UiPath, Inc.: 1Q27 Recap: Stability Continues, Some Encouraging Signals but Not Yet in Numbers

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UiPath, Inc.: 1Q27 Recap: Stability Continues, Some Encouraging Signals but Not Yet in Numbers

Barclays | UiPath, Inc.

J: Barclays Bank PLC and/or an affiliate is a liquidity provider and/or trades regularly in the securities by UiPath, Inc. and/or in any related derivatives.

Valuation Methodology: Our $14 price target is based on ~14x EV / CY27E FCF of $482mn.

Risks which May Impede the Achievement of the Barclays Research Valuation and Price Target: UiPath plays in a rapidly evolving market which

has seen increased interest from mega-cap vendors such as Microsoft, SAP and Salesforce. Additionally, low-code/bpm providers like Appian and

digital workflow providers such as ServiceNow have interest in the automation space. These companies have a greater ability to invest than UiPath,

and could cause pricing and growth headwinds to the company if they choose to expand into the space, either organically or more likely through

acquisitions.

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