Always Be Closing: Salesforce.com Executes Another Successful Quarter; Raising our FVE to $175
After transferring coverage of Salesforce.com to a new analyst, we are raising our fair value estimate to $175 per share, from $158 previously, and maintaining our wide moat rating, positive trend, and medium uncertainty ratings. We continue to believe Salesforce benefits from strong switching costs and a network effect in terms of its platform offerings. The firm's acquisition of MuleSoft (acquired at an expensive multiple of 22 times revenue) and incremental investments in its AI tools (Einste...Salesforce.Com is engaged in customer relationship management technology. The company's Customer 360 is an integrated platform that unites sales, service, marketing, commerce, integration, analytics and more to give companies a single, shared view of their customers. Through its platform and other developer tools, the company also enables third parties to develop additional functionality and applications, or apps, that run on its platform, which are sold separately from or in conjunction with the company's service offerings. The company's cloud service offerings include sales cloud, service cloud, marketing and commerce cloud, and salesforce platform and other.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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