{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6da-81546787160b", "slug": "5200b91eefc3", "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-81546787160b", "slug": "5200b91eefc3", "title": "Salesforce, Inc. 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establish a thesis of undervaluation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:46.803+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "comparison_frame" }, { "matchId": "7b5eeaf7-6820-48b0-b317-d1d8bbcbc16c", "evidence": "Centralized platform architecture diagram", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:44.08+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "hub-spoke" }, { "matchId": "1264c480-bb08-469b-bf02-db79966ed9ad", "evidence": "Comparison of internal metrics against peer median to identify improvement potential.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:47.982+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "peer-gap-analysis" }, { "matchId": "2669030d-6336-489e-ab51-a8629efde81e", "evidence": "Used as the primary metric for operational performance evaluation.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:10:44.811+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "Rule of 50" }, { "matchId": "633d5968-ded9-415d-a893-03777d1c2097", "evidence": "The slide explicitly uses the 'Rule of 50' as the primary performance metric for comparing SaaS companies.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:10:47.921+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "Rule of 50" }, { "matchId": "9f172cd6-6e05-4e90-ae04-c2d9c277d0b7", "evidence": "The slide explicitly references the 'Rule of 50' as a performance benchmark for valuation.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:10:43.972+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "Rule of 50" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "analytical", "notes": "Follow-up to Starboard's 2022 Active-Passive Investor Summit Salesforce thesis (also referenced Splunk and Wix in 2022). Tone is celebratory/analytical — explicitly takes a victory lap on margin expansion and stock performance, then presses for the next leg. No villain named (collaborative posture toward Benioff/management). Watermarked 'www.10XEBITDA.com' on every page (third-party redistribution; original is digital, not scanned). Author of the talk likely Jeff Smith (Starboard CEO) but document credits only the firm, so author_name left null. Stake size not disclosed in this document.", "kpisCited": [ { "detail": "32.8% FY2025E guidance, up from 22.5% FY2023 — +1,000bps in two years", "metric": "Adjusted operating margin (current)" }, { "detail": "+99% from October 2022 to October 2024", "metric": "Stock price performance" }, { "detail": "CRM at 43% (9.0% growth + 34.0% margin) vs peer median 53.5%", "metric": "Revenue growth + Adj. operating margin (Rule of 50)" }, { "detail": "CRM 21x vs peer median 29x (ORCL 55x, NOW 45x, MSFT 38x)", "metric": "Price / CY2025E Free Cash Flow" }, { "detail": "29.7% FY2025E vs 36.2% FY2023 (650bps improved); peer median 23.8% — 590bps remaining", "metric": "Sales & Marketing as % of revenue" }, { "detail": "6.3% FY2025E vs 7.0% FY2023; peer median 5.5% — 80bps remaining", "metric": "G&A as % of revenue" }, { "detail": "$20+ under either stable-growth (9%/41%) or higher-growth (11%/39%) path", "metric": "FY2028 FCF per share target" }, { "detail": "~14x at current price if Rule-of-50 financial profile is achieved", "metric": "Implied PF CRM FY2028 P/FCF" } ], "closingAsk": "Salesforce can and should commit to achieving the Rule of 50 by FY2028, generating more than $20 of free cash flow per share.", "extraction": { "at": "2026-04-22 15:55:34+00", "model": "unknown-legacy", "runId": null, "seconds": 165.80663, "promptVersion": null }, "scqaReward": "Either the stable-growth (9%+41%) or higher-growth (11%+39%) path delivers $20+ FCF per share by FY2028, implying CRM currently trades at only ~14x FY2028 free cash flow.", "thesisTypes": [ "operational_turnaround", "undervaluation", "multiple_rerating" ], "top3Reasons": [ "Margin expansion of 1,000bps since FY2023 and stock up 99% — original thesis is working", "Still trades 21x P/FCF vs 29x peer median; Rule-of-50 score lags peers by 10 points", "Agentforce plus $1bn of cost savings can hit Rule of 50 by FY2028, delivering $20+ FCF/share" ], "scqaSituation": "Salesforce is the leading enterprise CRM software platform; Starboard first publicly flagged it in 2022 as a high-quality, sticky business trading well below peer-group combined growth-and-profitability profiles.", "thesisSummary": "Two years after Starboard first publicly flagged Salesforce at the 2022 Active-Passive Investor Summit, the firm returns to declare partial vindication and press for the next leg of value creation. Since FY2023, Salesforce has expanded adjusted operating margins by more than 1,000bps to a guided 32.8%, and the stock has nearly doubled (+99%). Yet CRM still trades at just 21x CY2025E free cash flow versus a peer median of 29x, because revenue growth has decelerated to ~9% and the combined Rule-of-50 score sits at 43% versus a 53.5% peer median. Starboard outlines two paths to closing the gap by FY2028: a stable-growth scenario (9% revenue CAGR + 41% margins + $1bn incremental cost savings) or a higher-growth scenario (11% + 39%) catalyzed by Agentforce. 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