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- Angela26Angela26
  ·2022-01-09
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  Tech Has Fallen, An Analysis Of Salesforce<blockquote>Salesforce的分析，科技已经衰落</blockquote>
  SummarySalesforce is the #1 CRM company by a wide mile.The company has strengthened its portfolio th
  Tech Has Fallen, An Analysis Of Salesforce<blockquote>Salesforce的分析，科技已经衰落</blockquote>
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- Angela26Angela26
  ·2022-01-08
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- Angela26Angela26
  ·2022-01-07
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- Angela26Angela26
  ·2022-01-06
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- Angela26Angela26
  ·2022-01-05
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- Angela26Angela26
  ·2022-01-04
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- Angela26Angela26
  ·2022-01-03
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- Angela26Angela26
  ·2022-01-02
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- Angela26Angela26
  ·2022-01-01
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- Angela26Angela26
  ·2021-12-31
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please","listText":"like please","text":"like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/694018631","repostId":"1119680947","repostType":4,"repost":{"id":"1119680947","kind":"news","pubTimestamp":1641693213,"share":"https://www.laohu8.com/m/news/1119680947?lang=zh_CN&edition=full","pubTime":"2022-01-09 09:53","market":"us","language":"en","title":"Tech Has Fallen, An Analysis Of Salesforce<blockquote>Salesforce的分析，科技已经衰落</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1119680947","media":"Seeking Alpha","summary":"SummarySalesforce is the #1 CRM company by a wide mile.The company has strengthened its portfolio th","content":"<p><html><head></head><body><b>Summary</b></p><p><blockquote><html><head></head><body><b>总结</b></body></html></blockquote></p><p><ul><li>Salesforce is the #1 CRM company by a wide mile.</li><li>The company has strengthened its portfolio through many tuck-in acquisitions that continue to pay off today.</li><li>Salesforce has $9 billion of cash on its balance sheet and is generating ample free cash flow.</li><li>As tech stocks fall, I evaluate if this is the time to buy Salesforce stock.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4e6b8cbc5c70df9817dad2b344304553\" tg-width=\"1536\" tg-height=\"1042\" width=\"100%\" height=\"auto\"/><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>Salesforce是排名第一的CRM公司。</li><li>该公司通过许多收购加强了其投资组合，这些收购至今仍在继续获得回报。</li><li>Salesforce的资产负债表上有90亿美元现金，正在产生充足的自由现金流。</li><li>随着科技股下跌，我评估现在是否是购买Salesforce股票的时候。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p>Salesforce (CRM) has apparently done everything right. The company has sustained elevated growth rates, is generating respectable cash flow, maintains a strong balance sheet, and has shown strong execution on its tuck-in acquisitions. The stock has not been spared by the ongoing tech selloff, and has been a disappointing performer over the past few years. CRM looks like a future mega-cap tech giant in the making, and I evaluate whether now is the time to pounce on the stock.</p><p><blockquote>Salesforce(CRM)显然做的一切都是正确的。该公司保持了较高的增长率，产生了可观的现金流，保持了强劲的资产负债表，并在收购中表现出了强大的执行力。该股也未能幸免于持续的科技股抛售，过去几年的表现令人失望。CRM看起来像是一家正在形成的未来大型科技巨头，我正在评估现在是否是买入该股的时候。</blockquote></p><p><b>CRM Stock Price</b></p><p><blockquote><b>CRM股价</b></blockquote></p><p>Amidst the ongoing volatility in tech stocks, CRM finds itself trading below levels more than 1 year ago.</p><p><blockquote>在科技股持续波动的情况下，CRM发现自己的交易价格低于一年多前的水平。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e8dff6e1277dae5df6fd56c08b940ff3\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p>Now trading below $230 per share, the poor price performance may have created a buying opportunity in what should be considered one of the higher quality names in tech.</p><p><blockquote>目前交易价格低于每股230美元，糟糕的价格表现可能为科技行业中质量较高的公司之一创造了买入机会。</blockquote></p><p><b>What is Salesforce</b></p><p><blockquote><b>什么是Salesforce</b></blockquote></p><p>CRM is a leader in customer relationship management (hence the stock ticker), as it has built out a full portfolio of products to help its customers better serve, well, their customers.</p><p><blockquote>CRM是客户关系管理（因此股票代码）的领导者，因为它已经建立了完整的产品组合来帮助其客户更好地服务他们的客户。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e36bc171bce9ef5207e22f39d7e1ec58\" tg-width=\"1280\" tg-height=\"682\" width=\"100%\" height=\"auto\"/><span>Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>收益报告</span></p></blockquote></p><p>Customer relationship management serves a mission-critical role because it helps to ensure that you can keep your existing client relationships. Due to its continued investment in innovation and cloud-first strategy, CRM has steadily increased its market share lead over legacy incumbents.</p><p><blockquote>客户关系管理起着关键作用，因为它有助于确保您能够保持现有的客户关系。由于对创新和云优先战略的持续投资，CRM稳步提高了其相对于传统企业的市场份额领先优势。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d878d7ae563bc6fdb40626f6b0f02e0f\" tg-width=\"1280\" tg-height=\"790\" width=\"100%\" height=\"auto\"/><span>Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>投资者介绍</span></p></blockquote></p><p>CRM accelerated its innovation through a strong willingness to conduct M&amp;A when appropriate. While some investors are understandably cautious when it comes to roll-up strategies, CRM has shown an impressive ability to drive accelerating growth even many years after acquiring these assets.</p><p><blockquote>CRM通过在适当的时候进行M&amp;A的强烈意愿加速了其创新。虽然一些投资者对汇总策略持谨慎态度是可以理解的，但CRM在收购这些资产多年后仍表现出令人印象深刻的推动加速增长的能力。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac8379f74b62971ecf8aa9872ecc3c83\" tg-width=\"1280\" tg-height=\"634\" width=\"100%\" height=\"auto\"/><span>Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>投资者介绍</span></p></blockquote></p><p>On a side note, the above slide should provide material justification for why tech stocks have enjoyed premium multiples over the past many years, as they maintain excess value as takeout candidates which needs to be reflected in their stock prices. Over the years, CRM has constantly found ways to sustain its 20+% growth trajectory while also maintaining high levels of cash generation.</p><p><blockquote>顺便说一句，上面的幻灯片应该为为什么科技股在过去许多年中享有溢价倍数提供实质性的理由，因为它们作为外卖候选者保持了超额价值，这需要反映在其股价中。多年来，CRM不断找到方法来维持其20%以上的增长轨迹，同时保持高水平的现金生成。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0878cb7aebe5aada6a20fedc42815855\" tg-width=\"1280\" tg-height=\"606\" width=\"100%\" height=\"auto\"/><span>Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>收益报告</span></p></blockquote></p><p>Like many tech companies, CRM aggressively invests in growth, which manifests itself in increasing R&amp;D expenses and naturally holds back its operating margins. I view CRM’s aggressive acquisitive strategy as being indicative of what investors should expect in the tech sector moving forward, as larger companies like CRM have shown that tuck-in acquisitions can prove profitable even if they have to pay a premium sticker price.</p><p><blockquote>与许多科技公司一样，CRM积极投资于增长，这表现为研发费用的增加，自然会抑制其营业利润率。我认为CRM公司积极的收购策略表明投资者对科技行业未来的预期，因为像CRM这样的大型公司已经表明，即使他们不得不支付溢价，嵌入式收购也能盈利。</blockquote></p><p><b>Is CRM Stock A Buy, Sell, or Hold?</b></p><p><blockquote><b>CRM股票是买入、卖出还是持有？</b></blockquote></p><p>After the tech selloff, CRM is trading at less than 9x sales. Wall Street expects growth to slowly decelerate to the 15% range over the next 5 years.</p><p><blockquote>在科技股抛售之后，CRM的交易价格不到销售额的9倍。华尔街预计未来5年增长将缓慢减速至15%的范围。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7948c23ff8e30eae86a0bb6d277f2f71\" tg-width=\"1280\" tg-height=\"470\" width=\"100%\" height=\"auto\"/><span>Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>寻求阿尔法</span></p></blockquote></p><p>CRM looks highly buyable here, but with almost all tech stocks having already fallen substantially, it is important to take into account whether CRM is the best buy among tech peers. We can see below that most tech stocks in my coverage universe are now flashing buy signals.</p><p><blockquote>CRM在这里看起来非常值得买入，但由于几乎所有科技股都已经大幅下跌，因此重要的是要考虑CRM是否是科技同行中最值得买入的股票。我们可以在下面看到，我的报道范围内的大多数科技股现在都闪烁着买入信号。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a11e2212ef86ff97449b130fba44b9dc\" tg-width=\"1280\" tg-height=\"810\" width=\"100%\" height=\"auto\"/><span>Best of Breed Universe Watchlist</span></p><p><blockquote><p class=\"t-img-caption\"><span>最佳宇宙观察列表</span></p></blockquote></p><p></p><p>It is understandable why CRM has held up so well. The company has a diversified portfolio of tech assets, $9 billion of cash on its balance sheet, and a track record of strong execution. Throw in the fact that CRM is also generating a near 20% non-GAAP operating margin, and the stock checks off all of the criteria for retaining a premium multiple in spite of arguably average growth rates.</p><p><blockquote>CRM表现如此出色是可以理解的。该公司拥有多元化的科技资产组合，资产负债表上有90亿美元的现金，以及强大的执行力记录。再加上CRM还产生了近20%的非GAAP营业利润率，尽管增长率可以说是平均水平，但该股票符合保留溢价倍数的所有标准。</blockquote></p><p>I expect CRM to earn long term net margins in the 40% range. Assuming a 1.5x price to earnings growth ratio (‘PEG’), I can see CRM trading at 7x sales in 2030, representing a stock price of $650, or annualized returns of 12.5%. The actual returns will vary based on actual growth rates, use of annual earnings, and the terminal earnings multiple. That 12.5% projected return should be enough to beat the market, and CRM has a lower risk profile to make the return look attractive. However, there are a slew of peers in the tech sector which are offering projected returns much higher than that, albeit at some higher risk. While I rate CRM a buy, I emphasize that there are more attractive buying opportunities elsewhere in the sector.</p><p><blockquote>我预计CRM的长期净利润率将在40%左右。假设市盈率(“PEG”)为1.5倍，我可以看到CRM到2030年的交易价格为销售额的7倍，即股价为650美元，年化回报率为12.5%。实际回报将根据实际增长率、年收益的使用和终端收益倍数而有所不同。12.5%的预计回报率应该足以跑赢市场，而且CRM的风险状况较低，使回报看起来很有吸引力。然而，科技行业有许多同行提供的预期回报远高于此，尽管风险较高。虽然我将CRM评级为买入，但我强调该行业其他地方还有更具吸引力的买入机会。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tech Has Fallen, An Analysis Of Salesforce<blockquote>Salesforce的分析，科技已经衰落</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTech Has Fallen, An Analysis Of Salesforce<blockquote>Salesforce的分析，科技已经衰落</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2022-01-09 09:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Summary</b></p><p><blockquote><html><head></head><body><b>总结</b></body></html></blockquote></p><p><ul><li>Salesforce is the #1 CRM company by a wide mile.</li><li>The company has strengthened its portfolio through many tuck-in acquisitions that continue to pay off today.</li><li>Salesforce has $9 billion of cash on its balance sheet and is generating ample free cash flow.</li><li>As tech stocks fall, I evaluate if this is the time to buy Salesforce stock.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4e6b8cbc5c70df9817dad2b344304553\" tg-width=\"1536\" tg-height=\"1042\" width=\"100%\" height=\"auto\"/><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>Salesforce是排名第一的CRM公司。</li><li>该公司通过许多收购加强了其投资组合，这些收购至今仍在继续获得回报。</li><li>Salesforce的资产负债表上有90亿美元现金，正在产生充足的自由现金流。</li><li>随着科技股下跌，我评估现在是否是购买Salesforce股票的时候。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p>Salesforce (CRM) has apparently done everything right. The company has sustained elevated growth rates, is generating respectable cash flow, maintains a strong balance sheet, and has shown strong execution on its tuck-in acquisitions. The stock has not been spared by the ongoing tech selloff, and has been a disappointing performer over the past few years. CRM looks like a future mega-cap tech giant in the making, and I evaluate whether now is the time to pounce on the stock.</p><p><blockquote>Salesforce(CRM)显然做的一切都是正确的。该公司保持了较高的增长率，产生了可观的现金流，保持了强劲的资产负债表，并在收购中表现出了强大的执行力。该股也未能幸免于持续的科技股抛售，过去几年的表现令人失望。CRM看起来像是一家正在形成的未来大型科技巨头，我正在评估现在是否是买入该股的时候。</blockquote></p><p><b>CRM Stock Price</b></p><p><blockquote><b>CRM股价</b></blockquote></p><p>Amidst the ongoing volatility in tech stocks, CRM finds itself trading below levels more than 1 year ago.</p><p><blockquote>在科技股持续波动的情况下，CRM发现自己的交易价格低于一年多前的水平。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e8dff6e1277dae5df6fd56c08b940ff3\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p>Now trading below $230 per share, the poor price performance may have created a buying opportunity in what should be considered one of the higher quality names in tech.</p><p><blockquote>目前交易价格低于每股230美元，糟糕的价格表现可能为科技行业中质量较高的公司之一创造了买入机会。</blockquote></p><p><b>What is Salesforce</b></p><p><blockquote><b>什么是Salesforce</b></blockquote></p><p>CRM is a leader in customer relationship management (hence the stock ticker), as it has built out a full portfolio of products to help its customers better serve, well, their customers.</p><p><blockquote>CRM是客户关系管理（因此股票代码）的领导者，因为它已经建立了完整的产品组合来帮助其客户更好地服务他们的客户。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e36bc171bce9ef5207e22f39d7e1ec58\" tg-width=\"1280\" tg-height=\"682\" width=\"100%\" height=\"auto\"/><span>Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>收益报告</span></p></blockquote></p><p>Customer relationship management serves a mission-critical role because it helps to ensure that you can keep your existing client relationships. Due to its continued investment in innovation and cloud-first strategy, CRM has steadily increased its market share lead over legacy incumbents.</p><p><blockquote>客户关系管理起着关键作用，因为它有助于确保您能够保持现有的客户关系。由于对创新和云优先战略的持续投资，CRM稳步提高了其相对于传统企业的市场份额领先优势。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d878d7ae563bc6fdb40626f6b0f02e0f\" tg-width=\"1280\" tg-height=\"790\" width=\"100%\" height=\"auto\"/><span>Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>投资者介绍</span></p></blockquote></p><p>CRM accelerated its innovation through a strong willingness to conduct M&amp;A when appropriate. While some investors are understandably cautious when it comes to roll-up strategies, CRM has shown an impressive ability to drive accelerating growth even many years after acquiring these assets.</p><p><blockquote>CRM通过在适当的时候进行M&amp;A的强烈意愿加速了其创新。虽然一些投资者对汇总策略持谨慎态度是可以理解的，但CRM在收购这些资产多年后仍表现出令人印象深刻的推动加速增长的能力。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac8379f74b62971ecf8aa9872ecc3c83\" tg-width=\"1280\" tg-height=\"634\" width=\"100%\" height=\"auto\"/><span>Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>投资者介绍</span></p></blockquote></p><p>On a side note, the above slide should provide material justification for why tech stocks have enjoyed premium multiples over the past many years, as they maintain excess value as takeout candidates which needs to be reflected in their stock prices. Over the years, CRM has constantly found ways to sustain its 20+% growth trajectory while also maintaining high levels of cash generation.</p><p><blockquote>顺便说一句，上面的幻灯片应该为为什么科技股在过去许多年中享有溢价倍数提供实质性的理由，因为它们作为外卖候选者保持了超额价值，这需要反映在其股价中。多年来，CRM不断找到方法来维持其20%以上的增长轨迹，同时保持高水平的现金生成。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0878cb7aebe5aada6a20fedc42815855\" tg-width=\"1280\" tg-height=\"606\" width=\"100%\" height=\"auto\"/><span>Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>收益报告</span></p></blockquote></p><p>Like many tech companies, CRM aggressively invests in growth, which manifests itself in increasing R&amp;D expenses and naturally holds back its operating margins. I view CRM’s aggressive acquisitive strategy as being indicative of what investors should expect in the tech sector moving forward, as larger companies like CRM have shown that tuck-in acquisitions can prove profitable even if they have to pay a premium sticker price.</p><p><blockquote>与许多科技公司一样，CRM积极投资于增长，这表现为研发费用的增加，自然会抑制其营业利润率。我认为CRM公司积极的收购策略表明投资者对科技行业未来的预期，因为像CRM这样的大型公司已经表明，即使他们不得不支付溢价，嵌入式收购也能盈利。</blockquote></p><p><b>Is CRM Stock A Buy, Sell, or Hold?</b></p><p><blockquote><b>CRM股票是买入、卖出还是持有？</b></blockquote></p><p>After the tech selloff, CRM is trading at less than 9x sales. Wall Street expects growth to slowly decelerate to the 15% range over the next 5 years.</p><p><blockquote>在科技股抛售之后，CRM的交易价格不到销售额的9倍。华尔街预计未来5年增长将缓慢减速至15%的范围。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7948c23ff8e30eae86a0bb6d277f2f71\" tg-width=\"1280\" tg-height=\"470\" width=\"100%\" height=\"auto\"/><span>Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>寻求阿尔法</span></p></blockquote></p><p>CRM looks highly buyable here, but with almost all tech stocks having already fallen substantially, it is important to take into account whether CRM is the best buy among tech peers. We can see below that most tech stocks in my coverage universe are now flashing buy signals.</p><p><blockquote>CRM在这里看起来非常值得买入，但由于几乎所有科技股都已经大幅下跌，因此重要的是要考虑CRM是否是科技同行中最值得买入的股票。我们可以在下面看到，我的报道范围内的大多数科技股现在都闪烁着买入信号。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a11e2212ef86ff97449b130fba44b9dc\" tg-width=\"1280\" tg-height=\"810\" width=\"100%\" height=\"auto\"/><span>Best of Breed Universe Watchlist</span></p><p><blockquote><p class=\"t-img-caption\"><span>最佳宇宙观察列表</span></p></blockquote></p><p></p><p>It is understandable why CRM has held up so well. The company has a diversified portfolio of tech assets, $9 billion of cash on its balance sheet, and a track record of strong execution. Throw in the fact that CRM is also generating a near 20% non-GAAP operating margin, and the stock checks off all of the criteria for retaining a premium multiple in spite of arguably average growth rates.</p><p><blockquote>CRM表现如此出色是可以理解的。该公司拥有多元化的科技资产组合，资产负债表上有90亿美元的现金，以及强大的执行力记录。再加上CRM还产生了近20%的非GAAP营业利润率，尽管增长率可以说是平均水平，但该股票符合保留溢价倍数的所有标准。</blockquote></p><p>I expect CRM to earn long term net margins in the 40% range. Assuming a 1.5x price to earnings growth ratio (‘PEG’), I can see CRM trading at 7x sales in 2030, representing a stock price of $650, or annualized returns of 12.5%. The actual returns will vary based on actual growth rates, use of annual earnings, and the terminal earnings multiple. That 12.5% projected return should be enough to beat the market, and CRM has a lower risk profile to make the return look attractive. However, there are a slew of peers in the tech sector which are offering projected returns much higher than that, albeit at some higher risk. While I rate CRM a buy, I emphasize that there are more attractive buying opportunities elsewhere in the sector.</p><p><blockquote>我预计CRM的长期净利润率将在40%左右。假设市盈率(“PEG”)为1.5倍，我可以看到CRM到2030年的交易价格为销售额的7倍，即股价为650美元，年化回报率为12.5%。实际回报将根据实际增长率、年收益的使用和终端收益倍数而有所不同。12.5%的预计回报率应该足以跑赢市场，而且CRM的风险状况较低，使回报看起来很有吸引力。然而，科技行业有许多同行提供的预期回报远高于此，尽管风险较高。虽然我将CRM评级为买入，但我强调该行业其他地方还有更具吸引力的买入机会。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4478581-tech-has-fallen-an-analysis-of-salesforce\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CRM":"赛富时"},"source_url":"https://seekingalpha.com/article/4478581-tech-has-fallen-an-analysis-of-salesforce","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119680947","content_text":"SummarySalesforce is the #1 CRM company by a wide mile.The company has strengthened its portfolio through many tuck-in acquisitions that continue to pay off today.Salesforce has $9 billion of cash on its balance sheet and is generating ample free cash flow.As tech stocks fall, I evaluate if this is the time to buy Salesforce stock.Justin Sullivan/Getty Images NewsSalesforce (CRM) has apparently done everything right. The company has sustained elevated growth rates, is generating respectable cash flow, maintains a strong balance sheet, and has shown strong execution on its tuck-in acquisitions. The stock has not been spared by the ongoing tech selloff, and has been a disappointing performer over the past few years. CRM looks like a future mega-cap tech giant in the making, and I evaluate whether now is the time to pounce on the stock.CRM Stock PriceAmidst the ongoing volatility in tech stocks, CRM finds itself trading below levels more than 1 year ago.Now trading below $230 per share, the poor price performance may have created a buying opportunity in what should be considered one of the higher quality names in tech.What is SalesforceCRM is a leader in customer relationship management (hence the stock ticker), as it has built out a full portfolio of products to help its customers better serve, well, their customers.Earnings PresentationCustomer relationship management serves a mission-critical role because it helps to ensure that you can keep your existing client relationships. Due to its continued investment in innovation and cloud-first strategy, CRM has steadily increased its market share lead over legacy incumbents.Investor PresentationCRM accelerated its innovation through a strong willingness to conduct M&A when appropriate. While some investors are understandably cautious when it comes to roll-up strategies, CRM has shown an impressive ability to drive accelerating growth even many years after acquiring these assets.Investor PresentationOn a side note, the above slide should provide material justification for why tech stocks have enjoyed premium multiples over the past many years, as they maintain excess value as takeout candidates which needs to be reflected in their stock prices. Over the years, CRM has constantly found ways to sustain its 20+% growth trajectory while also maintaining high levels of cash generation.Earnings PresentationLike many tech companies, CRM aggressively invests in growth, which manifests itself in increasing R&D expenses and naturally holds back its operating margins. I view CRM’s aggressive acquisitive strategy as being indicative of what investors should expect in the tech sector moving forward, as larger companies like CRM have shown that tuck-in acquisitions can prove profitable even if they have to pay a premium sticker price.Is CRM Stock A Buy, Sell, or Hold?After the tech selloff, CRM is trading at less than 9x sales. Wall Street expects growth to slowly decelerate to the 15% range over the next 5 years.Seeking AlphaCRM looks highly buyable here, but with almost all tech stocks having already fallen substantially, it is important to take into account whether CRM is the best buy among tech peers. We can see below that most tech stocks in my coverage universe are now flashing buy signals.Best of Breed Universe WatchlistIt is understandable why CRM has held up so well. The company has a diversified portfolio of tech assets, $9 billion of cash on its balance sheet, and a track record of strong execution. Throw in the fact that CRM is also generating a near 20% non-GAAP operating margin, and the stock checks off all of the criteria for retaining a premium multiple in spite of arguably average growth rates.I expect CRM to earn long term net margins in the 40% range. Assuming a 1.5x price to earnings growth ratio (‘PEG’), I can see CRM trading at 7x sales in 2030, representing a stock price of $650, or annualized returns of 12.5%. The actual returns will vary based on actual growth rates, use of annual earnings, and the terminal earnings multiple. That 12.5% projected return should be enough to beat the market, and CRM has a lower risk profile to make the return look attractive. However, there are a slew of peers in the tech sector which are offering projected returns much higher than that, albeit at some higher risk. While I rate CRM a buy, I emphasize that there are more attractive buying opportunities elsewhere in the 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