CRM
Salesforce, Inc.
stock NYSE

ADBE, MSFT, CRM, etc

I was just researching this last night. What's interesting is that many companies don't report their unrealized capital gains from marketable securities as non-gaap income...yet that's what everybody uses.
BRK is the obvious example...their non-gaap income is way too low because it excludes stock gains, but everybody knows about that one.
A slightly less well known one is Amazon. They have signifant investments in Anthropic and Rivian but these don't show up on non-gaap figures or the famous earnings reports the market talks about. Had they been included, Amazon's TTM non-gaap income jumps from 7.20 to 8.14. Granted both companies had good years...regardless this is a a strong argument that Amazon is undervalued as these two assets are not properly accounted for.
Another example is MMM. They spun off Sols (medical supplies) but still retain a lot of SOLS stocks. Their TTM non-gaap eps was 8.06...but most analyst forget to include SOLS and if you add back in its profits this jumps to 8.84. Granted MMM has other legal liabilities that muddy the water.
A fourth example is $GOOG. Their TTM non-gaap eps was 9.10. But if you add back in their marketable investments in Antrhopic, Waymo, SpaceX...this jumps to 11.02.
I asked AI for more examples and they thought MSFT, CRM, UBER, NVIDA, INTEL, SNOW, MKL, L, JEF, WTM, ROP...are more examples of companies with hidden assets that aren't properly accounted for in popular non-gaap eps figures.

A mixture of MSFT, NOW, CRM, CSU and ADBE

CRM finally taking a shit . Puts all day

Biggest dip so far seems to be in software. I picked up some CRM. Oracle and Snowflake have had some recovery.

Jesus fuck. 300k volume candle on CRM in 1 second.

"AI has changed the business model of companies like CRM and ServiceNow. Previously they offered a model based on “per seat”. Essentially this has now changed to CONSUMPTION of AI agents."
What are you talking about? The pricing of Salesforce is per user.

My opinion only:
AI will help companies in highly regulated spaces where you can't just vibe code your way in. Think medical, defense, mission critical systems... In those cases, most likely the current players will adopt AI as they have those existing relationships

In less regulated spaces where it is easy to spin something up, small companies will start to chip away marketshare. For example, Salesforce is goto sales CRM but it builds for every industry. Someone will come in and build a CRM for car dealerships, someone else will build a CRM for hardware supplies...

Same for all other SAAS companies like CRM, DDOG, NOW, SHOP etc

FUD alpha told me the bottom wasn’t in yet and now my CRM shares are up $10 from premarket. This is some bullshit.

Sold my DDOG shares in pre market but am holding calls.
Still have SNOW , NET (small), buying ZS. APP with a great bounce.
Starters in NOW and CRM.
New position in FROG

CRM been discounted for the last two years 🫵😂

Is CRM going bankrupt ?! 😦

CRM is good deal in this century , because it makes much money and underestimated in america, korea is famous for this stock

In a way you are right, it will impact the business but its all about looking at numbers, NOW and CRM have so many much cash and such huge structures and backgrounds that they will always be a big player.
First of all its all about safety, Software is an important thing of a business, its where all the data is secured, no one is gonna waste years upon years of data and people being rooted into one system because of this, Not to mention, CRM for example is a premium company and it offers to any customer an amount of safety that no Startup can offer.
What is gonna happen is that these companies are gonna adapt to the reality of times, they are too big and too rich to just fall like that, they are just gonna transition from one kind of stock to another.
Plus nowadays the market moves so much on panic because of AI and that is what creates this big opportunities, CRM And NOW are almost at an RSI of under 20, that is crazy for this companies this sucessful, you are getting a huge safety net for entering now.

I guess I'm buying CRM and NOW.
Thanks for the tip!

AI has changed the business model of companies like CRM and ServiceNow. Previously they offered a model based on “per seat”. Essentially this has now changed to CONSUMPTION of AI agents. What this has done in TWO THINGS. First, it has significantly compressed margins but probably more importantly it has introduced the possibility that AI agents make companies systems operate more efficiently overall thereby reducing dependence on AI agents provided by CRM or NOW. Of course, with a consumption based model, if AI agents result in better efficiency and therefore lower consumption this equates to lower revenues/profits for these businesses.
So what to do?
If you must invest in software invest in those companies that ALREADY had a model based on consumption such as SNOWFLAKE. AI agents consume date 24/7 and where are they consuming it? Places like Snowflake and Databricks. The only issue now with Snowflake is that their stock based compensation to attract high level talent to remain competitive is essentially making them unprofitable their GAAP measure.
So find companies in the software space that not only have data moats but are beneficiaries of increased AI agents. The days of all software companies having big gains are over. It’s more a stock pickers market now and don’t fall victim to the VALUE TRAP. If there’s no visibility on future earnings then how can you value it? You can’t and that’s where we are with companies like CRM and NOW. Historically they look cheap but their historic earnings power has come to an end.

AMD is up around 3% today after the company named former Salesforce executive Ariel Kelman as its new chief marketing officer.

Kelman will lead global marketing and brand, bringing prior leadership experience from CRM, AMZN, and ORCL.

Traders are watching how the hire fits into AMD’s push around high-performance and AI platforms.

Another round of company write-ups taken from Substack within the last week.

Not my work - sourced from Giles Capital's weekly compilation: [https://gilescapital.substack.com/](https://gilescapital.substack.com/)
# Americas
[**Rijnberk InvestInsights**](https://open.substack.com/pub/rijnberkinvestinsights) on [**Netflix**](https://rijnberkinvestinsights.substack.com/p/netflix-down-40-now-a-no-brainer) (🇺🇸NFLX US - US$347 billion)
Down 38% from its peak despite $9.5B in free cash flow and 325M subscribers. Warner Bros.’ acquisition bid signals the market undervalues what remains the dominant streaming platform globally.
[**Hidden Market Gems**](https://open.substack.com/users/218905452-hidden-market-gems?utm_source=mentions) on [**Salesforce**](https://sbeautiful.substack.com/p/never-buying-salesforce) (🇺🇸CRM US - US$182 billion)
After a three-hour meeting, the author found AI replacing multi-day workflows with 5-minute tasks. The market sees a legacy CRM vendor, but the data heritage moat tells a different story.
[**Guardian Research**](https://open.substack.com/pub/guardianresearch) on [**Boston Scientific**](https://guardianresearch.substack.com/p/guardians-bet-with-burry) (🇺🇸BSX US - US$113 billion)
MedTech leader dropped 17.5% in a single session on a missed electrophysiology metric while the rest of the business beat across the board. PEG ratio 0.93, lowest among peers.
[**Rijnberk InvestInsights**](https://open.substack.com/pub/rijnberkinvestinsights) on [**ServiceNow**](https://rijnberkinvestinsights.substack.com/p/servicenow-oversold-on-a-false-narrative) (🇺🇸NOW US - US$106 billion)
The market took 48% off ServiceNow on the AI-kills-SaaS narrative. Revenue grew 21%, RPO accelerated 27%, and at 21x FCF it’s the cheapest in years.
[**Value Don't Lie**](https://open.substack.com/users/5547617-value-dont-lie?utm_source=mentions) on [**Allison Transmission**](https://www.valuedontlie.com/p/quick-value-303-allison-transmission) (🇺🇸ALSN US - US$9.6 billion)
Dominant 80% market share in heavy-duty automatic transmissions with mid-30% EBITDA margins, yet trades at just 8.5x EBITDA. Has repurchased 65% of shares outstanding since its 2012 IPO.
[**The Coal Trader**](https://open.substack.com/pub/thecoaltrader) on [**NRP**](https://thecoaltrader.substack.com/p/adding-to-my-position-in-nrp) (🇺🇸NRP US - US$1.6 billion) **TOP PICK**
A simple idea with a clear catalyst: met coal royalty MLP approaching debt-free status by February. $200M in projected 2026 FCF translates to 8-9% distribution yields at current prices.
[**Rock & Turner Investment Analysis**](https://open.substack.com/pub/rockandturner) on [**Kingsway Financial**](https://rockandturner.substack.com/p/kingsway-financial-services-ceo-interview) (🇨🇦KFS US - US$360 million)
A CEO interview with the only publicly listed permanent capital vehicle for the search fund model. $620M in accumulated tax losses provide a tax-free runway for acquisitions compounding underneath.
[**Margin Of Safety**](https://open.substack.com/users/10859734-margin-of-safety?utm_source=mentions) on [**Aluula Composites**](https://www.marginofsafetyinvesting.com/p/aluula-composites-auua) (🇨🇦AUUA CN - CAD$91 million)
Pre-revenue composites maker with proprietary adhesive-free UHMWPE fusion technology, 15x stronger than steel by weight. Think Gore-Tex at its inflection point. 45% insider ownership and Michelin in the pipeline.
# Europe, Middle East & Africa
[**Compound with René**](https://open.substack.com/pub/renesellmann) on [**Edenred**](https://www.compoundwithrene.com/p/deep-dive-revisiting-edenred-eden) (🇫🇷EDEN FR - €4.8 billion)
A 60%+ drawdown on Brazilian regulatory fears when Brazil represents just 19% of revenue, and only half of that is regulated. A judge has since suspended the reform for Edenred.
[**Nordic Edge**](https://open.substack.com/pub/nordicedge) on [**Vend Marketplaces**](https://nordicedge.substack.com/p/vend-marketplaces-vend-q4-2025-earnings) (🇳🇴VEND NO - NOK 39 billion)
Norwegian classifieds operator where the Adevinta stake covers half the market cap. Core business delivered 34% EBITDA margins and double-digit ARPA growth while the market fixates on AI disruption fears. (Q4 2025 Earnings)
[**Robin Research**](https://open.substack.com/users/21810349-robin-research?utm_source=mentions) on [**VUSION SA**](https://robinresearch.substack.com/p/vusion-sa-frvu) (🇫🇷VU FR - €2 billion)
Global leader in electronic shelf labels at under 8% market penetration with Walmart as anchor client. Founder-CEO led, highest quality score across all companies this week. The retail digitisation play.
[**Waits**](https://open.substack.com/users/87777872-waits?utm_source=mentions) on [**Ramsdens**](https://swearengenenterprises.substack.com/p/casas-de-empeno-en-reino-unido-5) (🇬🇧RFX LN - £130 million)
UK pawn shop operator riding the gold tailwind. Precious metals at 29.5% of gross profit with gold past £4,900/oz. Loan book up 12%, new stores planned. In Spanish but worth reading.
# Asia-Pacific
[**Best Anchor Stocks**](https://open.substack.com/users/108739794-best-anchor-stocks?utm_source=mentions) on [**Nintendo**](https://www.bestanchorstocks.com/p/reading-between-the-lines) (🇯🇵7974 JP - ¥9.8 trillion)
Switch 2 is the fastest-selling console in history at 15M units, yet the market focuses on early-cycle hardware margins. Real earnings power arrives when blockbuster titles hit that installed base. (Earnings Update)
[**Tailwind Holdings**](https://open.substack.com/users/310566413-tailwind-holdings?utm_source=mentions) on [**Shoei Co**](https://favonahathaway.substack.com/p/an-112-yield-no-debt-and-75-returns) (🇯🇵7839 JP - ¥96.9 billion)
Premium helmet maker averaging 74.7% ROIC since 2016 with zero debt and an 11.2% owner’s yield. Consistent pricing power and a niche global monopoly. Rare quality at a reasonable price.
[**Mr Deep-Value**](https://open.substack.com/users/113017890-mr-deep-value?utm_source=mentions) on [**Shinko Shoji**](https://www.mrdeepvalue.com/p/shinko-shoji-analysis) (🇯🇵8141 JP - ¥29.5 billion)
Classic Japanese net-net at 0.7x NCAV with 40% of assets in pure cash. Post-Renesas restructuring generated a ¥32B cash influx now being returned via 13.6% shareholder yield and aggressive buybacks.
[**AmsterdamStocks**](https://open.substack.com/pub/amsterdamstock) on [**Densan**](https://amsterdamstock.substack.com/p/densan-3640-the-most-one-sided-riskreward) (🇯🇵3640 JP - ¥9.6 billion) **TOP PICK**
Japanese municipal cloud migration at EV/EBIT 1.8x with operating margins expanding from 6% to 20%. Over 200 municipalities migrating by Q4, a structural margin metamorphosis hiding in plain sight.

Brilliant! I have been eyeing NOW and CRM but have been suffering from "shaky hands syndrome". LOL