The Point for North America

研报英文原文证据摘录

The Point for North America

attractive risk/reward into and through results (8/6). Our steady-stream of

evidence corroborates TEAM is not a structural AI loser and is not being crowded-

out, and where model sensitivity presents a plausible path for near-term

acceleration/upside + NTM beat-and-raise set-up even considering likely

conservatism from new CFO Chuong. Acknowledging revs guide noise (DC

segment variability, rev-rec), and admittedly aggressive FY27E Street OPMs (29%

vs. CitiE 26%), we generally think under-the-hood mechanics like NRR-accretive

DC migrations and stable seat-expansions remain undermined/misunderstood.

Alongside new pricing models like Flex and a seasoning enterprise-centric GTM

motion, and against a strengthening AI story/roadmap garnering both customer

and partner credibility, shares look mispriced to us at 3x EV/S, 10x EV/FCF, 12x

P/E’27E; reaffirm Buy $110PT.

Fatima Boolani

Consensus Cloud momentum jumping in FY28E; FY27E looks conservative relative to prior DC-to-

Cloud “conversion” rates but acknowledging rev-rec noise

$1,600

$1,150

$1,400 $1,251

$18

$20 $866 ($M) $1,200 $824 $857

$1,000 $44 $27 $19

$800 $916

$613 $749 $1,329 $600 Growth/(Decrease) $1,039

Revenue $400$200 $389 $259 $315

$$

$0

YoY ($193) ($243)

($200)

($400)

FY24 FY25 FY26E FY27E FY28E

Data Center Cloud Marketplace & Other Total Revenue

US Retailing - Broadlines and Hardlines - Annual Consumer Home Spending

Survey — Slight Step Up in Spending & Project Size; Retailer Dynamics Shift

We collaborated with the Citi Research Innovation Lab to conduct a survey of

~1,500 consumers to gain insights on spending on home

improvement/furnishings. The survey is compared to similar surveys performed in

2025 and 2024. There was a slight step up in spending on home improvement