,7176,5931,8585,9998,4739,99011,99212%Margin(%)18.818.45.917.222.3%24.1%26.3%Net Income1,5335,4702084,1365,8477,4928,99415%Margin(%)16.815.30.711.915.4%18.1%19.7%Capex1636567987367608709588%of Sales1.81.82.52.12.0%2.1%2.1%Estimates (Currency:Native)PeriodSales(MIL)EBITDA(MI

18、L)EPSFY0(Actual)34,85712,5578.22FY1(Current Year)37,99412,5579.94FY2(Next Year)41,45214,34211.15CrispIdea|R E S E A R C HSalesforce,Inc3Source:Company Website,Crispidea AnalysisDoubles Down on AI and Data Cloud:Salesforce has emphasized its dedication to AI and data-driven innovation by highlighting

19、 significant growth and development within its Data Cloud platform.This centralized repository for customer data is designed to offer a unified view of customers across different touchpoints,enabling businesses to make more informed decisions.Additionally,Salesforce has stressed the strategic import

20、ance of AI in its overall strategy,showcasing how its AI capabilities are seamlessly integrated with major tech giants like Amazon,Google,and Microsoft.These partnerships aim to enhance Salesforces AI offerings and provide customers with access to a broader range of AI-powered tools and solutions.Co

21、nclusion:We reiterate our BUY rating for Salesforce as the company posted impressive financial results,showing an 11%increase in revenue primarily due to growth in subscription and support revenue.Salesforce demonstrated its AI and Data Cloud strengths through successful customer integrations with c

22、ompanies such as FedEx,Air India,and CrowdStrike,while strategic partnerships with leading tech companies continue to strengthen Salesforces position in the data and AI sector.HighlightsCrispIdea|R E S E A R C HSalesforce,Inc4Contents Highlights.1 Valuation Enterprise Value.5 CrispIdea Forecast.6 Cr

23、ispIdea Segment Forecast.7 P/E Analysis.8 Peer Valuation.9 CrispIdea Forecast Relative to Consensus.10 Consensus History and Surprise.11 Consensus Momentum.12 Actual&Historical Performance Income Statement.13 Balance Sheet14 Cash Flow.15 10 Year Historical Performance.16 Ratio Analysis.17 Du Pont An

24、alysis.19 ROIC&ROCE Analysis.20 Segment Performance21 M&A Deals.24 Peer Performance Summary.25 Profitability26 Growth.27 Price Performance28 Ownership29 Stock Price Performance31 Crispidea Coverage34CrispIdea|R E S E A R C HSalesforce,Inc5EV/Sales is expected to be 6.6x,6.1x and 5.5x for FY25,FY26 a

25、nd FY27,respectivelyValuationEV decreased to$250.65bn as of 29 Jul24 from$276.45bn as of 31 Jan 24.The stock price has decreased to$263.1 from$281.09.Total debt was$9.42bn and cash and ST Investments were$17.67bn as of 29 Jul24EV/Sales is 7.0 x on a LTM basis and is expected to be 6.6x,6.1x and 5.5x

26、 for FY25,FY26 and FY27,respectivelyEV/EBITDA is 24.6x on a LTM basis and is expected to be 15.9x,14.7x and 13.4x for FY25,FY26 and FY27,respectivelyEnterprise ValueEnterprise ValueLast fiscal yearCurrent as of 31 Jan 24as of 29 Jul 24Price in Native281.09263.1x Shares Outstanding:997984Equity Value

27、:2,80,2472,58,890-Cash and ST Investments14,19417,670-Equity Investments+Total Debt10,4009,429+Preferred Equity0+Minority Interest+Pension Obligations+Other Adjustments=Total Enterprise Value(TEV)2,76,4532,76,4532,50,6492,50,649Financial Valuation RatiosFinancial Valuation Ratios01/2024A01/2024A04/2

28、024LTM04/2024LTM01/2025E01/2025E01/2026E01/2026E01/2027E01/2027ETEV/Sales7.9x7.0 x6.6x6.1x5.5xTEV/EBITDA27.8x24.6x15.9x14.7x13.4xTEV/EBIT46.1x38.0 x20.4x17.9x15.6xEBITDA/Interest Expense343.4x126.7xEBIT/Interest Expense206.9x98.7x102.6x95.1xEBITDA-Capex/Interest Expense318.0 x328.3x92.8x96.3x89.5xTo

29、tal Debt/EBITDA1.0 x0.9x-Total Debt/EV4.3x3.9x-PE66.9x46.1x25.9x23.3x23.3xCrispIdea|R E S E A R C HSalesforce,Inc6CrispIdea ForecastPeriod End DateJan-22Jan-23Jan-24Jan-25Jan-26Jan-27Fiscal PeriodFY2022FY2023FY2024FY2025FY2026FY2027Revenue26492313523485737994.1341451.6045596.76 Y/Y Rev Growth24.7%18

30、.0%11.0%9.0%9.1%10.0%Cost of Revenue,Total7026836085419004.619699.6710259.27Gross Profit19466229922631628989.5231751.9235337.49 Selling/General/Admin.Expenses,Total13672151631452015197.6516373.3817873.93 Research&Development4465505549065319.185388.715471.61 Gross Margin73.5%73.0%75.0%76.30%76.60%77.

31、50%EBITDA39005644995812557.0614342.2516551.62 Y/Y EBITDA Growth13.8%44.7%76.0%26.1%14.2%15.4%EBITDA Margin14.7%18.0%29.0%33.1%34.6%36.3%Depreciation/Amortization3298378639594084.374352.424559.68EBIT602185859998472.699989.8311991.95 Interest Expense(Income)-Net Operating Unusual Expense(Income)105.01

32、319.01454.0879.00 Other Operating Expenses,TotalOperating Income497.00539.004545.007593.699989.8311991.95 Y/Y Op Income Growth9.2%8.0%743.0%67.1%31.6%20.0%Op Margin1.9%2.0%13.0%20.0%24.1%26.3%Interest Expense(Income),Net Non-Operating-104635-160 Gain(Loss)on Sale of Assets Other,Net-11.0156.0245.0In

33、come Before Tax1532.0660.04950.07593.699989.8311991.95 Tax87.94448.80814.001746.552497.462997.99Income After Tax1444.06208.004136.005847.147492.388993.96 Minority Interest Equity In Affiliates-216.0-287.0-29.0Net Income Before Extra.Items1444.1208.04136.05847.147492.388993.96Accounting ChangeDiscont

34、inued OperationsExtraordinary ItemNet Income Incl Extra Before Distribution1444.1208.04136.05847.147492.388993.96 Y/Y Net Income Growth-64.5%-86.0%1888.0%41.4%28.1%20.0%Net Margin5.5%1.0%12.0%15.4%18.1%19.7%Dividends per Share-Common Stock Primary IssueBasic Weighted Average Shares955.00992.00974.00

35、970.00968.00968.00Basic EPS Including Extraordinary Items1.510.214.256.037.749.29 Y/Y Basic EPS Including Extraordinary Items Growth-66.28%-86.00%1925.00%42%28%20%Diluted Weighted Average Shares974.0997.0984.0985.0976.0976.0Diluted EPS Including Extraordinary Items1.480.214.205.947.689.22 Y/Y Dilute

36、d EPS Including Extraordinary Items Growth-66.1%-86.0%1915.0%41.3%29.3%20.0%Dividends per Share-Common Stock Primary Issue0.000.000.00Normalized Income After Taxes1543.001065.405350.90Basic Normalized EPS1.621.075.496.037.749.29Diluted Normalized EPS1.581.075.445.976.947.91Diluted Normalised EPS Y/Y

37、-65%-32%408%10%16%14%Exclusion 3.305.034.024.003.473.47Proforma4.785.248.229.9411.1512.68Tax rate6%68%16%23.0%25%25%Actuals(Annual)Forecasts(Annual)CrispIdea|R E S E A R C HSalesforce,Inc7CrispIdea Segment ForecastSegment PerformanceSegment Contribution as a%of Sales FY24ASegment Contribution as a%o

38、f Sales FY25EFY2022FY2023FY2024FY2025FY2026FY2027Subscription and Support24657290213253735866.4639171.7643225.72YoY Growth%23.43%17.70%12.12%10.23%9.22%10.35%Professional services&Other1835.002331.002320.002127.672279.842371.03YoY Growth%43.81%27.03%-0.47%-8.29%7.15%4.00%Total26492313523485737994414

39、5245597Forecast EstimatesSegmentHistorical EstimatesSubscription and Support93%Professional services&Other7%Subscription and SupportProfessional services&OtherSubscription and SupportProfessional services&Other7%Subscription and SupportProfessional services&OtherCrispIdea|R E S E A R C HSalesforce,I

40、nc8PE Chart and Comparison44.5524.63247.630501001502002503003500.00200.00400.00600.00800.001000.001200.001400.007/26/20191/26/20207/26/20201/26/20217/26/20211/26/20227/26/20221/26/20237/26/20231/26/20247/26/2024PriceP/ETrailing P/EForward P/EPrice(P)44.5245.8547.4-55.9-200.00.0200.0400.0600.0800.010

41、00.01200.01400.026/07/201926/09/201926/11/201926/01/202026/03/202026/05/202026/07/202026/09/202026/11/202026/01/202126/03/202126/05/202126/07/202126/09/202126/11/202126/01/202226/03/202226/05/202226/07/202226/09/202226/11/202226/01/202326/03/202326/05/202326/07/202326/09/202326/11/202326/01/202426/0

42、3/202426/05/202426/07/2024Trailing P/EAverageAVG+1 STDEVAVG-1 STDEVCRM is currently trading at a trailing P/E of 44.55xIts current P/E is lower than its 5 year average P/E of 245.8x.It has“Avg+1STDEV”level of 547.4xCRMs forward P/E is expected to be 24.63xCrispIdea|R E S E A R C HSalesforce,Inc9Peer

43、 Comparison-ValuationPeer ValuationCompany NameEV(Mn)EV/Sales FY1EV/EBITDA FY1P/E(FY0)P/E(FY1)P/E(FY2)PEGCRMSalesforce Inc240,327 6x15x67x26x23x2xMSFT.OQMicrosoft Corp3,103,196 13x24x35x35x31x2xNOW.NServiceNow Inc165,977 15x45x84x60 x50 x3xORCL.NOracle Corp456,556 8x15x32x22x19x2xFIVN.OQFive9 Inc3,3

44、86 3x19x20 x17x1xIBM.NInternational Business Machines Corp229,470 4x15x20 x19x18x4xEBAY.OQeBay Inc26,222 3x8x8x11x11x1xIT.NGartner Inc37,243 6x25x41x40 x36x5xADBE.OQAdobe Inc233,515 11x22x52x29x26x2xWDAY.OQWorkday Inc55,801 7x23x46x33x29x2xSNOW.NSnowflake Inc39,865 11x151x207x131x17x110,889 7x23x38x

45、31x27x2xPeer MedianCRMs EV is$240.32bn and EV/Sales is expected to be 6x for FY25,which is the same to the peer medianCRMs EV/EBITDA is expected to be 15x for FY25,which is lower than peer median of 23xCRMs P/E is expected to be 26x and 23x for FY25 and FY26,respectively.CRMs peers-MSFT,NOW and ORCL

46、s P/E is expected to be 35x,60 x and 22x,respectively for FY1CrispIdea|R E S E A R C HSalesforce,Inc10CrispIdea Forecast Relative to ConsensusOur TP is based on forward P/E of 26.00 x,EPS of$11.15 and EV/EBITDA of 19.36x for FY26.We estimate revenues to grow by 9.0%,9.1%and 10.0%for FY25,FY26 and FY

47、27,respectively.Consensus estimates revenues to grow by 8.6%,9.2%and 10.0%for FY25,FY26 and FY27,respectivelyWe expect EPS to grow by 20.9%,12.2%and 13.7%,respectively for FY25,FY26 and FY27,respectively.Consensus estimates EPS to grow by 20.4%,11.0%and 13.8%for FY25,FY26 and FY27,respectivelyOur TP

48、 is based on forward P/E of 26.00 x,EPS of$11.15 and EV/EBITDA of 19.36x for FY26.0.0050.00100.00150.00200.00250.00300.00350.00400.000.000.501.001.502.002.503.003.504.004.505.0006-Jun-2320-Jun-2304-Jul-2318-Jul-2301-Aug-2315-Aug-2329-Aug-2312-Sep-2326-Sep-2310-Oct-2324-Oct-2307-Nov-2321-Nov-2305-Dec

49、-2319-Dec-2302-Jan-2416-Jan-2430-Jan-2413-Feb-2427-Feb-2412-Mar-2426-Mar-2409-Apr-2423-Apr-2407-May-2421-May-2404-Jun-2418-Jun-24Strong BuyBuyHoldSellStrong SellRecommendation MeanClose priceTarget PriceGrowth Rates and Valuation RatiosGrowth RatesEPSSalesCI EPSCI SalesFY1/FY020.4%8.6%20.9%9.0%FY2/F

50、Y111.0%9.2%12.2%9.1%FY3/FY213.8%10.0%13.7%10.0%RatiosP/EPrice/SalesCI P/ECI Price/SalesFY125.906.5727.677.13FY223.306.0226.016.83FY320.505.4722.476.10CrispIdea|R E S E A R C HSalesforce,Inc11Consensus History and SurpriseFor Q1FY25,actual EPS beat consensus estimates and gave a 2.72%surpriseFor Q1FY

51、25,actual EPS beat consensus estimates and gave 2.72%surpriseFor Q4FY24,actual EPS beat consensus estimates and gave 1.15%surpriseFor Q1FY25,Mean EPS was$2.38 whereas actual EPS was$2.44CRM has been consistently delivering positive earning surprises since 2018Period EndReport DateMeanActual%SurpSUE#

52、Ests4/30/20245/29/20242.382.442.723.15371/31/20242/28/20242.262.291.151.573910/31/202311/29/20232.062.112.392.60397/31/20238/30/20231.902.1211.8120.07384/30/20235/31/20231.611.695.003.70401/31/20233/1/20231.361.6823.2111.444110/31/202211/30/20221.211.4015.239.53407/31/20228/24/20221.021.1916.538.113

53、94/30/20225/31/20220.940.984.673.04401/31/20223/1/20220.740.8413.703.154010/31/202111/30/20210.921.2738.0022.09407/31/20218/25/20210.921.4861.3228.38374/30/20215/27/20210.881.2136.7419.82371/31/20212/25/20210.751.0439.0512.343610/31/202012/1/20200.751.74132.9359.82357/31/20208/25/20200.671.44116.129

54、1.24344/30/20205/28/20200.690.701.000.21341/31/20202/25/20200.560.6618.917.693610/31/201912/3/20190.660.7514.196.06367/31/20198/22/20190.470.6640.9416.3237CrispIdea|R E S E A R C HSalesforce,Inc12Consensus MomentumFor FY25,Consensus EPS estimates has increased to$9.90 in Jul-24 from$7.45 in Aug-23Fo

55、r FY25,Consensus EPS estimates has increased to$9.90 in Jul-24 from$7.45 in Aug-23For FY26,Consensus estimates have increased to$10.99 in Jul-24 from$8.99 in Aug-23Long-term growth decreased to 16.24%in Jul-24 from 25.12%in Aug-237.457.968.058.058.198.198.209.689.759.769.909.900.005.0010.0015.00Aug/

56、23 Sep/23 Oct/23 Nov/23 Dec/23 Jan/24 Feb/24 Mar/24 Apr/24 May/24 Jun/24Jul/24EPS Current Year(FY1)8.999.339.399.399.539.569.5510.9811.0311.0011.0310.990.005.0010.0015.00Aug/23 Sep/23 Oct/23 Nov/23 Dec/23 Jan/24 Feb/24 Mar/24 Apr/24 May/24 Jun/24 Jul/24EPS Next Year(FY2)25.12%26.35%26.35%26.35%26.77

57、%26.77%26.77%16.22%16.22%16.22%16.24%16.24%0.00%10.00%20.00%30.00%Aug/23 Sep/23 Oct/23 Nov/23 Dec/23 Jan/24 Feb/24 Mar/24 Apr/24 May/24 Jun/24 Jul/24EPS%Growth Long Term GrowthCrispIdea|R E S E A R C HSalesforce,Inc13Income StatementAll figures(except per share item)in MillionPeriod End DateJan-24Ja

58、n-23Jan-22Jan-21Jan-20Apr-24Jan-24Oct-23Jul-23Apr-23Fiscal PeriodFY2024FY2023FY2022FY2021FY2020FY2025Q1FY2024Q4FY2024Q3FY2024Q2FY2024Q1Revenue34,857.0 31,352.0 26,492.0 21,252.0 17,098.0 9,133.0 9,287.0 8,720.0 8,603.0 8,247.0 Rev Growth Q/Q-2%7%1%4%-2%Rev Growth Y/Y11%18%25%24%29%11%11%11%11%11%Cos

59、t of Revenue,Total8,541.0 8,360.0 7,026.0 5,438.0 4,235.0 2,162.0 2,148.0 2,155.0 2,113.0 2,125.0 Gross Profit26,316.0 22,992.0 19,466.0 15,814.0 12,863.0 6,971.0 7,139.0 6,565.0 6,490.0 6,122.0 Selling/General/Admin.Expenses,Total14,520.0 15,163.0 13,672.0 11,302.0 9,282.0 3,663.0 3,846.0 3,582.0 3

60、,523.0 3,569.0 Research&Development4,906.0 5,055.0 4,465.0 3,598.0 2,766.0 1,368.0 1,275.0 1,204.0 1,220.0 1,207.0 Gross Margin75%73%73%74%75%76%77%75%75%74%EBITDA9958.05644.03900.03426.02598.02596.05754.04562.03669.02377.0 EBITDA Growth Q/Q-6%14%0%2%7%EBITDA Growth Y/Y76%45%14%32%70%9%24%73%120%157

61、%EBITDA Margin29%18%15%16%15%28%62%52%43%29%Depreciation/Amortization3,959.0 3,786.0 3,298.0 2,846.0 2,135.0 879.0 3,959.0 3,006.0 2,144.0 1,254.0 EBIT5,999.0 1,858.0 602.0 580.0 463.0 1,717.0 1,795.0 1,556.0 1,525.0 1,123.0 Interest Expense(Income)-Net Operating00 Unusual Expense(Income)1,454.0 1,3

62、19.0 105.0 -166.0 138.0 284.0 153.0 129.0 888.0 Other Operating Expenses,Total00Operating Income4,545.0 539.0 497.0 455.0 297.0 1,579.0 1,511.0 1,403.0 1,396.0 235.0 Op Income Growth Q/Q4.50%7.70%0.50%494.04%1908%Op Income Growth Y/Y743%8%9%53%-44%571.91%11723.08%257.91%824.50%2511%Op Margin13%2%2%2

63、%2%17%16%16%16%3%Interest Expense(Income),Net Non-Operating(160.0)35.0 (1,046.0)(2,106.0)(415.0)(167.0)(76.0)44.0 19.0 (36.0)Gain(Loss)on Sale of Assets00 Other,Net245.0 156.0 (11.0)-(6.0)121.0 58.0 128.0 115.0 55.0 Income Before Tax4,950.0 660.0 1,532.0 2,561.0 706.0 1,867.0 1,645.0 1,487.0 1,492.0

64、 326.0 Tax814.0 452.0 88.0 (1,534.0)574.0 334.0 199.0 263.0 225.0 127.0 Effective Tax Rate(%)16.44%68.48%5.74%-59.90%81.30%17.89%12.10%17.69%15.08%38.96%Income After Tax4,136.0 208.0 1,444.0 4,095.0 132.0 1,533.0 1,446.0 1,224.0 1,267.0 199.0 Minority Interest00 Equity In Affiliates(29.0)(287.0)(216

65、.0)(126.0)(130.0)0-(70.0)(70.0)-Net Income Before Extra.Items4,136.0 208.0 1,444.0 4,095.0 132.0 1,533.0 1,446.0 1,224.0 1,267.0 199.0 Accounting Change00Discontinued Operations00Extraordinary Item0-(23.0)(6.0)0Net Income Incl Extra Before Distribution4136.0208.01444.04072.0126.01533.01446.01224.012

66、67.0199.0 Net Income Growth Q/Q6%18%-3%537%303%Net Income Growth Y/Y1888%-86%-65%3132%-89%670%1576%483%1763%611%Net Margin12%1%5%19%1%17%16%14%15%2%Basic Weighted Average Shares974.0 992.0 955.0 908.0 829.0 970.0 968.0 972.0 975.0 980.0 Basic EPS Including Extraordinary Items4.250.211.514.480.151.58

67、1.491.261.300.20 Basic EPS Including Extraordinary Items Growth Q/Q6%19%-3%540%304%Basic EPS Including Extraordinary Items Growth Y/Y1925%-86%-66%2851%-90%678%1600%498%1805%619%Diluted Weighted Average Shares984.0 997.0 974.0 930.0 850.0 985.0 981.0 981.0 986.0 988.0 Diluted EPS Including Extraordin

68、ary Items4.200.211.484.380.151.561.471.251.280.20 Diluted EPS Including Extraordinary Items Growth Q/Q6%18%-3%538%302%Diluted EPS Including Extraordinary Items Growth Y/Y1915%-86%-66%2854%-90%673%1580%494%1792%620%Dividends per Share-Common Stock Primary Issue00.40000Normalized Income After Taxes5,3

69、50.9 1,065.4 1,543.0 4,176.3 239.9 1,646.3 1,695.6 1,349.9 1,376.5 741.1 Basic Normalized EPS5.491.071.624.600.291.701.751.391.410.76Diluted Normalized EPS5.441.071.584.490.281.671.731.381.400.75Actuals(Annual)Actuals(Quarterly)Total revenue for Q1FY25 was$9,133mn,an increase of 11%Y/Y.This increase

70、 in revenue was caused by volume-driven increases from new businesses,which include new customers,upgrades,and additional subscriptions from existing customers.Operating Income for Q1FY25 was$1,579mn and operating margin was 17%Earnings per Share was$1.56 in Q1FY25 and Non-GAAP EPS was$2.44 CrispIde

71、a|R E S E A R C HSalesforce,Inc14Balance SheetPeriod End DateJan-24Jan-23Jan-22Jan-21Jan-20Apr-24Jan-24Oct-23Jul-23Apr-23FY2024FY2023FY2022FY2021FY2020FY2025Q1FY2024Q4FY2024Q3FY2024Q2FY2024Q1Cash and Short Term Investments14,194 12,508 10,537 11,966 7,947 17,670 14,194 11,863 12,397 13,977 Total Rec

72、eivables,Net13,319 12,531 11,193 8,932 7,100 6,138 13,319 6,607 7,181 6,404 Total Inventory-Prepaid Expenses1,561 1,356 1,120 991 888 1,796 1,561 1,732 1,560 1,600 Other Current Assets,Total-28 -Total Current Assets29,074 26,395 22,850 21,889 15,963 25,604 29,074 20,202 21,138 21,981 Property/Plant/

73、Equipment,Total-Net6,055 6,592 5,695 5,663 5,415 5,761 6,055 6,325 6,451 6,341 Goodwill,Net48,620 48,568 47,937 26,318 25,134 48,940 48,620 48,614 48,566 48,567 Intangibles,Net5,278 7,125 8,978 4,114 4,724 4,869 5,278 5,737 6,182 6,654 Long Term Investments4,848 4,672 4,784 3,909 1,963 4,978 4,848 4

74、,774 4,778 4,633 Note Receivables LT2,515 2,697 2,421 1,757 1,441 2,286 2,515 2,194 2,352 2,506 Other Long Term Assets,Total3,433 2,800 2,544 2,651 486 3,742 3,433 3,176 2,980 2,859 Total Assets99,823 98,849 95,209 66,301 55,126 96,180 99,823 91,022 92,447 93,541 Accounts Payable5,739 6,486 5,360 4,

75、320 3,356 5,520 6,111 5,308 5,059 5,733 Accrued Expenses518 590 686 766 750 568 518 523 510 591 Notes Payable/Short Term Debt-Current Port.of LT Debt/Capital Leases1,371 1,439 114 35 53 1,000 999 999 999 181 Other Current liabilities,Total19,003 17,376 15,628 12,607 10,686 16,061 19,003 12,564 14,23

76、7 15,121 Total Current Liabilities26,631 25,891 21,788 17,728 14,845 23,149 26,631 19,394 20,805 21,626 Total Long Term Debt9,029 9,953 10,863 2,766 3,005 8,429 8,427 8,426 8,424 9,421 Total Debt10,400 11,392 10,977 2,801 3,058 9,429 9,426 9,425 9,423 9,602 Deferred Income Tax-Minority Interest-Othe

77、r Liabilities,Total4,517 4,646 4,427 4,314 3,391 4,919 5,119 5,112 5,136 5,082 Total Liabilities40,177 40,490 37,078 24,808 21,241 36,497 40,177 32,932 34,365 36,129 Redeemable Preferred Stock,Total-Preferred Stock-Non Redeemable,Net-Common Stock,Total1 1 1 1 1 1 1 1 1 1 Additional Paid-In Capital59

78、,841 55,047 50,919 35,601 32,116 60,946 59,841 58,149 57,345 56,026 Retained Earnings(Accumulated Deficit)11,721 7,585 7,377 5,933 1,861 12,866 11,721 10,275 9,051 7,784 Treasury Stock-Common(11,692)(4,000)-(13,860)(11,692)(10,004)(8,057)(6,144)Other Equity,Total(225)(274)(166)(42)(93)(270)(225)(331

79、)(258)(255)Total Equity59,646 58,359 58,131 41,493 33,885 59,683 59,646 58,090 58,082 57,412 Total Liabilities&Shareholders Equity99,823 98,849 95,209 66,301 55,126 96,180 99,823 91,022 92,447 93,541 Actuals(Annual)Actuals(Quarterly)Fiscal PeriodAs of Apr24,CRMs Cash and short term investments was w

80、orth$17,670mn as compared to$13,977mn as of Apr23As of Apr24,CRM had Total Assets worth$96,180mn as compared to$93,541mn as of Apr23As of Apr24,CRMs Total Debt decreased to$9,429mn as compared to$9,602mn as of Apr24As of Apr24,CRMs Total Liabilities increased to$36,497mn as compared to$36,129mn as o

81、f Apr23Source:RefinitivCrispIdea|R E S E A R C HSalesforce,Inc15The net cash provided by operating activities during the three months ended April 30,2024 was primarily comprised of net income of$1.5bn,adjusted for non-cash items,including$879mn of depreciation and amortization and$750mn of stock-bas

82、ed compensation expense.The net cash used in investing activities during the three months ended April 30,2024 was primarily related to net outflows from marketable securities activity of$2bn,net outflows for the acquisition of Spiff of$338mn,net outflows from strategic investment activity of$150mn a

83、nd capital expenditures of$163 million.Net cash used in financing activities during the three months ended April 30,2024 consisted primarily of$2.1bn from repurchases of common stock and$388mn related to payments of dividends,partially offset by$533mn from proceeds from equity plans.Cash Flow Jan-24

84、Jan-23Jan-22Jan-21Jan-20Apr-24Jan-24Oct-23Jul-23Apr-23FY2024FY2023FY2022FY2021FY2020FY2025Q1FY2024Q4FY2024Q3FY2024Q2FY2024Q1 Net Income/Starting Line4,136 208 1,444 4,072 126 1,533 4,136 2,690 1,466 199 Depreciation/Depletion3,959 3,786 3,298 2,846 2,135 879 3,959 3,006 2,144 1,254 Amortization-Defe

85、rred Taxes-Non-Cash Items4,989 5,186 2,916 (925)2,400 1,230 4,989 3,783 2,536 1,307 Changes in Working Capital(2,850)(2,069)(1,658)(1,192)(330)2,605 (2,850)(2,648)(847)1,731 Cash from Operating Activities10,234 7,111 6,000 4,801 4,331 6,247 10,234 6,831 5,299 4,491 Capital Expenditure(736)(798)(717)

86、(710)(643)(163)(736)(589)(423)(243)Acquisition of business(82)(439)(14,876)(1,281)(369)(338)(82)(82)-Other Investing Cash Flow Items.Total(509)(752)1,057 (1,980)(1,968)(2,150)(509)(188)(382)590 Cash from Investing Activities(1,327)(1,989)(14,536)(3,971)(2,980)(2,651)(1,327)(859)(805)347 Total Cash D

87、ividends Paid-(388)-Issuance(retirement)of stock,net(5,666)(3,139)1,289 1,321 840 (1,600)(5,666)(4,843)(3,192)(1,605)Issurance(retirement)of debt,net(1,811)(423)6,549 (127)(676)(120)(1,811)(1,688)(1,574)(1,111)Other Financing-Cash from Financing Activity(7,477)(3,562)7,838 1,194 164 (2,108)(7,477)(6

88、,531)(4,766)(2,716)FX26 (8)(33)26 (39)(2)26 (4)28 17 Net Change in Cash1,456 1,552 (731)2,050 1,476 1,486 1,456 (563)(244)2,139 Actuals(Annual)Actuals(Quarterly)Fiscal PeriodCash FlowCrispIdea|R E S E A R C HSalesforce,Inc16Common Size Ratio AnalysisJan-15Jan-16Jan-17Jan-18Jan-19Jan-20Jan-21Jan-22Ja

89、n-23Jan-24FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024TTM or MRQMargins and ProfitabilityCOGS (%of Sales)24.0%24.8%26.5%26.3%26.0%24.8%25.6%26.5%26.7%24.5%24.0%Gross Profit Margin76.0%75.2%73.5%73.7%74.0%75.2%74.4%73.5%73.3%75.5%76.0%SG&A(%of Sales)62.8%58.7%55.5%53.5%53.8%54.3%53.2%

90、51.6%48.4%41.7%40.9%R&D(%of Sales)14.8%14.2%14.3%14.7%14.2%16.2%16.9%16.9%16.1%14.1%14.2%Tax Rate-173.8%-80.4%-15.7%-17.3%81.3%-59.9%5.7%68.5%16.4%15.7%EBIT Margin-2.5%1.7%2.6%4.3%4.2%2.7%2.7%2.3%5.9%17.2%18.4%EBITDA Margin-1.3%2.9%3.7%5.5%6.0%4.8%4.9%5.0%8.8%19.8%20.9%Operating Margin-2.7%1.7%2.6%4

91、.3%4.0%1.7%2.1%1.9%1.7%13.0%16.5%Net Profit Margin-4.9%-0.7%3.8%4.6%8.7%0.8%19.3%5.5%0.7%11.9%15.3%Turnover RatioROIC6.0%7.6%9.2%23.1%11.6%7.4%7.7%-9.9%14.6%-Return on Assets 3.4%4.3%4.7%5.1%8.2%5.9%7.5%5.8%5.4%8.1%-Financial Leverage(Average)2.682.552.342.121.971.631.601.641.691.671.61Return on Equ

92、ity 9.7%11.3%11.3%11.7%17.1%10.3%12.2%9.4%8.7%13.7%9.6%Capital Structure&CoverageCap Ex as a%of Sales-5.4%-10.6%-5.5%-5.1%-4.5%-3.8%-3.3%-2.7%-2.5%-2.1%-1.8%Free Cash Flow/Sales-1.9%-3.4%5.8%6.7%11.4%9.5%29.3%15.2%10.2%21.1%22.4%Free Cash Flow/Net Income 39.1%482.8%152.0%195.8%136.9%1288.9%153.0%278

93、.7%1536.5%177.9%146.4%Net Debt/EBITDA4.011.241.91-0.62-0.29-Net Debt/Total Equity30%-14%8%-27%-4%-14%-22%1%-2%-6%-7.8%Net Debt/EV3.671.342.68-0.89-0.48-EBIT/Net Interest-1.81.52.45.23.63.64.62.86.5206.9-Growth in%Revenue Growth32.024.126.524.926.028.724.324.718.311.211.0EBIT Growth52.7182.295.9108.3

94、23.8-17.625.33.8208.6222.9122.7EPS Growth-11.575.3531.243.3128.4-81.31491.1-64.7-32.5408.9247.3Op Cash Flow Growth34.941.529.326.624.127.510.925.018.543.924.6FCF Growth267.897.979.4108.5-86.51071.438.9-135.7312.3-6.2113.0Enterprise ValueMarketcap(USD Mn)37,425 52,058 47,696 73,841 104,782 144,262 20

95、4,223 250,318 132,590 254,720 248,568 Net Debt(cash)(USD Mn)1,202 (677)583 (2,801)(696)(4,889)(9,165)440 (1,116)(3,794)(4,605)Total Enterprise Value38,849 52,763 49,011 72,811 105,723 140,956 197,403 251,518 131,272 252,282 240,327 ValuationP/E(diluted)-232.7301.896.5162.458.0138.3477.999.946.1EV/Re

96、venue7.78.46.27.38.48.99.710.14.37.46.7EV/EBITDA109.292.571.065.170.058.467.360.231.426.823.6EV/EBIT-929.5464.8195.0167.0220.6607.4266.7264.146.836.5P/BV9.911.07.08.47.14.35.04.42.24.44.2Ratio AnalysisSource:RefinitivCrispIdea|R E S E A R C HSalesforce,Inc17Historical Ratios Profitability Historical

97、 Ratios Cost Drivers75.2%74.4%73.5%73.3%75.5%76.0%FY2020FY2021FY2022FY2023FY2024TTMor MRQGross Margin0.8%19.3%5.5%0.7%11.9%15.3%FY2020FY2021FY2022FY2023FY2024TTMor MRQNet Margin1.7%2.1%1.9%1.7%13.0%16.5%FY2020FY2021FY2022FY2023FY2024TTMor MRQOperating Margin24.8%25.6%26.5%26.7%24.5%24.0%FY2020FY2021

98、FY2022FY2023FY2024TTMor MRQCOGS(as%of Sales)54.3%53.2%51.6%48.4%41.7%40.9%FY2020FY2021FY2022FY2023FY2024TTMor MRQSG&A as%of Sales16.2%16.9%16.9%16.1%14.1%14.2%FY2020FY2021FY2022FY2023FY2024TTMor MRQR&D as%of SalesOn a TTM basis,Gross margin increased to 76%as compared to 75.5%in FY24 because of a de

99、cline in COGS(as a%of sales).COGS as a%of sales decreased to 24.0%on a TTM basis as compared to 24.5%in FY24On a TTM basis,Operating margin increased to 16.5%as compared to 1.7%in FY24.SG&A as a%of sales decreased to 40.9%on a TTM basis,as compared to 41.7%in FY24 On a TTM basis,R&D as a%of sales wa

100、s 14.2%as compared to 14.1%in FY24On a TTM basis,Net margin increased to 15.3%as compared to 11.9%in FY24Source:RefinitivCrispIdea|R E S E A R C HSalesforce,Inc18Growth RatiosReturn Ratios5.9%7.5%5.8%5.4%8.1%0.0%FY2020FY2021FY2022FY2023FY2024TTMor MRQReturn on Assets1.61.61.61.71.71.6FY2020FY2021FY2

101、022FY2023FY2024TTMor MRQFinancial Leverage10.3%12.2%9.4%8.7%13.7%9.6%FY2020FY2021FY2022FY2023FY2024TTMor MRQReturn on Equity29%24%25%18%11%11%FY2020FY2021FY2022FY2023FY2024TTMor MRQRevenue Growth YoY-81%1491%-65%-33%409%247%FY2020FY2021FY2022FY2023FY2024TTMor MRQEPS Growth YoY-18%25%4%209%223%123%FY

102、2020FY2021FY2022FY2023FY2024TTMor MRQOperating Income Growth YoYOn a TTM basis,Revenues Growth remained the same at 11%Y/Y as compared to FY24.For Q1FY25,Revenue Growth remained the same at 11%as compared to Q1FY24On a TTM basis,Operating Income Growth decreased to 123%compared to 223%in FY24.On a T

103、TM basis,EPS Growth decreased to 247%as compared to 409%in FY24On a TTM basis,ROA and ROE were 0%and 9.6%,respectively.Financial leverage was 1.6x on a TTM basis,less when compared to FY24 Source:RefinitivCrispIdea|R E S E A R C HSalesforce,Inc19Du Pont Analysis17.2%13.71%0.35x1.67x0.00 x0.50 x1.00

104、x1.50 x2.00 x2.50 x3.00 x-5.0%0.0%5.0%10.0%15.0%20.0%12345678910EBIT MarginReturn on EquityAsset TurnoverLeverage FactorDuPont Analysis2015201620172018201920202021202220232024Tax Burden123.3%-73.8%180.4%115.7%117.3%18.7%159.9%94.3%31.5%83.6%Growth(bps)5841bps-19706bps25423bps-6473bps158bps-9860bps14

105、120bps-6564bps-6274bps5204bpsInterest Burden157.5%57.8%82.1%92.5%174.9%152.5%441.6%254.5%35.5%82.5%Growth(bps)3236bps-9972bps2435bps1040bps8240bps-2243bps28907bps-18707bps-21896bps4699bpsEBIT Margin-2.5%1.7%2.6%4.3%4.2%2.7%2.7%2.3%5.9%17.2%Growth(bps)451bps419bps91bps172bps-8bps-152bps2bps-46bps365b

106、ps1128bpsAsset Turnover0.54x0.57x0.56x0.53x0.50 x0.40 x0.35x0.33x0.32x0.35xGrowth(bps)-123bps269bps-131bps-233bps-289bps-1056bps-482bps-220bps-49bps278bpsLeverage Factor2.68x2.55x2.34x2.12x1.97x1.63x1.60 x1.64x1.69x1.67xGrowth(bps)-582bps-1318bps-2065bps-2259bps-1490bps-3428bps-290bps400bps560bps-20

107、2bpsReturn on Equity9.74%11.29%11.28%11.74%17.07%10.28%12.15%9.35%8.67%13.71%Growth(bps)1841bps155bps-1bps46bps533bps-679bps187bps-280bps-68bps504bpsDuPont Analysis:ROE increased to 13.71%in FY24 as compared to 8.67%in FY23,due to increase in interest burden and tax burden in FY24EBIT margin increas

108、ed to 17.2%in FY24 from 5.9%in FY23.Tax burden increased to 83.6%in FY24 from 31.5%in FY23.Interest burden increased to 82.5%in FY24 as compared to 35.5%in FY23Asset Turnover increased to 0.35x in FY24 as compared to 0.32x in FY23.Leverage factor decreased to 1.67x in FY24 from 1.69x in FY23CrispIde

109、a|R E S E A R C HSalesforce,Inc20FY-10FY-9FY-8FY-7FY-6FY-5FY-4FY-3FY-2FY-1FY0ROIC2015201620172018201920202021202220232024-2.81-1.696.296.795.850.362.691.140.958.39FY-10FY-9FY-8FY-7FY-6FY-5FY-4FY-3FY-2FY-1FY0ROCE2015201620172018201920202021202220232024-2.36-1.224.514.734.200.292.090.930.806.86ROIC&RO

110、CE Analysis8.396.86-4.00-2.000.002.004.006.008.0010.002015201620172018201920202021202220232024ROICROCEROIC increased to 8.39%in FY24 from 0.95%in FY23,due to increase in earnings of the companyROCE increased to 6.86%in FY24 from 0.80%in FY23CrispIdea|R E S E A R C HSalesforce,Inc21Segment Performanc

111、e-GeographySource:Company Website,Crispidea AnalysisQ1FY25 Results Overview:Americas:Revenue from Americas increased by 11%to$6.06bn in Q1FY25 from$5.48bn in Q1FY24.Europe:Revenue from Europe increased by 10%to$2.14bn in Q1FY25 from$2.14bn in Q1FY24.Asia Pacific:Revenue from the Asia Pacific increas

112、ed by 14%to$926mn in Q1FY25,compared to$814mn in Q1FY24.Revenues by geography are determined based on the region of the Companys contracting entity,which may be different than the region of the customer.Americas revenue attributed to the United States was approximately 93 percent during the three mo

113、nths ended April 30,2024 and 2023.No other country represented more than ten percent of total revenue during the three months ended April 30,2024 and 2023.Period End DateFiscal PeriodApr-24Apr-23%ChangeRevenue:Q1FY25Q1FY24Americas6,0625,48211%Europe2,1451,95110%Asia Pacific92681414%Total Revenue9,13

114、38,24711%Actuals(Quarterly)CrispIdea|R E S E A R C HSalesforce,Inc22Source:Company Website,Crispidea AnalysisQ1FY25 Results Overview:Subscription and Support:Subscription revenues increased by 12%to$8.58bn in Q1FY25.Subscription and support revenues accounted for approximately 94 percent and 93 perc

115、ent of our total revenues for the three months ended April 30,2024 and 2023,respectively.The increase in subscription and support revenues for the three months ended April 30,2024 was primarily caused by volume-driven increases from new business,which includes new customers,upgrades and additional s

116、ubscriptions from existing customers.Sales:Sales revenues increased by 10%to$1.99bn in Q1FY25 as compared to$1.81bn in Q1FY24.Services:Services revenues were$2.18bn in Q1FY25,up by 11%from$1.96bn in Q1FY24.Platform and Other:Platform revenues increased by 10%to$1.71bn in Q1FY25 as compared to$1.56bn

117、 in Q1FY24.Marketing&Commerce:Marketing&Commerce revenues increased by 10%to$1.28bn in Q1FY25 compared to$1.17bn in Q1FY24.Data:Total revenues were$1.40bn in Q1FY25,up 24%from$1.13bn in Q1FY24.Segment Performance-BusinessPeriod End DateFiscal PeriodApr-24Apr-23%ChangeSubscription&Support revenue by

118、service offeringQ1FY25Q1FY24Sales1,9981,81010%Service2,1821,96411%Platform&Other1,7181,56710%Marketing and commerce1,2821,17010%Data1,4051,13124%Total8,5857,64212%Actuals(Quarterly)CrispIdea|R E S E A R C HSalesforce,Inc23Source:Company Website,Crispidea AnalysisProfessional Services and Other:Profe

119、ssional Services and Other revenues were$548mn in Q1FY25 compared to$605mn in Q1FY24,a 9.4%decrease Y/Y.The decrease in professional services and other revenues was due primarily to less demand for larger,multi-year transformation engagements and,in some cases,delayed projects.These trends may conti

120、nue in the near termSegment PerformancePeriod End DateFiscal PeriodApr-24Apr-23%ChangeRevenue:Q1FY25Q1FY24Subscription&Support8,5857,64212.3%Professional Services and Other548605(9.4%)Total Revenue9,1338,24710.7%Actuals(Quarterly)CrispIdea|R E S E A R C HSalesforce,Inc24Top M&A deals in the recent p

121、astSource:RefinitivAcquiror Full NameTarget Full NameDate AnnouncedRank DateDeal Value Deal SynopsisSalesforce IncSpoke Technologies GmbH7-17-20247-17-2024-GERMANY-Salesforce Inc of the US acquired Spoke Technologies GmbH,a Berlin-based software publisher.Salesforce IncInformatica Inc4-12-20244-12-2

122、024-US-Salesforce Inc was rumored to be planning to acquire the entire share capital of Informatica Inc,a Redwood City-based software publisher.The terms of the transaction were not disclosed,but according to sources close to the transaction,the value was estimated at USD 11.35 bil.Salesforce IncSpi

123、ff Inc12-18-202312-18-2023-US-Salesforce Inc acquired Spiff Inc,a Sandy-based software publisher.Terms of the transaction were not disclosed.Salesforce IncAirkit Inc9-21-20239-21-2023-US-Salesforce Inc definitively agreed to acquire Airkit Inc,a Palo Alto-based software publisher.Salesforce IncSales

124、force Inc8-24-20228-24-202220000US-On 24 August 2022,the board of S Inc,a San Francisco-based provider of software integrated services,authorized the repurchase of up to USD 10 bil of the companys entire share capital,in open market or via privately negotiated transaction.As of 31 January 2023,the c

125、ompany had purchased shares at a total cost of USD 4 bil.On 1 March 2023,the board authorized an additional USD 10 bil worth of shares in the program.Salesforce IncTroops Inc5-9-20225-9-2022-US-S Inc definitively agreed to acquire Troops.ai Inc,a New York City-based software publisher.Salesforce Inc

126、Phennecs LLC4-4-20224-4-2022-US-S Inc acquired Phennecs LLC,an Austin-based software publisher.S IncTraction Sales&Marketing Inc2-25-20222-25-2022-CANADA-S Inc of the US acquired Traction Sales&Marketing Inc,a Burnaby-based provider of management consulting services.Salesforce IncAtonit Tecnologia d

127、a Informacao Ltda2-2-20222-2-2022-BRAZIL-S Inc of the US acquired Atonit Tecnologia da Informacao Ltda,a Sao Paulo-based software publisher.S IncNarrative Science Inc11-15-202111-15-2021-US-S Inc ageed to acquire Narrative Science Inc,a Chicago-based software publisher.S IncLevelJump Software Corp9-

128、24-20219-24-2021-CANADA-S Inc of the US acquired LevelJump Software Corp,a Toronto-based software publisher.S IncLintao SA9-1-20219-1-2021-SWITZERLAND-S Inc of the US acquired Lintao SA,a Geneva-based software publisher.S IncUhuru Corp1-5-20211-5-2021-JAPAN-S Inc of the US acquired an undisclosed mi

129、nority stake in Uhuru Corp,a Minato-Ku,Tokyo-based provider of custom computer programming services,in a privately negotiated transaction.S IncSlack Technologies Inc12-1-202012-1-202028419US-S Inc(Salesforce)acquired the entire share capital of Slack Technologies Inc(Slack),a San-Francisco-based sof

130、tware publisher for a total USD 28.419 bil.The consideration consisted of USD 26.790 in cash per share and 0.0776 Salesforce common per Slack share.The shares were valued based on Salesforces closing stock price of USD 245.8 on 30 November 2020,the last full trading day prior to the announcement.Ori

131、ginally,in November 2020,Salesforce was rumored to be planning to acquire Slack.S IncAcumen Solutions Inc12-1-202012-1-2020-US-S Inc acquired Acumen Solutions Inc,a McLean-based provider of computer related services.Financial terms of the transaction were not disclosed.S IncMobify Research&Developme

132、nt Inc9-4-20209-4-2020-CANADA-S Inc of the US definitively agreed to acquire Mobify Research&Development Inc,a Vancouver-based software publisher.The financial terms of the transaction were not disclosed.S IncUndisclosed Office Building,San Francisco,CA 3-17-20203-17-2020145US-S Inc acquired Undiscl

133、osed Office Building,a San Francisco-based software publisher,for a total USD 145 mil.S IncVlocity Inc2-25-20202-25-20201200US-S Inc acquired the remaining stake,which it did not already own,in Vlocity Inc,a San Francisco-based developer of cloud and mobile software,for an estimated USD 1.2 bil in c

134、ash.S IncEvergage Inc2-3-20202-3-2020-US-S Inc acquired Evergage Inc,a Somerville-based software publisher.CrispIdea|R E S E A R C HSalesforce,Inc25Peer Comparison-SummaryPeer Median115,07210.24%10.59%11.42%30Peer Size MetricsCompany NameFY EndingPriceMarket CapRevenue(FY0)Revenue(FY1)Revenue(FY2)EB

135、ITDA Margin(FY1)CRMSalesforce Inc1/31/2024256.52 248,567.88 11.18%8.57%9.18%41.74 MSFT.OQMicrosoft Corp6/30/2023418.40 3,109,676.74 6.88%15.59%14.37%53.49 NOW.NServiceNow Inc12/31/2023828.79 169,901.95 23.82%21.51%20.61%33.95 ORCL.NOracle Corp5/31/2024137.82 379,812.63 6.02%9.35%11.04%53.58 FIVN.OQF

136、ive9 Inc12/31/202344.73 3,304.11 16.90%15.92%18.83%17.06 IBM.NInternational Business Machines Corp12/31/2023191.98 176,353.34 2.20%2.13%4.59%24.81 EBAY.OQeBay Inc12/31/202353.12 26,666.24 3.24%1.62%3.54%31.39 IT.NGartner Inc12/31/2023461.99 35,864.50 7.87%5.59%8.74%24.23 ADBE.OQAdobe Inc12/1/2023532

137、.15 235,955.31 10.24%10.59%11.42%49.28 WDAY.OQWorkday Inc1/31/2024227.08 60,242.32 16.78%15.39%15.49%28.54 SNOW.NSnowflake Inc1/31/2024129.59 43,386.73 35.86%24.18%23.45%7.57 CRMs market cap is$248.56bn and competes with big software companies like ORCL,MSFT and ADBE.Market cap of CRMs peers ORCL,MS

138、FT and ADBE are$379.81bn,$3.10tn and$235.95bn,respectivelyCRMs revenues are expected to grow by 8.57%and 9.18%for FY25 and FY26,respectively.Its peers MSFT,ADBE and ORCL revenues are expected to grow by 15.59%,10.59%and 9.35%,respectively for FY1CRMs EBITDA margin is expected to be 41.74%in FY25.Its

139、 peers MSFT,ORCL and ADBE EBITDA margins are expected to be 53.49%,53.58%and 49.28%,respectively for FY1CrispIdea|R E S E A R C HSalesforce,Inc26Peer Comparison-ProfitabilityOn a LTM basis,Gross margin of CRM is 76.0%as compared to 71%of the peer median.Its peers MSFT and ORCL have gross margins of

140、69.89%and 71.41%,respectivelyOn a LTM basis,Operating margin of CRM was 16.48%as compared to 16%of the peer median.Its peers MSFT and ORCL have better operating margins of 44.63%and 28.99%,respectivelyOn a LTM basis,CRMs ROA and ROE are 5.77%and 9.34%,respectively,both lower than their respective pe

141、er medianPeer Median711693612Company NameGM LTM Op M LTM ROA LTMROE LTM Op M 5 yr AvgCRMSalesforce Inc76.00 16.48 5.77 9.34 4.83 MSFT.OQMicrosoft Corp69.89 44.63 19.94 38.49 39.83 NOW.NServiceNow Inc79.07 10.78 6.92 14.70 5.20 ORCL.NOracle Corp71.41 28.99 7.60 214.14 30.45 FIVN.OQFive9 Inc52.88 (8.9

142、1)(3.90)(14.97)(8.44)IBM.NInternational Business Machines Corp56.09 14.31 6.66 38.34 8.36 EBAY.OQeBay Inc72.11 19.83 12.77 45.37 24.36 IT.NGartner Inc67.72 18.47 10.57 133.87 16.62 ADBE.OQAdobe Inc88.24 30.51 17.56 34.22 33.91 WDAY.OQWorkday Inc75.64 3.53 10.19 21.10 (3.41)SNOW.NSnowflake Inc68.07 (

143、39.58)(12.61)(18.84)(51.74)Peer Profitability(%)CrispIdea|R E S E A R C HSalesforce,Inc27Peer Comparison-GrowthRICCompany NameEPS FQ1 YoY(%)EPS FQ0 YoY(%)EPS FY1 YoY(%)EPS FY0 YoY(%)Revenue FQ1 YoY(%)Revenue this Qtr YoY(%)EBITDA FQ1 YoY(%)CRMSalesforce Inc11.1544.3820.4256.877.3411.256.864.4116.159

144、.0548.1310.6311.097.90MSFT.OQMicrosoft Corp9.0720.0020.346.5114.5415.0318.40NOW.NServiceNow Inc18.3532.0727.6442.0319.8921.2419.37ORCL.NOracle Corp11.30-2.4012.398.596.305.1617.40FIVN.OQFive9 Inc-15.8517.076.6436.6710.039.87-13.32IBM.NInternational Business Machines Corp1.1411.475.115.372.070.913.55

145、EBAY.OQeBay Inc9.2112.6110.583.16-0.490.93-0.20IT.NGartner Inc6.111.742.630.535.424.563.50ADBE.OQAdobe Inc10.8214.5813.0817.219.829.8810.16WDAY.OQ Workday Inc15.2732.8216.9660.4415.9317.1621.88SNOW.NSnowflake Inc-28.08-6.67-36.23292.0026.0726.02-0.63Peer AverageSalesforce EPS is expected to grow by

146、11.15%as compared to the peer average of 4.41%for Q2FY25Revenue is expected to grow by 7.34%as compared to the peer average of 10.63%for Q2FY25For FY25,CRMs EPS is expected to grow by 20.42%,when compared to MSFT and NOWs 20.34%and 27.64%,respectively.For Q2FY25,CRMs EBITDA is expected to grow by 6.

147、86%,lower when compared to peer average of 7.90%CrispIdea|R E S E A R C HSalesforce,Inc28In the past 5-year,CRM delivered 60.36%returns,underperforming S&P index,which delivered 78.44%returns in the same periodPeer Comparison Price PerformanceCompany NamePrice in NativePerformance Comparison over mo

148、nthsRic CodeAs of July 26,20241 month3 month6 month1 year2 year3 year5 yearCRMSalesforce Inc256.525.50%(6.48)%(8.37)%13.72%50.49%3.60%60.36%MSFT.OQ Microsoft Corp418.40(7.47)%2.97%3.58%23.87%66.10%44.75%196.02%NOW.NServiceNow Inc828.799.93%14.54%7.71%43.57%96.01%41.87%186.45%ORCL.NOracle Corp137.82(

149、0.30)%17.58%20.22%19.32%86.17%56.86%135.59%FIVN.OQFive9 Inc44.739.79%(24.16)%(42.07)%(46.33)%(52.35)%(77.45)%(7.01)%IBM.NInternational Business Machines Corp191.9811.70%14.87%2.43%36.09%49.89%40.78%32.79%.SPXCboe Exchange Inc5,399.22(1.44)%5.87%10.39%18.23%37.70%22.09%78.44%150.49166.10196.01186.174

150、7.65149.89137.70050100150200250Jul 22Sep 22Nov 22Jan 23Mar 23May 23Jul 23Sep 23Nov 23Jan 24Mar 24May 24Jul 24Salesforce IncMicrosoft CorpServiceNow IncOracle CorpFive9 IncInternational Business Machines CorpCboe Exchange IncIn the past 5-year,CRM delivered 60.36%returns,underperforming S&P index,whi

151、ch delivered 78.44%returns in the same periodCRMs stock surged by 13.72%in the past 1-year,underperforming S&P which increased by 18.23%Its peers MSFT and NOW gave 23.87%and 43.57%returns in the past 1-yearCRM increased by 13.72%compared to a-1.44%decline in S&P in the past 1-month.Its peers MSFT an

152、d NOW grow by-7.47%and 9.93%in the past 1-month periodCrispIdea|R E S E A R C HSalesforce,Inc29OwnershipInvestor Full NameHoldings Pct Of Traded Shares HeldInvestor Shares HeldHoldings Change in Holdings ValueHoldings Value HeldHoldings Filing DateThe Vanguard Group,Inc.8.69%84,224,279305,485,97025,

153、366,668,34931-Mar-24BlackRock Institutional Trust Company,N.A.4.94%47,891,921195,860,66714,424,088,76731-Mar-24State Street Global Advisors(US)4.85%47,039,941302,147,99314,167,489,43031-Mar-24Fidelity Management&Research Company LLC3.65%35,345,678203,881,39210,645,411,30031-Mar-24Benioff(Marc Russel

154、l)2.30%22,269,457(31,589,877)5,725,477,39510-Jun-24Geode Capital Management,L.L.C.1.96%19,012,516154,502,9315,726,189,56931-Mar-24Capital World Investors1.57%15,207,188(1,311,378,982)4,580,100,88231-Mar-24Capital Research Global Investors1.48%14,376,536916,975,9414,329,925,11231-Mar-24Capital Intern

155、ational Investors1.46%14,116,449122,831,4444,251,592,11031-Mar-24T.Rowe Price Associates,Inc.1.27%12,306,856892,6983,706,578,89031-Mar-24JP Morgan Asset Management1.15%11,183,650928,152,4303,368,291,70731-Mar-24Fisher Investments1.12%10,841,178(1,224,081,055)3,265,145,99031-Mar-24Norges Bank Investm

156、ent Management(NBIM)1.08%10,497,571(129,535,138)2,762,330,83331-Dec-23Wellington Management Company,LLP1.04%10,082,675(120,677,706)3,036,700,05731-Mar-24Morgan Stanley Smith Barney LLC0.92%8,919,862122,722,7182,686,484,03731-Mar-24Nuveen LLC0.92%8,916,107256,603,2522,685,353,10631-Mar-24Legal&Genera

157、l Investment Management Ltd.0.84%8,153,0466,060,3442,455,534,39431-Mar-24Jennison Associates LLC0.84%8,104,051(152,301,004)2,440,778,08031-Mar-24Loomis,Sayles&Company,L.P.0.74%7,155,321(32,679,536)2,155,039,57931-Mar-24Polen Capital Management,LLC0.72%6,954,745(96,566,440)2,094,630,09931-Mar-24Crisp

158、Idea|R E S E A R C HSalesforce,Inc30Ownership Momentum113,547,633Capital International InvestorsGrowth500,677.00Los Angeles14,116,44924,421,113Coatue Management,L.L.C.Hedge Fund25,506.86New York4,700,83633,935,495Capital Research Global InvestorsGrowth1,227,628.25Los Angeles14,376,53643,595,947JP Mo

159、rgan Asset ManagementGARP724,362.90New York11,183,65052,779,186GQG Partners,LLCCore Growth120,336.68Fort Lauderdale3,022,17862,634,451RBC Global Asset Management(UK)LimitedCore Value47,923.92London2,634,45172,558,146Barclays Bank PLCBroker-Dealer157,350.33London3,282,71082,402,778Winslow Capital Man

160、agement,LLCAggres.Gr.27,158.16Minneapolis2,402,77892,262,766American Century Investment Management,Inc.Core Growth204,574.44Kansas City4,038,709102,008,233Pictet Asset Management(Europe)SA11,910.14Paris2,008,2331-5,472,703T.Rowe Price Associates,Inc.GARP1,083,214.67Baltimore12,306,8562-5,402,152Beni

161、off(Marc Russell)5,725.4822,269,4573-4,603,762Harris Associates L.P.Core Value92,047.79Chicago3,110,7084-4,051,495Wellington Management Company,LLPCore Value660,875.99Boston10,082,6755-3,933,257Independent Franchise Partners LLPYield14,010.57London06-3,559,919Polen Capital Management,LLCGARP45,948.2

162、1Boca Raton6,954,7457-2,670,989Fisher InvestmentsCore Value217,711.47Woodside10,841,1788-2,650,225Public Investment Fund435,927.25Riyadh09-2,425,834Morgan Stanley Investment Management Inc.(US)GARP101,206.76New York2,904,68510-2,407,207Manulife Investment Management(North America)LimitedCore Value17

163、8,183.07Toronto2,597,800Top BuyersTop BuyersRankShare NameInvestment StyleEquity Assets(M)Address CityCurrent SharesTop SellersTopSellersRankShare NameInvestment StyleEquity Assets(M)Address CityCurrent Shares0.000050.0000100.0000150.0000200.0000250.0000300.0000350.000002,000,0004,000,0006,000,0008,

164、000,00010,000,00012,000,00014,000,00016,000,000Top 5 Buyers(solid lines)and Top 5 Sellers(dotted lines)Capital InternationalInvestorsCoatue Management,L.L.C.Capital Research GlobalInvestorsJP Morgan AssetManagementGQG Partners,LLCT.Rowe Price Associates,Inc.Capital Research GlobalInvestorsHarris Ass

165、ociates L.P.Wellington ManagementCompany,LLPIndependent FranchisePartners LLPStock PriceCrispIdea|R E S E A R C HSalesforce,Inc31Stock Price Movement-3 MonthsThe stock price showed a downward trend in the past 3-month period and gave-6.48%returns.0.0050.00100.00150.00200.00250.00300.00350.000.0050.0

166、0100.00150.00200.00250.00300.00350.00Quarterly Price MovementPrice ClosePrice Target-MeanCrispIdea|R E S E A R C HSalesforce,Inc32Stock Price Movement-12 MonthsThe stock price surged by 13.72%in the past 1-year.The stock has a 52-week high of$318.71 and its 52-week low is$193.68.CRM has a 50-day mov

167、ing Avg.and 200-day moving Avg.of$253.03 and$261.66,respectively0.0050.00100.00150.00200.00250.00300.00350.00400.000.0050.00100.00150.00200.00250.00300.00350.00400.00Annual Price MovementPrice ClosePrice Target-MeanCrispIdea|R E S E A R C HSalesforce,Inc33Stock Price Movement-3 Year Price MovementIn

168、 the past 3 years,the stock has given returns of 3.60%.The stock surged from$242 in FY21 to$260.31 in FY240.0050.00100.00150.00200.00250.00300.00350.00400.000.0050.00100.00150.00200.00250.00300.00350.00400.003-Year Price MovementPrice ClosePrice Target-MeanCrispIdea|R E S E A R C HSalesforce,Inc34Cr

169、ispIdea CoverageWe maintain our“Buy”rating and downgrade TP to$290 for FY26.This provides an upside potential of 10%over the CMP of$263.10.Our TP is based on a forward P/E of 26.0 x,EPS of$11.15,and EV/EBITDA of 19.36x for FY26.134.751462252403102900.0050.00100.00150.00200.00250.00300.00350.0001-02-

170、201701-02-201801-02-201901-02-202001-02-202101-02-202201-02-202301-02-2024Adj CloseCI ForecastCrispIdea|R E S E A R C HSalesforce,Inc35CrispIdea CoverageDateCoverageRatingCMP($)Target Price($)HorizonAchievement03-Jan-17FundamentalBuy69.15979-MonthsAchieved03-Apr-17FundamentalBuy82.499712-MonthsAchie

171、ved24-Jul-17FundamentalBuy90.6210512-MonthsAchieved25-Sept-17FundamentalBuy92.4710512-MonthsAchieved13-Dec-17FundamentalBuy103.9411512-MonthsAchieved20-Mar-18FundamentalBuy125.114112-MonthsAchieved05-Jul-18FundamentalBuy138.315412-MonthsAchieved10-Sept-18FundamentalBuy150.416812-MonthsAchieved19-Dec

172、-18FundamentalBuy127.7316812-MonthsAchieved17-Apr-19FundamentalBuy154.5718012-MonthsAchieved17-Jun-19FundamentalBuy150.317112-MonthsAchieved13-Nov-19FundamentalBuy162.618012-MonthsAchieved05-May-20FundamentalBuy161.519212-MonthsAchieved16-Jul-20FundamentalBuy185.5122512-MonthsAchieved02-Oct-20Fundam

173、entalBuy247.8529012-MonthsAchieved05-Jan-21FundamentalBuy221.5229012-MonthsAchieved13-Apr-21FundamentalBuy23229012-MonthsAchieved09-Jul-21FundamentalBuy245.0629012-MonthsAchieved13-Oct-21FundamentalBuy278.6031612-MonthsAchieved31-Jan-22FundamentalBuy232.6331612-MonthsAchieved25-Mar-22FundamentalBuy2

174、11.0325712-MonthsAchieved15-Dec-22FundamentalHold134.7514612-MonthsAchieved12-May-23FundamentalBuy201.8122512-MonthsAchieved17-Aug-23FundamentalBuy203.8424012-MonthsAchieved20-Feb-24FundamentalBuy280.0031012-MonthsAchieved03-May-24FundamentalBuy273.6631012-MonthsTBD29-Jul-24FundamentalBuy263.1029012

175、-MonthsTBDCrispIdea|R E S E A R C HSalesforce,Inc36About CrispIdeaCrispIdea is a financial and information services firm focused on providing equity research,portfolio management,personal wealth management and brokerage services.On the information services side,it provides communications consulting

176、and research services to a host of clients.CrispIdea tracks a limited number of companies and sectors but strives to provide quality insights through straight forward analysis with an objective of creating long-term wealth with moderate to low risk.CrispIdea leverages a large number of in-house and

177、external experts operating within the industry who have strong financial,operational and strategic background.For more details visit or contact Shejal AjmeraCrispIdea+91-991 644 Disclaimers&Disclosures This report was produced by a member company of the Crispidea.This report is for the use of intend

178、ed recipients only and may not be reproduced(in whole or in part)or delivered or transmitted to any other person without our prior written consent.By accepting this report,the recipient agrees to be bound by the terms and limitations set out herein.The information contained in this report has been o

179、btained from public sources believed to be reliable and the opinions contained herein are expressions of belief based on such information.No representation or warranty,express or implied,is made that such information or opinions is accurate,complete or verified and it should not be relied upon as su

180、ch.This report does not constitute a prospectus or other offering document or an offer or solicitation to buy or sell any securities or other investments.Information and opinions contained in this report are published for reference of the recipients and are not to be relied upon as authoritative or

181、without the recipients own independent verification or taken in substitution for the exercise of judgment by the recipient.All opinions contained herein constitute the views of the analyst(s)named in this report;they are subject to change without notice and are not intended to provide the sole basis

182、 of any evaluation of the subject securities and companies mentioned in this report.Any reference to past performance should not be taken as an indication of future performance.No member company of the Group accepts any liability whatsoever for any direct or consequential loss arising from any use o

183、f the materials contained in this report.The analyst(s)named in this report certifies that(i)all views expressed in this report accurately reflect the personal views of the analyst(s)with regard to any and all of the subject securities and companies mentioned in this report and(ii)no part of the com

184、pensation of the analyst(s)was,is,or will be,directly or indirectly,related to the specific recommendation or views expressed herein.CrispIdea|R E S E A R C HSalesforce,Inc37Recommendation StructureStock recommendations are based on absolute upside(downside),which we define as(target price*-current

185、price)/current price.If the upside is 10%or more,the recommendation is BUY.If the downside is 10%or more,the recommendation is UNDERPERFORM or SELL.For stocks where the upside or downside is less than 10%,the recommendation is HOLD.In addition,we have key buy and key sell lists in each market,which

186、are our most commercial and/or actionable BUY and UNDERPERFORM calls.Unless otherwise specified,these recommendations are set with a 12-month horizon.Thus,it is possible that future price volatility may cause a temporary mismatch between upside/downside for a stock based on market price and the form

187、al recommendation.*In most cases,the target price will equal the analysts assessment of the current fair value of the stock.However,if the analyst doesnt think the market will reassess the stock over the specified time horizon due to a lack of events or catalysts,then the target price may differ from fair value.In most cases,therefore,our recommendation is an assessment of the mismatch between current market price and our assessment of current fair value.2024 CRISPIDEA