CRM 目前市盈率为 13 或 14 倍，而十年前的低点为 50 倍，当时投资者认为 AI 会击垮它。强劲的盈利增长和指引，加上与 Anthropic 的交易，将敌人变为合作伙伴并扭转了叙事；即便判断有误，这种认知短期内也应能维持。CRM 是必持标的，估值应会上调。
逐段跳播
所以 CRM，我说过它会被重估得更高。那份财报太有力量了。它现在交易起来像一只价值股。它的市盈率是13或14倍。我们说的是一家大约十年来最低也以50倍市盈率交易的公司，对吧？它一直、一直更多是按市销率来看的。
但归根结底，作为 SaaS 领域的领导者，它现在以13、14倍交易，因为所有人都认定它因为 AI 而完了。现在他们开始展示强劲的盈利增长指引，然后他们最大的死对头、所有人都说是他们将要倒闭的原因之一的那个，Anthropic 和他们签了协议。
我就想：“哦，这改变了整个叙事。他们的敌人现在成了他们的朋友。有一个产品他们可以利用，而这只股票在13、14倍交易起来像一只破位的价值股，我们通常会避开这种，但它不是。而且就算我错了，市场认知也会是它不是。
就目前而言，这是必须持有的，而这只股票会被重估。这就是一个经典的重估故事。”
so CRM I said that gets rerated it higher. That print is so powerful. It trades like a value stock at this point. It's trading at 13 or 14 times. We're talking about a company that for like a decade traded 50 times earnings on the low end, right?
It was always always really a price to sales ratio. But bottom line leader in SAS that was now trading at 13 14 times because everyone decided it's gone due to AI. Now they start to show powerful earnings growth guide and then their ultimate nemesis who everyone says is one of the reasons they're going to go out of business.
Um, Enthropic signs a deal with them. I'm like, "Oh, that changes the entire narrative. Their enemy is now their friend. There's a product they can lever and the stock at 13 or 14 times trades like a broken value name, which we tend to stay away from, but it's not.
And even if I'm wrong, the perception will be it's not. For the time being, this is a must own and that is and this name's going to get rerated. And that's a classic rerating story.
这个频道对 $CRM 的历次判断
T3 Live 在这只股票上共 4 条判断，这里只列相邻的几条。