Salesforce, Inc. (CRM)

Industry: Software - Application Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
041020.KS	1	Polaris Office Cor	309,665	52.43	52.43	4.73	4.73	19.21	62.27
UBER	2	Uber Technologies,	49,610	12.27	12.27	13.24	13.24	46.60	45.49
SAP.DE	3	SAP SE	42,851	42.54	39.45	25.56	24.34	30.36	29.38
CRM	4	Salesforce, Inc.	40,317	34.44	29.89	20.95	15.71	28.66	14.74
INTU	5	Intuit Inc.	19,433	45.23	39.01	30.82	25.98	88.88	31.31
9878.HK	6	Huitongda Network	17,522	11.72	11.72	3.95	3.95	3.35	3.72
WDAY	7	Workday, Inc.	9,231	99.55	99.55	49.28	22.72	62.83	104.82
307.F	8	Shopify Inc.	7,757	108.16	69.59	138.75	90.92	139.46	146.96
LYFT	9	Lyft, Inc.	6,274	59.26	59.26	28.77	28.77	96.48	361.86
APP	10	AppLovin Corporati	5,521	85.93	85.93	68.49	37.70	56.79	74.09
ZM	11	Zoom Communication	4,806	16.52	12.69	20.38	16.54	20.25	18.82
QXO	12	QXO Inc	4,663	-	-	-10.72	-10.72	-12.30	-
UPBD	13	Upbound Group, Inc	4,578	15.86	18.70	1.55	1.54	7.20	6.22
SNOW	14	Snowflake Inc.	4,387	-	-	-	-	-	-
NATL	15	NCR Atleos Corpora	4,270	21.53	21.53	3.78	3.78	5.54	10.72
KARO	16	Karooooo Ltd.	3,898	28.63	22.87	13.42	11.58	20.31	17.61

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	28.63	22.87	13.42	13.24	20.31	29.38
Full Range Median Multiple	42.54	39.01	20.38	16.54	30.36	31.31
Industry Multiple	46.12	41.92	30.98	21.98	45.94	70.25
Market Implied Multiple	30.03	26.07	18.30	13.72	25.03	12.87
Company (CRM) Multiple	34.44	29.89	20.95	15.71	28.66	14.74
(*) Net Income / EBITDA / Revenue	7,222	8,321	11,972	15,968	8,752	17,019
Winsorized Enterprise Value	N/A	N/A	160,719	211,350	177,790	500,080
Full Range Median Enterprise Value	N/A	N/A	244,037	264,104	265,749	532,918
(-) Net Debt	2,161	2,161	2,161	2,161	2,161	2,161
Winsorized Equity Value	206,740	190,319	158,558	209,189	175,629	497,919
Full Range Median Equity Value	307,217	324,637	241,876	261,943	263,588	530,757
(/) Shares Outstanding	955	955	955	955	955	955
Winsorized Fair Value	$216.48	$199.29	$166.03	$219.05	$183.90	$521.38
Full Range Median Fair Value	$321.69	$339.93	$253.27	$274.29	$276.01	$555.77
Current Price	$227.11	$227.11	$227.11	$227.11	$227.11	$227.11
Upside / Downside	-4.68%	-12.25%	-26.89%	-3.55%	-19.02%	129.57%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$151.54	$139.50	$116.22	$153.33	$128.73	$364.97
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY