{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6da-6d120904659d", "slug": "948af214aaf1", "title": "Salesforce, Inc. (CRM)", "subtitle": "Starboard Value · 2024-10", "author": "Starboard Value", "date": "2024-10-01 00:00:00", "pageCount": 14, "kind": "conference-presentation", "orientation": "landscape", "aspectRatio": 1.7777778, "targetCompany": "Salesforce, Inc.", "targetTicker": "CRM", "document": { "id": "019dd923-622b-71dc-a6da-6d120904659d", "slug": "948af214aaf1", "title": "Salesforce, Inc. 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Unusually collaborative in posture — opens by celebrating management's delivery (+1,000bps margins, +99% stock) before arguing for a next phase toward Rule of 50 by FY2028. Combines victory-lap framing with forward thesis; classified as follow_up rather than victory_lap because the core argument is still prospective (more upside to capture). No stake disclosed, no named villain, no CEO-quote contradiction. Agentforce (Salesforce's agentic AI offering) cited as the revenue-growth catalyst; Starboard does not endorse a cost-cut vs growth trade-off, instead outlining two paths to Rule of 50 (9% growth + 60% incremental margin + $1bn cost savings, OR 11% growth + 55% incremental margin + $0 savings).", "kpisCited": [ { "detail": "+1,000bps since FY2023; 32.8% guided FY2025E vs 22.5% FY2023", "metric": "Adj. operating margin expansion" }, { "detail": "+99% from Oct 2022 to Oct 2024", "metric": "Stock price return" }, { "detail": "CRM 43% vs peer median 53.5%", "metric": "Rule of 50 score (CY2025E)" }, { "detail": "CRM 21x vs peer median 29x", "metric": "Price / CY2025E FCF" }, { "detail": "FY2025E 29.7% vs peer median 23.8% (590bps opportunity)", "metric": "S&M % of sales" }, { "detail": "FY2025E 6.3% vs peer median 5.5% (80bps opportunity)", "metric": "G&A % of sales" }, { "detail": "$20+ under both stable (9% growth/41% margin) and higher-growth (11% growth/39% margin) scenarios", "metric": "FY2028 FCF/share target" }, { "detail": "~14x if Rule of 50 achieved", "metric": "Implied FY2028 P/FCF" } ], "closingAsk": "Salesforce can and should commit to achieving the Rule of 50 by FY2028.", "extraction": { "at": "2026-04-22 15:49:51+00", "model": "unknown-legacy", "runId": null, "seconds": 136.73505, "promptVersion": null }, "scqaReward": "Hitting the Rule of 50 by FY2028 generates $20+ FCF per share, implying Salesforce today trades at just ~14x FY2028 FCF versus a 29x peer median — a material re-rating opportunity.", "thesisTypes": [ "operational_turnaround", "cost_cutting", "multiple_rerating" ], "top3Reasons": [ "Since 2022 pitch, margins expanded 1,000bps and stock nearly doubled (+99%)", "Salesforce still trails peers: 21x FCF vs 29x median, Rule of 50 score 43% vs 53.5%", "Reaching Rule of 50 by FY2028 implies $20+ FCF/share and ~14x FY2028 FCF today" ], "scqaSituation": "Salesforce is the leading CRM/enterprise-software platform that Starboard first pitched in October 2022 as a high-quality, sticky business trading at an attractive valuation but mispriced on its combination of growth and profitability.", "thesisSummary": "Two years after Starboard first pitched Salesforce at the 2022 Active-Passive Summit as a high-quality business mispriced on its growth-plus-profitability combination, the company has delivered a remarkable transformation: adjusted operating margins have expanded by more than 1,000bps since FY2023 to a guided 32.8% in FY2025, and the stock has nearly doubled (+99%). 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