Microsoft: the renewal cohort is converting above plan
List price is a distraction. Realised price per account has risen for five straight quarters, which is where pricing power actually shows up.
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Discussion · 5
I think the setup matters more than the thesis here. The depreciation schedule really is the whole disagreement. Where does this break if rates back up another 50bp?
Been long since the last one. The comp table did more work for me than the narrative did. How much of this do you think is already in the buy side's numbers?
Strong piece, one objection. The contract structure matters more than the headline rate. Would you underwrite this without the catalyst date?
Reasonable, and I have thought about it a lot. Without the catalyst date I would not underwrite it. The date is doing a lot of the work and I would rather say that plainly.
Useful framing. The exclusivity window is the part the market keeps mispricing. Where does this break if rates back up another 50bp?