Monetary Matters with Jack Farley Navigating the SaaS Apocalypse: Why AI Disruption is Mispriced | Deiya Pernas | Pernas Research
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Apr 19, 2026 
Deiya Pernas, co-founder of Pernas Research and value investor known for audited real-money portfolios, explains why many small SaaS firms are mispriced. He discusses why AI code generation won’t easily replace enterprise integrations, security, and privileged APIs. He highlights identifying credible AI pivots, real-world SaaS moats, and a set of mispriced opportunities like Sprout Social and remittance plays.
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Sprout Shifted From Self-Serve To Enterprise
- Sprout shifted from SMB self-serve growth to enterprise, now with ~3,000 enterprise customers and high dollar retention.
- Management believes they're in the early innings of enterprise penetration, expanding TAM as social becomes a utility.
Trade Low Expectations For Upside In Mature SaaS
- Expect revenue growth to slow as companies mature, but focus on duration and ARR expansion through enterprise contract changes.
- Pernas expects Sprout to beat 2026 guidance of 8–10% and sees low expectations priced in.
Stock-Based Comp Masks Improving Profitability
- High stock-based compensation (SBC) is distorting Sprout's profitability today but can fall sharply as growth slows and governance changes.
- Pernas models SBC as a variable cost that could fall from ~17% of revenue, materially improving margins.