WORK - Slack - Hold On To Your Shares; $22B Is Way Too Cheap

• Slack is our bet on 'the future of work' - where collaboration can happen anywhere and with anyone - a conviction borrowed from the CEO and co-founder Steward Butterfield.
• In Butterfield's world, emails don't exist - all work communication happens on Slack. But his eventual goal is to turn Slack into 'the enterprise social network.'
• Salesforce reportedly in talks to acquire Slack! The news propelled the stock to a $22B market cap following the report, but it comes as disappointing news for Slack investors.
• Slack is one of the fastest-growing, highest gross margin SaaS companies that also generates free cash flow. At 24x EV/Sales, it would be way too cheap if acquired.
• We are not letting go of our shares.

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