We make minor negative estimate revisions but continue to see attractive risk/reward ahead of SoftwareOne’s Q4 report (31 March). Consensus expectations for both Q4 and 2026-27e appear overly conservative. While changes to Microsoft incentives have weighed on growth in 2025, we expect this to turn into a tailwind in 2026 on easier comparables and higher margins from CSP contracts. At 11/9x ’26/27e P/E adj. (cons.), corresponding to ~45% discount to software-tilted resellers, expectations are low ....
