DXC – Turning Tables

研报英文原文证据摘录

DXC – Turning Tables

May 12, 2026

Jonathan Lee jonathan.lee@guggenheimpartners.com DXC – Turning Tables

212 518 5388

Johnson Ooi Key Message: In our conversation following F4Q26 results, management struck a tone

johnson.ooi@guggenheimpartners.com of measured confidence, anchored by early traction on OASIS (10 production customers,

212 518 9962 c. 80% gross margins), which could become a meaningful mix-shift driver, though FY27

Alexa Ong contribution is near-zero. Headline GIS declines of (10.6)% y/y cc mask a normalized

alexa.ong@guggenheimpartners.com rate which management believes will move closer to industry averages once contract

212 416 5842 losses anniversary in F1H27, competitive losses are "addressable" (capability gaps, not

pricing), and FY27 FCF of c. $600mm carries "more upside than risk." We see the right

building blocks taking shape, but execution proof points remain ahead, with Investor Day

(June 11) expected to provide incremental detail on strategy and product roadmap.

DXC NEUTRAL We hosted DXC’s President & CEO Raul Fernandez, CFO Rob Del Bene, Head of Investor DXC Technology Company

Sector: IT Services Relations Roger Sachs, and Senior Director of Investor Relations Tiffany Horvath for an

investor meeting last week.

Company Update

Reimagining managed services for the AI era via DXC OASIS. OASIS is DXC's agentic Share Price $8.88

orchestration platform that replaces legacy monitoring with autonomous remediation, sitting

Price Target NA as a recurring software layer on top of every managed services contract. With c. 80% gross

margins, it carries a profile closer to enterprise software than traditional IT services. Ten

customers are already in production (vs. pilots), with management stressing that there is no