SAIL: Key Takes from NYC Analyst Day. Reiterate Buy.

研报英文原文证据摘录

SAIL: Key Takes from NYC Analyst Day. Reiterate Buy.

Investment Thesis

We see SAIL as the clear leader in a rapidly expanding IGA market. Moreover, we think the long-term growth potential of IGA

remains underestimated by most industry analysts. Based on the pace of share gains in its current target market alone, we think

SAIL should be able to sustain high-teens annual revenue growth over the next few years. Furthermore, we think the rise ofSECURITY machine identity and Agentic AI will prove to be an upside catalyst for the IGA space and believe SAIL is well-positioned to capitalize

on the opportunity. On the execution side, we have been impressed by the transition to recurring revenue and SaaS, and we

see incremental growth tailwinds from SaaS conversions persisting over the next few years. Lastly, we think there is a materialAND opportunity for SAIL to displace legacy vendors in the IGA space. As a result, we are highly confident in our forecasts for SAIL over

near- and medium-term timeframes.

Upcoming Catalysts Price Performance

■ Stronger-than-expected demand in the IGA market driven by increased mid-market $35

adoption

$30 ■ Potential to replace legacy IGA vendors

■ Increased IGA spending around machine identity and Agentic AI $25

$20INFRASTRUCTURE

Base Case Assumptions: $18 Price Target $15

■ SAIL grows revenue 21.9% and 19.4% in CY26 and CY27, respectively. $10

■ 19.0% Equity FCF Margins in CY27. Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 ■ 6.5x 2027E EV/Sales multiple in one year

PT = $18/share SAILS&P 500 (rebased)SOFTWARE Source: FactSet

Upside Scenario: $23/sh Company Description

■ SAIL grows revenue 22.5% and 22.0% in CY26 and CY27, respectively. SailPoint Technologies is a softwareEQUITY