Microsoft: pricing power is showing up in renewals, not in the list price

List price is a distraction. Realised price per account has risen for five straight quarters, which is where pricing power actually shows up.

Marcus Webb@marcus_webb

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Discussion · 3

Yael BrennerAUG 21

Good to see an invalidation level actually stated. The distinction between adequate reserves and the earnings path is well made. What does the bear actually have to be right about?

Dana KatzAUG 21

I came in sceptical. The exclusivity window is the part the market keeps mispricing. What is the base rate on this kind of setup working?

Dana KatzAUG 21

Respectfully, I think this overstates it. The exclusivity window is the part the market keeps mispricing. Where does this break if rates back up another 50bp?

MSFTLong

Hit

Entry$438.49

Resolved$513.53

7d horizon

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This is research, not financial advice. Calls lock at publish and are graded by the market; they can be and often are wrong. Do your own research and consider your own circumstances before acting.