'Do the Evolution' | Agentic Coding in Focus at GitLab Transcend

研报英文原文证据摘录

'Do the Evolution' | Agentic Coding in Focus at GitLab Transcend

C O M PA N Y N O T E

J u n e 1 1 , 2 0 2 6

GitLab, Inc. (GTLB) Neutral

CONCLUSION PRICE: US$28.40

Enabling the shift towards agentic coding was the key theme behind GitLab Transcend, a TARGET: US$28.00

live customer event hosted in London this week. GitLab Orbit was released into public beta, Our base case discounted cash flow assumes

a context graph for AI agents that holds all of the intelligence GTLB has on its platform about a terminal multiple of 8x CY30E EV/FCF, a

a customer's code and how it is built (which can help reduce token costs by 4.5x). This was discount rate of 18%, and 172M fully diluted

complemented by Next Generation SCM, a modern take on Git built in partnership with shares outstanding.

Anthropic that helps reduce network and token costs for agents using Git. The company

Rob D. Owensalso announced a Flex contracting mechanism, additional security functionality and a Sr. Research Analyst, Piper Sandler & Co.

deepened partnership with Google. It was encouraging to see the amount of innovation 503 275-8317, rob.owens@psc.com

released, but scaling adoption will take time as these new solutions are currently in beta. Ethan D. Weeks, CFA

We remain Netural. Research Analyst, Piper Sandler & Co.

503 275-7797, ethan.weeks@psc.com

• New context graph supercharges agentic coding. GitLab Orbit is a new context graph Aidan M. Perry

solution, making the full purview of GTLB (i.e. code, pipelines, security vulns, etc.) easily Research Analyst, Piper Sandler & Co.

503 275-8309, aidan.perry@psc.com

available to coding agents like Claude Code / Codex via MCP. This results in more

accurate responses at a lower cost - testing showed Orbit responds 11x faster with Changes Previous Current