Bull case
-Company has leading position in front-office productivity software across marketing, sales and support.  Platform position particularly entrenched in large enterprise where $CRM is a strategic vendor.

-AI is a feature and productive enough that large companies want to procure it from existing vendors, and not sufficiently disruptive to warrant competitive displacement (including by internal development).

-AgentForce is early but getting solid reviews and could be game-changing for the company.

-135k customer base is very sticky

-Top-line growth will stabilize around 10% and then potentially improve a bit from AI monetization.  9% price increase starts to help over next couple years (might be 3% / year tailwind for 3 years).

-AI will help CRM optimize margins further – certainly helps R&D code more efficiently, helps S&M execute more efficiently over time – certainly at the low-end, helps w/ already minimal customer support costs.  Perhaps more efficient coding helps w/ pace of large customer adoption as well bc lowers implementation cost.

-Operating discipline is here to stay.  GAAP OM is 20% today vs MSFT at 42% and ADBE at 46%.  CRM ought to be able to reach 40% GAAP OM (81% GM – 10% R&D – 25% S&M – 6% G&A).  This would be a 31% net margin.

-Company is just a cash flow compounder – 10% top line growth, margin expansion allows for mid-teens FCF growth, capital return may juice that to high-teens.  Stock trades at 23x CY25 FCF – cheap for what it is.
#CRM