F1Q27 Preview: Braze New World - Navigating the Shift to AI-Led Engagement

研报英文原文证据摘录

F1Q27 Preview: Braze New World - Navigating the Shift to AI-Led Engagement

C O M PA N Y N O T E

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Braze, Inc. (BRZE) Overweight

CONCLUSION PRICE: US$23.41

BRZE shares have shown resilience in recent months, supported by solid fundamentals TARGET: US$27.00

and execution. We saw BRZE demonstrate strong organic expansion and robust customer 10x CY30E EV/FCF, discounted back 3 years

adds. We continue to like BRZE given its enterprise momentum, valuation (CY27E EV/S by 20%. This assumes $412M net cash and

of 2x), and potential for further upside after a strong initial FY27 rev guide of +20% y/y. 123M shares.

Key questions into results incl.: 1) what KVYO's mixed 1Q means for BRZE (KVYO 1Q

Billy Fitzsimmons, CFArecap: here), and 2) the intra-qtr announced departure of CFO Isabelle Winkles. Our view Sr. Research Analyst, Piper Sandler & Co.

is KVYO and BRZE sell into different types of customers, with BRZE's enterprise exposure 312 281-3438, billy.fitzsimmons@psc.com

and ability to take share from incumbents being an important differentiator. The departure of Hannah Rudoff

the CFO has led to questions around execution risk, but her involvement through earnings Research Analyst, Piper Sandler & Co.

and subsequently in an advisory capacity through Aug should ease the transition. 503 275-8313, hannah.rudoff@psc.com

J.R. Herrera

• F1Q27 Financial Expectations (5/27 AMC). BRZE guided to a F1Q27 revenue Research Analyst, Piper Sandler & Co.

503 275-8314, jr.herrera@psc.com midpoint of $205M (+26.5% y/y). Our 1Q estimate is based on 55 net customer adds

q/q (vs. 81 last quarter and 46 in F1Q26) and 10.7% y/y growth in ASRPC (vs. 10.0% Changes Previous Current

y/y prior 2-quarter avg) off an easy comp. We are modeling organic growth of 22.2% Rating — Overweight