Takeaways from Management Meetings: Steady Conviction in F2H27 Org Acceleration

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Takeaways from Management Meetings: Steady Conviction in F2H27 Org Acceleration

C O M PA N Y N O T E

J u n e 2 9 , 2 0 2 6

salesforce.com (CRM) Overweight

CONCLUSION PRICE: US$158.37

We hosted Alex Kingery and Lauren O'Brien from CRM's IR team for investor meetings TARGET: US$215.00

in Chicago and Minneapolis. The message was clear: expectations for an organic back 9.5x CY30E EV/FCF, discounted back 3 years

half FY27 rev acceleration remain unchanged, with the conviction attributed to NNAOV by 16%. This assumes $27B net debt and

strength, pipeline, and ramping sales capacity. IR sees the ~$3.6B Fin deal as a 889M shares.

differentiated asset, given its proprietary Apex 1.0 LLM. Fin's mid-market positioning will

Billy Fitzsimmons, CFAcomplement Agentforce's enterprise exposure. The stock has de-rated (FY28 EV/FCF of Sr. Research Analyst, Piper Sandler & Co.

10x), but we walked away with greater confidence in Agentforce/Slack momentum, CRM's 312 281-3438, billy.fitzsimmons@psc.com

accelerating internal innovation (Headless 360, Slackbot), & AWU growth in top customers. Hannah Rudoff

Research Analyst, Piper Sandler & Co.

• Conviction F2H27 Revenue Growth Acceleration Unchanged. The confidence in 503 275-8313, hannah.rudoff@psc.com

faster organic growth in F2H was attributed to NNAOV strength (which is outpacing AOV J.R. Herrera

growth), pipeline, demand, and ramping sales capacity. CRM is also seeing its largest Research Analyst, Piper Sandler & Co.

503 275-8314, jr.herrera@psc.com customers expand AWU (agentic work unit) usage and top use cases include customer

service, Slackbot, and sales pipeline management. Investors asked about signs of an Changes Previous Current

acceleration not showing up in F1Q cRPO, but IR attributed this to a tough comp and Rating — Overweight