Buy

_

22May2024|7:40PMPDT

MicrosoftCorp.(MSFT)

Gen-AIannouncementstoshapebroaderadoption,reinforceleadingmarketposition:MicrosoftBuildTakeaways

MSFT12mpriceTarget:$515.00price:$430.52upside:19.6%

ComingoutofMicrosoftBuild,wecontinuetoseeMicrosoftpavingthepathfordemocratizedGen-AIadoptionasitbuildsoutthe

ecosystemwithinnovationsinalllayersofthetech-stack.Given

Microsoft’sprevalentofferingsacrossorganizationsandconsumers,weseethecompanyinauniquelyadvantageouspositiontode?nehowAIevolvesintoamorebroadlyusedtechnology.Buildingontopofearlierinnovationsoverthelast18monthsandwithagreater

focusoncostef?ciency,frominfrastructuretoapplicationsandnowhardware,weseeMicrosoftbuildingoutthecoreaspectsthat

cementthelong-termrelevanceofnewtechnologies.Forthis

reason,thecompany’sannouncements-fromCopilotextensions,tothedistillmentoffoundationmodelsandAI-enabledPCs-we

expectMicrosofttobeabletosustainits?rst-moveradvantagetocontinuetobeadominantplayerintheageofGen-AI.Weelaborateonourconference-speci?ctakeawaysandoutlinesomekey

technologicalenhancementswithinthisnote.WereiterateourBuyratingand$515PTasweseealonggrowthrunwayforthe

foreseeablefuture,withMicrosoftwellaheadofwhereitwas

duringthepriormajortechnologycycle-thecloudmigration(whereitnowholdsaformidablemarketposition).

ProductAnnouncements

CopilotApplicationsEnhancementstoCopilotpavethewayforincreasinglypersonalizedexperiencesatscale.Across

applications,MicrosoftannouncedCopilotimprovementsthatbringthecompanyclosertodesigningtailoredandcustomizable

experiencesforusersthatcanunderstandthecontextofusers’

work.TheadditionofCopilotintodifferenttypesofwork?ows(fromchatsinTeams,to?nance-andsales-orientedwork?ows)can

increasetheef?cacyofthemodelsandpotentiallyreachapoint

KashRangan

+1(415)249-7318|kash.rangan@

GoldmanSachs&Co.LLC

GiliNaftalovich

+1(917)343-4286|gili.naftalovich@

GoldmanSachs&Co.LLC

HenryDane

+1(212)357-6378|henry.dane@

GoldmanSachs&Co.LLC

MatthewMartino

+1(212)902-0695|matt.martino@

GoldmanSachs&Co.LLC

KeyData

Marketcap:$3.2tr

Enterprisevalue:$3.2tr

3mADTV:$8.1bn

unitedstates

Americassoftware

M&ARank:3

GSForecast

6/236/24E6/25E6/26E

Revenue($mn)211,915.0245,299.7280,871.2319,167.9

EBITDA($mn)102,384.0130,989.9153,515.7174,068.1

EBIT($mn)88,523.0109,987.6127,231.7148,130.7

EPS($)9.6811.8914.0416.65

P/E(X)27.736.230.725.9

EV/EBITDA(X)18.724.020.117.2

FCFyield(%)3.02.52.63.5

Dividendyield(%)1.00.70.80.8

Netdebt/EBITDA(X)(0.7)(0.4)(0.7)(1.1)

3/246/24E9/24E12/24E

EPS($)2.943.043.353.49

GSFactorPro?le

Growth

FinanciaIRetUrns

MUItipIe

Integrated

percentile20th40th60th80th100th

MSFTrelativetoAmericascoverage

MSFTrelativetoAmericasSoftware

Source:Companydata,GoldmanSachsResearchestimates.

Seedisclosuresfordetails.

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,

investorsshouldbeawarethatthe?rmmayhaveacon?ictofinterestthatcouldaffecttheobjectivityofthis

report.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcerti?cationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

/research/hedge.html.Analystsemployedbynon-USaf?liatesarenotregistered/quali?edasresearchanalystswithFINRAintheU.S.

_

GoldmanSachs

MicrosoftCorp.(MSFT)

RatingsinceJan21,2021

Buy

Ratios&Valuation

P/E（X）

EV/EBlTDA（X）

EV/sales（X）

FCFyield（%）

EV/DACF（X）

CROCl（%）

ROE（%）

Netdebt/EBlTDA（X）

Netdebt/equity（%）

lnterestcover（X）

lnventorydays

Receivabledays

Dayspayableoutstanding

6/23

27.7 18.7 9.1 3.0 21.5 32.2 38.8（0.7）（37.2） NM 17.380.0

102.8

6/24E

36.2

24.0

12.8

2.5

26.9

35.2

37.0

（0.4）

（19.8）

NM

10.0

76.7

97.4

6/25E

30.7

20.1

11.0

2.6

21.6

35.6

32.6

（0.7）

（30.7）

NM

7.2

75.2

97.4

6/26E

25.9 17.2 9.4 3.5 18.5 36.2 29.2（1.1）（41.2） NM 7.374.4

95.7

Growth&Margins(%)

6/236/24E6/25E6/26E

Totalrevenuegrowth6.915.814.513.6

EBITDAgrowth4.627.917.213.4

EPSgrowth0.422.818.118.6

DPSgrowthNMNMNMNM

Grossmargin68.969.669.469.5

EBITmargin41.844.845.346.4

PricePerformance

MSFT($)S&P500

5506,500

5006,000

4505,500

4005,000

3504,500

3004,000

Oct-23

Jan-24

3日

4.6%

Jul-23

Apr-24

日日日

34.0%

Absolute

日日

13.9%

Rel.totheS&P500(0.0)%(2.4)%5.6%

Source:FactSet.Priceasof22May2024close.

IncomeStatement($mn)

Totalrevenue

costofgoodssold

SG&A

R&D

otheroperatinginc./（exp.）

E日日日日日

Depreciation&amortization

E日日日

Netinterestinc./（exp.）

lncome/（loss）fromassociates

日日日-taxp日ofit

provisionfortaxes

Minorityinterest

preferreddividends

N日tinc日（p日日-日xc日ptionaIs）

N日tinc日（post-日xc日ptionaIs）

E日s（basic日p日日-日xc日pt）（$）

E日s（diIut日d日p日日-日xc日pt）（$）E日s（日x-EsO日xp日日diI日）（$）

DpS（$）

Div.payoutratio（%）

wtdavgsharesout.（basic）（mn）wtdavgsharesout.（diluted）（mn）

6/236/24E6/25E6/26E

211,915.0245,299.7280,871.2319,167.9

（65,863.0）（74,564.0）（85,922.8）（97,405.6）

（30,334.0）（31,310.8）（34,908.9）（37,753.9）

（27,195.0）（29,437.3）（32,807.7）（35,877.7）

--------

日日2日3日4日日日3日日日日日日日日53日5日5日日（13,861.0）（21,002.3）（26,284.0）（25,937.4）日日日523日日日日日日日日日日6日2日日23日日日

--------

--------

日日日3日日日日日日日日日66日6日2日日23日日日

（16,950.0）（19,410.3）（22,901.7）（27,023.5）

--------

--------

日2日36日日日日日日日56日3日日4日33日日日

日2日36日日日日日日日56日3日日4日33日日日

日日日2日日日日4日4日日4

日日6日日日日日日日4日日4

------

--------

0.00.00.00.0

7,446.07,431.57,429.47,399.6

7,472.07,465.17,432.67,394.3

MicrosoftCorp.(MSFT)

BalanceSheet($mn)

cash&cashequivalents

Accountsreceivable

Inventory

Othercurrentassets

TotaIcurrentassets

NetPP&E

Netintangibles

Totalinvestments

Otherlong-termassets

TotaIassets

Accountspayable

Short-termdebt

Currentleaseliabilities

Othercurrentliabilities

TotaIcurrentIiabiIities

Long-termdebt

Non-currentleaseliabilities

Otherlong-termliabilities

TotaIIong-termIiabiIities

TotaIIiabiIities

Preferredshares

TotaIcommonequity

Minorityinterest

TotaIIiabiIities&equity

BVPS($)

6/23

34,704.048,688.02,500.098,365.0

184,257.0

95,641.077,252.09,879.030,601.0

411,976.0

18,095.05,247.0

--

80,807.0

104,149.0

41,990.012,728.046,886.0

101,604.0205,753.0

--

206,223.0

--

411,976.0

27.70

6/24E

44,699.754,457.1 1,589.782,331.3

183,077.9

131,363.7146,537.014,807.034,698.6

527,855.3

21,692.522,784.0

--

91,269.0

135,745.5

42,658.014,469.061,822.4

118,949.4254,694.9

--

273,160.4

--

527,855.3

36.76

6/25E

103,152.661,259.3 1,812.086,879.6

253,103.5

166,063.3140,677.0 14,807.042,140.1

634,161.9

24,180.122,784.0

--

97,699.5

144,663.6

42,658.014,469.066,154.1

123,281.1267,944.7

--

366,217.3

--

634,161.9

49.29

6/26E

186,899.168,880.22,064.892,262.1

350,106.3

198,679.5136,241.014,807.048,019.8

765,224.6

26,916.822,784.0

--

106,880.5

156,581.3

42,658.014,469.074,868.5

131,995.5288,576.8

--

476,647.8

--

765,224.6

64.42

CashFlow($mn)

Netincome

D&Aadd-back

Minorityinterestadd-back

Net(inc)/decworkingcapital

Others

Cashflowfromoperations

Capitalexpenditures

Acquisitions

Divestitures

Others

Cashflowfrominvesting

Dividendspaid

Shareissuance/(repurchase)

Inc/(dec)indebt

Others

Cashflowfromfinancing

Totalcashflow

Freecashflow

Freecashflowpershare(basic)($)

6/23

72,361.013,861.0

--

(2,388.0)3,748.0

87,582.0

(28,107.0)(1,670.0)

--

7,097.0

(22,680.0)

(19,800.0)(20,379.0) (2,750.0)(1,200.0)

(44,129.0)20,773.0

59,475.07.99

6/24E

88,756.321,002.3

--

8,232.17,626.7

125,617.4

(44,234.0)(67,790.0)

--

16,272.0

(95,752.0)

(21,765.6)(11,576.0)14,585.0(1,113.0)

(19,869.6)9,995.7

81,383.410.95

6/25E

104,330.026,284.0

--

(5,764.5)12,639.2

137,488.7

(55,123.5)

--

--

--

(55,123.5)

(23,912.3)0.0

--

--

(23,912.3)58,452.9

82,365.211.09

6/26E

123,107.225,937.4

--

1,496.213,564.6

164,105.4

(54,117.6)

--

--

--

(54,117.6)

(26,241.3)0.0

--

--

(26,241.3)83,746.5

109,987.814.86

Source:Companydata,GoldmanSachsResearchestimates.

22May20242

_

22Ma2024

GoldmanSachs

MicrosoftCorp.(MSFT)

where,buildingonCopilot’scurrentcapabilities,Microsoftcandistinguishthecontextofeveryusertoproviderole-speci?coutputs.Mostprominently,theannouncementsof

TeamCopilotforM365andCopilotagentsinCopilotStudioindicatethatMicrosoft

remainsonthecuttingedgeofhowGen-AIcanaugmentuserwork?ows.TeamCopilotexpandsCopilotbeyondservingindividualsandisdesignedtohelpshareinformation

acrosscoworkers.Withtheabilitytomanagemeetingagendas,trackactionitems,andthecreation/assignmentoftasks,TeamCopilotwillhaveamoreholisticunderstandingofbusinessinteractionsandcollaborations.Thiswillthereforeadddatapointstoeach

users’Microsoft’sgraph,helpingdrivemoreaccurateoutputsacrossagreaternumberoftouchpoints/work?ows.Withincreasinglycomplexunderstandingsofanorganizationsprocessesandgoals,webelievecustomerswillbetterbeabletodetermineproductivityimprovements.Likewise,CopilotagentsinCopilotStudiowillenableuserstocreate

customagentsthatautomatetasks,reasonoveractionsandinputs,leveragememory,andlearnfromfeedback.AgentswillallowcustomerstouseCopilotinincreasingly

complexwaysandexpandtheMicrosoftAIecosystem.Copilotconnectionscanuse

thesecustomizedcopilots,groundedin1stor3rdpartybusinessdata,andconnectthemacrossapplicationslikeAdobe,Atlassian,Snow?ake,andmore.Together,these

announcementsleaveusprogressivelycon?dentinMicrosoft’sabilitytocrafta

well-integratedAIecosystemthat,byweavinginindividualandteamcontext,can

improveengagementanddriveMicrosoft’srevenuegrowthwithintheapplicationandplatformlayers.

Gen-AIModelsIncreasinglyspecializedSLMspositionMicrosoftasaleaderin

drivingperformantandcost-effectivesolutions:Microsoftunveiledawidevarietyof

specializedSLMsacrosshardware,applications,andinfrastructure,withthedual

bene?tsofimprovingusecase-speci?cperformanceandreducinginferencingcostsforusers.WebelieveMicrosoft’scontinuedeffortstodevelopmorespecialized,accurate,

andef?cientmodelswillfurtherdemocratizeAI,expandingtheGen-AIecosystemand

positioningMicrosoftasthemarketleader.WeseeMicrosoftlookingtobringAItoall

thedifferentendpointsinwhichusersengagewiththeirapplicationsanddata.Onthe

hardwareside,MicrosoftunveiledPhiSilica,the?rstSLMcustombuiltfortheNPUandrunlocallyonAIPCs.Thepurpose-builtPCmodelwillhelpimproveperformanceatEdgedeviceswhilepotentiallyloweringthecostforGen-AIworkloads.Similarly,Microsoft

alsolookedtoexpandthecapabilitiesofitsPhi-3SLMs,whichprovidecost-effective

models.Today,Microsoftannouncedthemulti-modalPhi-3-visionthatbringstogether

languageandvisioncapabilities.Withjust4.2bnparameters(vs.7bnforPhi-3-smalland100bn+formanyfrontierLLMs),customershaveevenfurtherselectionacrossthe

ef?ciencyfrontier(thebalancebetweenqualityandcost).ThisaddstoMicrosofot’s

growingportfolioofspecializedmodels,suchasM365CopilotforSales,M365CopilotforService,M365CopilotforFinance,CopilotforAzure,CopilotforSecurity,andmore.

Thesemodelswilllikewisesupportcheaperinferencingwithmoreaccurate

domain-speci?canswers.Similartopriorcycles,weseethereductionincostsofcomputeperworkloadasdrivingmoreubiquitousadoptioninthelongterm.WecontinuetoexpectMicrosofttoleadeffortstodriveaccessforwardacrossthe

spectrumofquality,speci?city,andsize,whichwillonlyenhancetheirpositionasmarketleaders.

y

3

_

22Ma2024

GoldmanSachs

MicrosoftCorp.(MSFT)

Copilot+PCsMicrosoftleveragesapplicationandinfrastructureexpertisetobuildbest-in-classhardware:Buildingoffoftheir5/20announcementofCopilot+PCs,

Microsoftshowcasedasuiteofhardwareinnovationsdesignedtoimprovethe

performanceofandreducetheinferencingcostsofGen-AIworkloads.Theseefforts

furthershowMicrosoft’sintenttobuildapresenceacrossallaspectsofthetechstackinordertoenableGen-AI.Mostprominently,theAI-?rstCopilot+PCsareupto20x

morepowerfulandupto100xmoreef?cientforrunningAIworkloadsvs.traditionalPCs.Aswenotedinour3QPreview,webelieveAIPCsareincreasinglyasourceofcompetitivedifferentiationthatwebelieveleavesWindow’sandSurfacebetter

positionedtocaptureshareintheupcomingPC-cyclethaninpriorcycles.Theiruseof

NPUs(vsGPUs)alsodiversi?esthechipsusedforGen-AIsolutionsandcanhelpsolvesupply-constraintsinotherareasthatrequireGPUs.Asconsumersincreasinglydemandlocalizedcompute,weargueMicrosoftwillbeabletoleverageitspreeminenceintheAIinfrastructureandapplicationlayerstoaugmentitshardwareoffering.Inturn,driving

hardwareef?cienciesthatdemocratizeAIaccessibilityshouldencouragefurther

adoptionofMicrosoft’sAIapplications.Similarly,inAzure,Microsoftisnowdeployingitsownchips,Maia100,whicharedesignedtosupportlarge-scaleAIworkloads.

Microsoft’seffortstodevelopspecialized,ef?cient,andhighlyperformanthardwareshouldonlyhelpacceleratetheAItransitionitiscurrentlyleading.

OngoingimprovementsannouncedacrossAzure,GitHub,andFabric:Day2ofBuild

highlightedprogressonthebackoflastyear’sannouncementsinkeyproductareaslikeAzure,GitHub,andFabric(Microsoft’sdataanalyticsplatform).InAzure,wenoteAzureAIStudiowentGAthisweekandAzureOpenAIServicescontinuestogaintraction.WeseeproductadditionslikeAzureOpenAIBatchServices(whichallowscustomersto

optimizespendwithscheduleduse)expandingAzure’sserviceablemarket.Azure

OpenAIServiceboastsover50kcustomersandwhileitisearlydaysforAIStudio,weseetheannouncementofGeneralAvailabilityasanimportantstepforenterprisesto

adoptitintowork?owsgoingforward.GitHubCopilotisnowthemostwidelyadoptedAIdevelopertoolwith1.8mmsubscribersand50kcustomers.Over60%oftheFortune500andover90%oftheFortune100nowuseGitHubCopilot,withaccelerated

adoptionacrossallindustriesandgeographies.Webelieveproductadditionslike

ExtensionsandWorkspaceindicateMicrosoftcontinuestobeattheforefrontofGen-AIapplicationsfordevelopers.CoiplotinGitHubislikelytoserveasacarrotforadoption

fromthoseonAzureDevOpsand/orotherrepoenvironments.GitHubCopilotExtensionsisnowinprivatepreview,allowingdevelopersandorganizationsto

customizetheirGitHubCopilotwithserviceslikeAzure,Docker,SentryandmorewhileGitHubCopilotWorkspace(aCopilot-nativedeveloperenvironmentenablingsoftwaredevelopmentinnaturallanguage)isnowinpreview.

JustsixmonthsafterannouncingGeneralAvailability,Fabrichasalreadybeenadoptedby11,000payingorganizations.Microsoftannouncedupdatesandpartnershipsthatwebelieveindicateastepfunctionimprovementintheproduct.NewlyunveiledReal-TimeIntelligence,withintegrationsintoAWS,Google,andCon?uent,aimstoprovidean

end-toendexperiencethatmakesitsimplertogatherandactuponstreamingdata.

DeeppartnershipswithDatabricksandnowSnow?akeenableinteroperabilityandtheseamless?owofdatathroughbothplatforms.Webelievetheseintegrationsthat

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22Ma2024

GoldmanSachs

MicrosoftCorp.(MSFT)

reducetheneedtoduplicatedatawithintheanalyticsprocesswillsupportFabric

utilizationasFabricprovidesamoreend-to-endplatform(ormOneLaketoSynapseandPowerBI).Conversationsattheconferencesuggestthatsuchdeepintegrations(with

theexperiencereducingtheneedtoduplicatethenumberofdataversions)betweenthesevendorsareinstilledintheproductroadmapoftheplatform.Morebroadly,

followinglastyear’smergingofseveralsolutions,wenotetherehasbeenasuccessfulefforttounifyandstreamlinetheunderlyingFabricarchitecture.Finally,thekeynotes

andourcustomerconversationsemphasizedMicrosoft’srenewedorientationaroundsecurity.Amidthecompany’seffortstounifyitsarchitecture,teamsacrossthe

organizationareintegratingsecurityintoeverypartofthedevelopmentlifecycle.Whilesecuritymayhavetakenpriorityovernewfeaturesinsomeareas,ourconversations

suggestCopilot-enabledapplicationshavemovedthroughthisprocessfasterthanotherareasoftheportfolio.Takentogether,theseannouncementsleaveusincrementally

morepositiveonMicrosoft’scontinuedinnovationacrossthetechstack.

OurThesisonMicrosoft

WebelieveMicrosoftisoneofthemostcompellinginvestmentopportunitiesinthe

technologyindustryandacrosssectors.Withastrongpresenceacrossalllayersofthecloudstack,includingapplications,platforms,andinfrastructure,Microsoftiswell

positioned,inourview,tocapitalizeonanumberoflong-termseculartrends,suchasGen-AI,publiccloudconsumption,SaaSadoption,digitaltransformation,AI/ML,

BI/analytics,andDevOps(amongstothers).Alongwithcontinuedoperatingleverageasitscloudbusinessreachesa~$100bnrun-rate,itshoulddrivesustainableEPSgrowthleadingtoapotentialdoublingofearningspersharefromF24toF28.Whileour

long-termprojectionfortheMicrosoftCloudbusiness(whichlargelyencompasses

AzureandOf?ce)ofnearly~$230bninFY27mightseemlikeaverylargenumber,it

representsonlya20%CAGRfromFY23levels.WiththereleaseofMicrosoft365

Copilot,BusinessChat,Dynamics365Copilot,GitHubCopilot,TeamsPremium,Azure

OpenAIServices,VivaSales,andmore,webelieveMicrosoftisintheuniquepositiontotransformthewaysoftwareaugmentshumanproductivityasitshowcasesthevalueitcandriveinsynthesizing,creating,andsharinginformationacrossavarietyofdifferentusecases.Giventheimportanceofthedatainputintotheunderlyingmodelsofsuch

technology,Microsoft’sproductivitysuite,cloudservices,developertoolsandother

platformscreateawell-roundeddatahubthatcansolidifyitscompetitivemoat,whichcantranslatetoongoingstrengthwithinitsMicrosoftCloudsegment,thatcomprisesAzure,CommercialOf?ce365,Dynamics365,andLinkedInCommercial.

Furthermore,astechasapercentageofglobalGDPmovesfrom5%to10%(permanagement)drivenbydigitization,weviewthislonger-termtargetasbeinga

reasonableoneevenrelativetotheenterpriseITindustrywhichis~$2trilliontoday.Webelievethelong-termseculardriversareintactforAzureandOf?ce(with400mn+

commercialusersrepresentinglessthan50%ofcurrentworldwideknowledge

workers).TheacceleratingmomentumtowardE5(lowtomid-teenspenetratedtoday)wouldlikelyplayoutoverthenexttwoorthreeyearswhichisanadditionalindicatorofthegrowingvaluerealizedbyMicrosoft’sofferings.IntermsofmonetizingmorerecentgenerativeAItools,wedrawaparalleltotheinitialintroductionofMicrosoftOf?ce365;

y

5

_

GoldmanSachsMicrosoftCorp.(MSFT)

webelieveMicrosoftcanutilizeasimilarplaybookthatwouldleadtonewproductSKUs(similartothatofE3,E5today)thatofferavaryingdegreeofGenerativeAIcapabilities,ultimatelydrivinghigherASPsandasteadygrowthcadence.Wealsoexpectarelativelyhighconcentrationofcoreplatform(PaaS)technologiesinitscloudbusinessdriving

customerretention,lifetimevalueandoperatingmarginsinthelongterm.Furthermore,Microsoftisanef?cientcapitalallocatorasevidencedbyitssuccessfultrackrecordofacquisitions,dividendsandsharepurchaseswhicharguesforacompellingtotalreturnstory.

MSFTthroughthelensoftheGSFrameworkforInvestinginSoftware:

Withabroadportfolioandstrongpresenceacrossalllayersofthecloudstack,wenoteMSFTscreenswellacrossourframework,withanexpansiveTAMandanumberof

seculartailwindsunderpinningsustainablelong-termgrowth,includingcloudadoption

anddigitaltransformation.WhileMSFTcompeteswithanumberofbestofbreedand

platformprovidersacrossvariouslayersofthetechstack,webelievethecompany’s

breadthofofferingsandlargeinstalledbasepositionthecompanytoexpanditsshareofwalletwithincustomers’ITbudgets.Ascommercialcloudcontinuestogrowasa

percentageoftheoverallmix,weseethepotentialforsustainedlong-termgrowth.

Exhibit1:MappingSnow?aketotheGSFrameworkforInvestinginSoftware

OURVIEWONMICROSOFT

8KEYFACTORS

TAM

SECULAR

THEMES

ENTRY/EXIT

POINTS

LTFRAMEWORKRETURN

UNIT

ECONOMICS

PLATFORM/

BESTOFBREED

COMPETITIVEMOAT

ESG

TANGIBLE

LargeandgrowingTAM

Productportfolioacrossalllayersofthecloudstack

Gen-AICloudadoption,digitaltransformation,AI/ML,businessintelligenceandanalytics,andDevOps(amongstothers)

Stocktradesat10xFY26EV/Salesand29xFY26EV/FCF

CompoundedReturns:Bear:2%,Base:16%,Bull:21%

Strongabilitytobundleandconsolidatefunctionalityacrosscategorieswhichshouldcarryhighincrementalmargins.

Broadportfolioofofferingsacrossvariouslayersofthetechstack.

Broadplatformacrosssoftwarewithalargeinstalledbaseofcustomersglobally.Largeandgrowingshareinpubliccloud

Carbonneutralsince2012