Today's TopPicks from Kim Bolton, president and portfolio manager at Black Swan Dexteritas
MARKET OUTLOOK:
If we saw a constant 0.1 per cent m/m move going forward, we'd see y/y CPI down in the 2-3 per cent range by next May. A 0.2 per cent m/m move for CPI would cause the y/y reading to dip to 2.2 per cent by next June, while a 0.3 per cent m/m reading gets y/y CPI down to 3.3 per cent by June. Your Black Swan Dexteritas [BSD] portfolio management team is very constructive on the stock market’s performance for the remainder of 2022. The markets will need major participation from its largest sector – the technology sector – when this rebound starts to unfold.
Fiscal F4Q22 Results: TEAM reported a strong quarter with revenue of $759.8M besting consensus by 5 per cent and coming in well above management's guide for $710M - $725M. Subscription revenue led the beat and was driven by sustained momentum in Cloud and strong Data Center demand . A strong cloud net expansion rate of 130 per cent was a key contributor to cloud growth while a step down in loyalty discounts in both Cloud and Data Center offerings also contributed to the outperformance.
Looking ahead, while macro concerns around consumer spending remain, we continue to view Mastercard as well positioned given the remaining leverage to the recovery in cross border and the internal hedge of higher inflation vs lower consumer spendingThe company operates through three segments: Applications, Technology & Support; Qualtrics; and Services.
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