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Oracle Buy 7August 2026 ORCLUS United States ORCL.N Software Flexing Funding Mix Research Analyst+1-212-250-8563 dozens of investors over the past two weeks; the number one, two and threequestions in nearly every conversation are around how and onwhat scheduleOracle plans to fund the buildout of its cloud infrastructure to deliver against a~$6oobn backlog of committed customer contracts. Research Analyst+1-212-250-6775 Step one,is thepreviouslyannounced ATMprogram that was only characterizedas"in progress"duringour meetings.F1Qearnings disclosureis likelythe nextopportunity for a more specific update. Attention then quickly turns to the nexts20bn in funding the conctstoraiseaspartofitsannouncedFY27capitalplan.Thetoppriorityheresmaintaining anIG credit rating; mgmt.to IG markets but wecouldn't help walkingcould beameaningful partof themix as well,consisterusing"combinationofdebtandequityforFY27to FY28 and potential"peak"overtheFY27/28period.Withalack of specifics offeredon FY28OCF,CapExorcapital planstodate,thepossiblerange ofoutcomes is wider.Our ownbase casemodel assumesanother~s4Obnof incremental capital would berequired inFY28,basedonforecastedgross CapEx of ~s120bn and a similar level of customer prepayments as this year($20-s25bn),which we'd argueis probably toward the high end of possiblecapitalneeds. Research Associate+1-415-2622041 Yash KejriwalResearchAssociate+1-212-250-1203 Againstthis backdrop,it'sunderstandablewhyinvestors want greaterclarity herebefore digging deeper into debate on thebusiness fundamentals and long-termoutlook,whichwecontend isquitepositive.Totryandhelpframetherangeofoutcomes, solely related to financing and holding all else equal, weflex ourEPsestimates to assume a bear case scenario where 100% of our ~s80bn inincremental financing for FY27-28 comes from equity vs. our base case modelthat assumes all incremental capital post ATM is debt. We look at this using anavg. equity issuance price of $150/sh and $100/sh (Figure 1). Ourtakeaway isthatifyoubelieveinthefundamentalsofthebusiness,long-termtargets and ability to execute (all fair areas for discussion), additional downsiderisk to shares from financing mix seems quite limited. In the tables below weleverageourmodel toshowthesensitivityofOracle's shareprice,FY30 EPS,andP/Emultiples to changes in themix of debt vs.equityfinancing used.Specifically,to arrive at the share prices in Figures 3 and 4 below we take the FY30 EPS basedontheassumptiononfinancingmixtimes thecorrespondingmultipleandthendiscount itbacktopresentata12%costofequity. Figure3:Oracle shareprice sensitivitybased onincrementalcapitalfundingmixandP/Emultiple(at$150/sh equity issuance price) Figure 2: FY30 EPS % impact sensitivity based onincrementalcapitalfundingmixandequityissuanceIprice Oracle incremental capital funding mix and P/E multiple (at$100/sh equity issuance price)%Debt within IncrementalFinancing variousFY30EPSoutcomes at presentvalue (at$150/sh equity issuance price)% Mix of Debt within IncrementalFinancing Appendix 1 exchanges via Reuters,Bloomberg and other vendors.Otherinformation is sourced from Deutsche Bank,subjectcompanies,andothersources. Important Disclosures Requiredby U.S.Regulators1 -Within the past year, Deutsche Bank and/or its affiliate(s) has managed or co-managed a public offering for this company,forwhich itreceivedfees. issued by this company. 7 - Deutsche Bank and/or its affiliate(s) has received compensation from this company for the provision of investmentbanking or financial advisory services within the past year 8 - Deutsche Bank and/or its affiliate(s) expects to receive, or intends to seek, compensation for investment bankingservices from this company in the next three months. investmentbanking related services. 15-This companyhas beena client ofDeutscheBank Securities Inc.within the pastyear during whichtime it receivedinvestmentbanking services. 21 - This company has been a client of Deutsche Bank Securities Inc. within the past year, during which time it receivednon-investmentbankingsecurities-related services. Important Disclosures Required by Non-U.S. Regulators 1 - Within the past year, Deutsche Bank and/or its affiliate(s) has managed or co-managed a public offering for thiscompany, for which it received fees. 2 - Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instrumentsissued by this company. 24 - Deutsche Bank and/or its affiliate(s) is or has been over the previous 12 months party to an agreement with thecompanyrelating to theprovisionof services set out in SectionsA and B of AnnexIof Directive2014/65/EU,orhasovertheprevious12monthsbeenobliged orentitled(as applicable)topayorreceivecompensation relatingtotheprovision of services set out in Sections Aand Bof AnnexIof Directive 2014/65/EU. 26 - Within the preceding 12 months, Deutsche Bank and/or its affiliate(s) has received compensation for the provisionof investment banking s