We posted some comments on OTEX yesterday. AI is both a threat and an opportunity to the company. Recent numbers were better than expected, and the VERY low valuation we think reflects a lot of the potential risks. OpenText's organic growth challenges may persist, as revenue declines in the high-growth cybersecurity segment point to execution issues. Though the company is making progress in observability and IT-service management, we remain cautious about its ability to scale up amid keen competition and sustained innovation pressures. The free-cash-flow growth outlook of 17-20% is encouraging, but falls short of the roughly $1 billion ambition discussed in May. Though the dividend-increase and $300 million share-buyback announcements provide interim support, we would still be a bit cautious about OpenText's ability to outperform similar-size software peers on top-line growth.
5i Research Answer: