1、USA|SoftwareAtlassianEquity ResearchJuly 22,2025 BrentThill*|Equity Analyst(415)229-1559|AlexNguyen*|Equity Analyst+1(212)778-8978|RiaNaidu*|Equity Associate+1(212)778-8244|FY(Jun)2024A2025E2026E2027ERev.(MM)4,358.65,185.36,162.1-Cons.Rev.4,358.65,186.76,153.5-Cons.EPS2.933.564.22-EV/Rev11.2x9.4x7.9

2、xThis TEAM Works,Buy Dip-See 80-Page DeepDiveIn our 80-pp deep dive,we highlight TEAMs attractive risk/reward at+40%discount to peers on NTM FCF and see 3 re-rating levers:1)incrementaldemand as AI enables more non-tech people to code,2)cloud migration upside,and 3)rich enterprise cross-sell/upsell

3、opp.We view F4Q as a clearing the deckevent and expect conservative FY26 guide due to sales changes made in Q1.Partners this Q saw solid C2Q finish w/no seat contraction from AI.Buy,PT$262.Why the underperformance at TEAM?TEAM is down 17%vs the IGV+11%YTD.We attribute thisto 1)SW dev roles layoffs;2

4、)skepticism on Rovos monetization;3)lingering concerns from F3Qwhen Cloud rev came in below cons;4)F4Q guide embedding disruption from GTM changes.Insiderselling from key execs,including the new CRO,also sends mixed signals.Our thesis+deep dive key takes:1.AI will enhance demand for TEAM as lower co

5、de barriers will enable more non-tech peopleto use TEAMs products.2.Cloud migration remains a major growth lever.40%of TEAMs seat base remains in DC.Weestimate a 1.6x revenue uplift when seats convert from DC to Cloud3.Room for cross/up-sell.85%of the F500 are TEAM custs but only account for 10%of r

6、ev.4.Limited downside left to valuation.TEAM trades at a 43%discount to peers on NTM FCF.A what-if bear scenario where TEAM delivers NTM FCF 3%below cons and trades at a 10ytrough multiple of 24x implies a stock at$165(19%downside).F4Q may be a clearing the deck event.While F4Q ests.seem reasonable,