Buy Rating on OneStream Underscored by Premium Hg Capital Takeout and Robust Software Valuation Backdrop

In a report released yesterday, Nick Altmann from BTIG maintained a Buy rating on Onestream, Inc. Class A, with a price target of $25.00.

Nick Altmann has given his Buy rating due to a combination of factors tied to the announced acquisition and broader software valuation dynamics. He highlights that OneStream’s agreement to be acquired by Hg Capital for $24 per share in cash, representing a 31% premium to the prior close and valuing the company at roughly 6.8x projected FY27 sales, underscores the attractiveness of the asset. The unanimous approval by the Board and the support of KKR, which holds the majority voting power, reduce deal-risk and make completion highly probable, effectively putting a floor under the stock near the takeout price.
Altmann also notes that the multiple paid for OneStream is broadly consistent with other recent software takeouts, such as Confluent and Clearwater Analytics, reinforcing confidence in current sector valuation levels. He views the office-of-the-CFO and back-office software space as structurally attractive, with resilient economics, strong retention, and ongoing strategic interest from financial sponsors and strategic buyers. The fact that recent acquisitions span different software verticals suggests robust, generalized demand for quality software assets, which in his view supports a favorable risk‑reward profile for OneStream’s shares at current levels and justifies the Buy recommendation.