Core Thesis - nCino, Inc. is positioned as a leading cloud-native software platform for financial institutions, with a strong competitive advantage in commercial lending and a robust market presence [2][3] Company Overview - nCino's shares were trading at $24.64 as of November 26th, with a forward P/E ratio of 23.64 [1] - The platform serves over 2,700 financial institutions, including major clients like Bank of America, Wells Fargo, and TD Bank [3] Market Position and Competitive Advantage - nCino has a deeply entrenched competitive moat characterized by high switching costs and deep integration with Salesforce, making it difficult for competitors to replicate its offerings [3][4] - The company is the only vendor covering the full banking vertical, which enhances its market position [3] Growth Opportunities - Commercial client penetration is under 30%, consumer solutions under 15%, and international revenue is rapidly expanding, particularly in Europe and Japan [3] - New pricing models linked to customer asset size are expected to drive broader adoption of nCino's services [4] Financial Performance - nCino targets a revenue growth rate of 15% compounded annually, with long-term EBIT/FCF margins projected to be between 25% and 35% [5] - Despite resilient underlying growth, nCino's shares are trading at a discount compared to peers due to recent cyclical challenges [5] Strategic Initiatives - The company is focusing on international expansion, cross-selling matured products, and leveraging AI strategies based on its extensive process-centric dataset [3][5] - Recent acquisitions, such as DocFox, FullCircl, and ILT, are aimed at enhancing onboarding, analytics, and credit union offerings [4]