CRM – Market expectations are for improving Uniform ROA, but management has concerns about MuleSoft, guidance, and AI

• salesforce.com, inc. (CRM:USA) currently trades near historical highs relative to UAFRS-based (Uniform) Earnings, with a 50.8x Uniform P/E, implying bullish expectations for the firm. However, management has concerns about MuleSoft, guidance, and utilization of AI
• Specifically, management may lack confidence in the potential of their expansion with Kimberly-Clark, and their healthcare clients’ ability to leverage the Health Cloud platform to address solutions for clinical, commercial and regulatory needs. Moreover, they may lack confidence in their positioning for H2 2019, and may be exaggerating their satisfaction with their acquisition of MuleSoft. Furthermore, they may lack confidence in the potential of their automatic machine learning library, and that clients will be able to utilize AI to make a more personalized experience with their customers. Finally, they may lack confidence in the sustainability of non-GAAP EPS tailwinds related to their investment portfolio, and in their ability to meet raised revenue guidance