CRM - Embedded Expectations Analysis - 2017 12 22
ï€ Salesforce.com, inc. (CRM:USA) currently trades near historical highs relative to UAFRS-based (Uniform) Earnings, with a 53.1x Uniform P/E, implying bullish expectations for the firm. Meanwhile, management is optimistic about the value of their platform and their Lightning offeringï€ Specifically, management is confident that their partners choose them because of their ability to handle and grow both B2B and B2C businesses, and about the value of their efforts to ensure anyone can adopt new technologies. They are also confident that almost every demonstration at Dreamforce was on Lightning
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.
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- GAAP and IFRS have failed to provide rules for reliable financial statement reporting
- Stock analyst recommendations are not grounded in disciplined financial analysis
- Credit agencies have been set up to grossly fail in their responsibilities to investors and the public markets
- Utter lack of willingness of major research firms to employ the the most advanced forensic analysis available
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- Corporate credit ratings remain years behind the fundamental underpinnings of company performance
- Stock analysts continue to make recommendations with deeply inherent biases
- Research firms have failed to break down the walls between credit, equity, and macroeconomic research
- The governing accounting bodies have created more leeway for mis-estimates and mis-classifications as financials have become unwieldy and overwhelming
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