Veeva Systems Inc.

“Veeva is an exceptional vertical SaaS franchise with catastrophic switching costs, a fortress balance sheet, and a founder-led management team executing a multi-year platform migration that widens — not narrows — its competitive moat. At 17x forward earnings near multi-year lows, the market is pricing execution uncertainty around the Vault CRM transition as permanent impairment risk; it is not. The bear case requires IQVIA to execute a competitive bundling strategy it has not demonstrated over several years in market. With 40%+ FCF margins, zero debt, and credible white space in R&D Cloud and data analytics, the 10-year compounding case remains intact. Build a position in 2–3 tranches rather than all at once given near-term revenue variability from the CRM migration.”