Equity Analysis /
United States of America

Microsoft Corp: Winning the global enterprise on cloud and security

  • Microsoft’s cloud business, Azure, has doubled its market share

  • Core productivity software user base still growing in the teens, reaching 300mn in FY21

  • We initiate coverage with a BUY recommendation and DCF-based target price (WACC 6.2%) of US$405

Timothy Ang
Timothy Ang

Credit Research Analyst

PhillipCapital
13 December 2021
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