AYX - Slackforce: The Benioff-Butterfield Bonanza

• Following the announcement of Slack's acquisition, many investors have wondered what they should do with their shares.
• In this note, I discuss two points primarily: 1) thoughts on outperforming the market and 2) the synergies of a Slack/Salesforce union. What I'm calling Slackforce.
• Ultimately, Salesforce will very likely do quite well for the next decade in terms of growth and share price performance, especially with Slack now in its arsenal.
• And once growth slows, Salesforce will have decades of capital return program generated returns (i.e., buybacks/dividends that juice returns).
• I rate Salesforce, or Slackforce, if you will, a buy at $220.

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