Enterprise Productivity Cash Franchises

Panther Pabrai’s thesis

Buy established software and IT-service businesses that customers rely on to run operations, rather than speculative AI infrastructure. Accenture, Salesforce, Adobe and Intuit offer reported FCF yields of 7.7%, 7.4%, 10.3% and 9.4%, respectively; recurring customer relationships provide a business-quality anchor while automation creates upside. The Dhandho case rests on durable cash generation and disciplined reinvestment, not an assumed valuation rebound; the sheet does not establish normalized