2025-06-05-Jefferies-甲骨文（ORCL）_邀请_与OCI合作伙伴的两次电话会议以及对甲骨文的深入探讨_7页_100kb

Oracle Summary

Core Content

Oracle is a leading provider of enterprise software and computer hardware products and services, offering a range of solutions that operate both in the cloud and on-premise. These include Oracle database and middleware software, application software, cloud infrastructure, and hardware systems such as servers, storage, and networking products. Customers can choose to subscribe to Oracle Cloud offerings or purchase products to build their own internal clouds.

The document outlines two upcoming events related to Oracle: a conference call with Charles Hausmann, CIO at Peloton Consulting Group, on June 6th at 10AM ET / 7AM PT, and a deep dive into Oracle's financials, partner checks, and overall strategy on June 9th at 10AM ET / 7AM PT. Both events include interactive Q&A sessions.

Investment Recommendation

Oracle is currently rated BUY with a price target of $190, representing a +13% increase from the current price of $168.10. The price target is based on a Discounted Cash Flow (DCF) analysis using a Cost of Equity (CoE) of 10% and a Tax-Gap (TG) of 5%. This implies a 29x earnings multiple on the FY26 EPS estimate.

Key risks include the execution of migrating customers to cloud-based solutions and increased competition in application software against enterprise software peers. The report emphasizes the importance of monitoring Oracle's financial performance, partner ecosystem, and overall strategic direction.

Analyst Certification

The analyst, Brent Thill, certifies that the views expressed in this report reflect his personal opinions and that no part of his compensation is directly or indirectly related to the recommendations made.

Valuation Methodology

Jefferies uses a variety of valuation methodologies to assign ratings and price targets, including:

• Market capitalization
• Maturity
• Growth/value
• Volatility
• Expected total return over the next 12 months

These methodologies may include analyses of:

• Market risk
• Growth rate
• Revenue streams
• Discounted cash flow (DCF)
• EBITDA
• EPS
• Free cash flow (FCF)
• EV/EBITDA
• P/E
• P/CF
• P/FCF
• Premium/discount to average group EV/EBITDA
• Premium/discount to average group P/E
• Sum of the parts
• Net asset value
• Dividend returns
• Return on equity (ROE)

Jefferies Franchise Picks

Jefferies Franchise Picks are stock selections from the best ideas of equity analysts over a 12-month period. These selections are based on fundamental analysis and may also consider analyst conviction, differentiated analysis, risk/reward ratio, and investment themes. Only Buy rated stocks are included in the Franchise Picks, and the list may vary depending on analyst recommendations. Stocks are added as new opportunities arise and removed when the reason for inclusion changes, the stock meets its desired return, or it is no longer rated Buy.

Investment Risks

Investors are warned that the report does not provide investment recommendations specific to individual investors and is not tailored to their needs. The information is intended to be one of many factors in making investment decisions. The price, value, and income from any financial instrument mentioned may fluctuate due to economic, financial, and political factors. Investors should also be aware of currency risk, especially if the financial instrument is denominated in a foreign currency.

Legal and Regulatory Disclosures

Jefferies may have conflicts of interest due to its business relationships with companies covered in the research. The report is not intended to be personalized or tailored to any individual investor. It is important to note that the information is not an offer to sell or a solicitation of an offer to buy any securities, and no securities commission in Canada or other jurisdictions has reviewed or passed judgment on this report.

Distribution of Ratings

The report includes a distribution of ratings over the past 12 months, showing that:

• BUY is the most common rating, with 60.53% of analyst actions.
• HOLD accounts for 35.08%.
• UNDERPERFORM is the least common, with 4.39%.

The report is distributed by different Jefferies entities in various jurisdictions, including the US, Canada, UK, Germany, Hong Kong, Singapore, Japan, India, and Australia. Each entity operates under its own regulatory framework and has specific distribution rules.

Summary of Key Points

• Oracle provides enterprise software and hardware products and services.
• Upcoming Events:
  • Partner call on June 6th with Charles Hausmann.
  • Deep dive on financials and strategy on June 9th.
• Investment Recommendation: BUY with a price target of $190.
• Valuation Methodology: Includes DCF, EBITDA, EPS, and other financial metrics.
• Key Risks: Execution in cloud migration, increased competition.
• Ratings Distribution: BUY is the most common rating.
• Legal Disclosures: The report is not tailored, and investors should make their own decisions.

Final Note

The document is a general circulation report and does not constitute investment advice. It is important for investors to consult their own financial advisors and conduct their own due diligence before making any investment decisions.