A 'NICE' AI Update | Takeaways from Investor Session at NICE World User Event

研报英文原文证据摘录

A 'NICE' AI Update | Takeaways from Investor Session at NICE World User Event

C O M PA N Y N O T E

J u n e 9 , 2 0 2 6

NICE Ltd. (NICE) Neutral

CONCLUSION PRICE: US$88.62

NICE is hosting its annual user conference in Orlando, FL this week, and in conjunction TARGET: US$111.00

with this, held an analyst session. The emphasis was clearly around that AI is the next 9.5x EV/CY27E FCF of $673M (inclusive of

evolution for the company, with evidence that AI adoption is increasing customer value over net cash of $304M and fully diluted shares

time. NICE has been moving more towards a flexible pricing model that aligns with the shift outstanding of 61M)

towards interactions rather than human-seats. The team walked through many enterprise

James Fishexamples where revenue / customer is increasing as a result, and did recently announce the Sr. Research Analyst, Piper Sandler & Co.

long-expected HMRC win. Partners, including GSIs, are going to be increasingly important 612 303-6509, james.fish@psc.com

given the complexity being further created with AI. The event was largely product focused Ryan Abbott

rather than financial as anticipated, and we had a handful of announcements that centered Research Analyst, Piper Sandler & Co.

around AI. We do see valuation as interesting here but remain Neutral given model shift 503 351-5391, ryan.abbott@psc.com

concerns near-term, aggressive Cloud estimates, & competitive concerns. Timothy Shubsda

Research Analyst, Piper Sandler & Co.

716 461-2680, timothy.shubsda@psc.comKey Highlights & Takes:

Changes Previous Current

• Human agents have been a static number for a while, though interaction volume is larger Rating — Neutral

Price Tgt — US$111.00 and actually growing. 3-5% of interactions today are hitting the AI platform.