HOLT Healthcare "Spotlighting VEEVA Under the HOLT Lens, Screening for C..."

Research evidence excerpt

HOLT Healthcare "Spotlighting VEEVA Under the HOLT Lens, Screening for C..."

Global Research

18 May 2026ab

HOLT Healthcare Equities

GlobalSpotlighting VEEVA Under the HOLT Lens,

Screening for Catalysts in Discounted Healthcare

Healthcare, ISRG and ALC HOLTSteveSectorBock,SpecialistCFA

steven.bock@ubs.com

+1-312-525 5724

Veeva Systems (VEEV) in UBS HOLT Lens Ashley Minns

HOLT Sector Specialist

Veeva Systems Inc. (VEEV) was recently updated with FY25 financials in the UBS HOLT ashley.minns@ubs.com

Framework, highlighting a growing divergence between profitability and cash returns. +1-212-713 8120

Despite continued growth, albeit at lower CFROI levels, Veeva has underperformed the

broader market over five consecutive years and has recently been impacted by the

broader SaaS sell off. (See HOLT TMT report.) VEEV’s Economic P/E has compressed

sharply and trades near an all-time low of 28x, well below its five-year median of 61x.

Screening for a Catalyst in Discounted Healthcare (Click here to see full list of

35+ firms in UBS HOLT Lens)

Given the relatively weak performance of healthcare over the past few years, we screen

for companies similar to VEEV that are trading at a discount to history, as measured by

the HOLT Valuation Factor Relative to History, but have posted positive CFROI revisions

over the past 13 weeks, potentially signaling a catalyst for a shift in market sentiment.

Figure 1: Screening for Catalysts in Discounted Healthcare

unted Heal

thcare

alysts in D

Scre ening for Cat isco

Source: UBS HOLT Lens. Data as of May 13, 2026. Criteria: Universe = Europe, US and Canada, Market

Cap > $5b, Valuation Factor Relative to History [Region Sector Relative] > 50, CFROI Revisions - 13

Weeks Cumulative > 0.

Intuitive Surgical (ISRG) in UBS HOLT Lens