DDM Analysis: CRM

Valuation Snapshot

Stable Growth	$136.67 - $284.30	$192.67
Multi-Stage	$101.04 - $110.32	$105.59
Blended Fair Value	$149.13
Current Price	$260.41
Upside	-42.73%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	1.59	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,222.00
(-) Cash Dividends Paid (M)	1,579.00
(=) Cash Retained (M)	5,643.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,444.40	902.75	541.65
Cash Retained (M)	5,643.00	5,643.00	5,643.00
(-) Cash Required (M)	-1,444.40	-902.75	-541.65
(=) Excess Retained (M)	4,198.60	4,740.25	5,101.35
(/) Shares Outstanding (M)	967.00	967.00	967.00
(=) Excess Retained per Share	4.34	4.90	5.28
LTM Dividend per Share	1.63	1.63	1.63
(+) Excess Retained per Share	4.34	4.90	5.28
(=) Adjusted Dividend	5.97	6.53	6.91
WACC / Discount Rate	10.11%	10.11%	10.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$136.67	$192.67	$284.30
Upside / Downside	-47.52%	-26.01%	9.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,222.00	7,691.43	8,191.37	8,723.81	9,290.86	9,894.77	10,191.61
Payout Ratio	21.86%	35.49%	49.12%	62.75%	76.37%	90.00%	92.50%
Projected Dividends (M)	1,579.00	2,729.77	4,023.46	5,473.80	7,095.69	8,905.29	9,427.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.11%	10.11%	10.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,455.80	2,479.08	2,502.35
Year 2 PV (M)	3,256.37	3,318.40	3,381.01
Year 3 PV (M)	3,985.57	4,099.99	4,216.57
Year 4 PV (M)	4,647.97	4,826.72	5,010.58
Year 5 PV (M)	5,247.89	5,501.36	5,764.54
PV of Terminal Value (M)	78,111.68	81,884.50	85,801.72
Equity Value (M)	97,705.29	102,110.05	106,676.77
Shares Outstanding (M)	967.00	967.00	967.00
Fair Value	$101.04	$105.59	$110.32
Upside / Downside	-61.20%	-59.45%	-57.64%

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Salesforce, Inc. (CRM)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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