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