Samsara (IOT) - On the Road

Samsara delivers a cloud-native, hardware-enabled platform that digitizes industrial fleets and field operations. Its mission is “to increase the safety, efficiency, and sustainability of the operations that power the global economy.” We believe the company is well positioned for durable growth, supported by a large underpenetrated market, secular regulatory tailwinds, and strong unit economics. At an entry price near $30, we recommend buying. We expect the stock to rerate from its current ~10.5x NTM revenue multiple to 12x+ over the next year. By 2027, we project revenue approaching $2 billion, implying an equity value of roughly $25 billion—representing ~47% upside from our $17 billion entry valuation. We anticipate the stock to move toward our target by the end of 2026, as management’s ARR disclosures and forward guidance begin to anchor investor expectations.

Please see our full report here:

https://www.horizonscapitals.com/s/Samsara.pdf