Salesforce Inc.：Salesforce公司（CRM）宣布收购Informatica-20250530

Investment Rating - The report maintains a Buy rating for Salesforce Inc. with a price target of $340.00, representing an upside of 22.7$277.19 [1][3][19]. Core Insights - Salesforce's acquisition of Informatica for $8 billion at a 30$1.7 billion [2][3]. - Salesforce is positioned to capitalize on the digital transformation trend, with a total addressable market (TAM) of $284 billion for its product portfolio [15][16]. Financial Projections - Revenue is forecasted to grow from$37.9 billion in FY25 to $50.3 billion in FY28, with EBITDA increasing from$15.98 billion to $19.93 billion over the same period [3][12]. - The report anticipates continued operating margin expansion, projecting a 35$17-18 in FY27 [14][15]. Market Positioning - Salesforce is viewed as a strategic player in the $1 trillion+ cloud industry, with a robust product portfolio that spans various aspects of digital transformation [15][16]. - The company is expected to improve its unit economics and expand its share of wallet within existing customer accounts, leveraging its large installed base [16][18]. Valuation Metrics - The report highlights that Salesforce trades at 17x EV/CY26 free cash flow, compared to an average of ~28x for its peers, indicating a compelling risk/reward profile [14][19]. - Key financial ratios include a projected P/E ratio decreasing from 28.2 in FY25 to 18.4 in FY28, and an EV/EBITDA ratio decreasing from 16.8 to 11.5 over the same period [9][12].