Salesforce, Inc.

“Salesforce remains a strong recurring-revenue software platform with meaningful switching costs, improving margins, and excellent free cash flow generation, but it is no longer an elite hypergrowth compounder and still carries execution risk around AI monetization and competitive encroachment. The stock nevertheless appears undervalued relative to the durability of the franchise and its cash earnings power, creating a favorable long-term risk-reward for patient investors willing to accept a more moderate compounding profile.”