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Slack Technologies Inc Class A WORK

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Morningstar’s Analysis

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Slack Shows No Surprises in Full Q4 Results; Salesforce Deal on Track for Q2 Close; FVE still $46

Dan Romanoff, CPA Equity Analyst

Analyst Note

| Dan Romanoff, CPA |

No-moat Slack Technologies released full results for its fiscal fourth quarter, completing the preliminary set of metrics released on Feb 25., and showing upside to guidance and street expectations.’s acquisition of Slack remains on track to close late in the second quarter so Slack did not host a conference call to discuss results. Based on the available deal terms, we are maintaining our fair value estimate of $46 per share. This new fair value estimate is equivalent to $26.79 per share in cash plus the 0.0776 shares of Salesforce. We continue to see the value proposition in Salesforce integrating Slack’s collaboration platform amid a global movement to enable remote work environments. We are confident that the deal closing as expected is a near-certainty and expect Slack shares to move toward our fair value estimate as the closing date approaches.

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Company Profile

Business Description

Slack Technologies operates Slack, a software-as-a-service platform that brings together people, applications, and data. The platform is appropriate for all business types, from small and medium-size businesses to enterprise customers. The company was founded in 2009 as a game developer but later changed its focus and released its internally developed toolset, Slack, in 2013. It is headquartered in San Francisco.

500 Howard Street
San Francisco, CA, 94105
T +1 415 630-7943
Sector Technology
Industry Software - Application
Most Recent Earnings Jan 31, 2021
Fiscal Year End Jan 31, 2022
Stock Type Speculative Growth
Employees 2,545