Juangoz
Member
Salesforce / CRM
Thesis
:
Hammered from recent SaaS selloff, trading at 18-20x forward P/E with expanding Net & Gross Margins
More defensible moat against agentic replacements than other horizontal software peers
Textbook perfect fit for agentic implementation into product (despite terrible management)
Straightforward pivot to outcome-based pricing vs current seat-based pricing (despite terrible management), insulates against headcount reduction within clients
Very attractive valuation multiple for high margin software at HSD revenue growth
Thesis
:
Hammered from recent SaaS selloff, trading at 18-20x forward P/E with expanding Net & Gross Margins
More defensible moat against agentic replacements than other horizontal software peers
Textbook perfect fit for agentic implementation into product (despite terrible management)
Straightforward pivot to outcome-based pricing vs current seat-based pricing (despite terrible management), insulates against headcount reduction within clients
Very attractive valuation multiple for high margin software at HSD revenue growth
