Starbucks Report Ignites Reinsourcing Debate

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Starbucks Report Ignites Reinsourcing Debate

FoundationM2) Software: Still Waiting for the AI Rebound? (*MS Research*, #Software): *10

minute podcast* Having passed the half-way mark in 2026, we take stock of the

Software sector so far in 2026 in our MS Big Debates podcast series. The software

sector has had a more difficult start to the year than expected, with the tough 2H25

extending through the first half, particularly in application software. Importantly, the

pressure on stocks has not been centered around a collapse in near-term earnings

estimates; instead investors continue to debate the long-term shape of the industry,

and ultimately terminal values. Paul Walsh sat down with us to assess whether the

AI investment case for European Software has improved since the start of the year.

We examine why investors remain cautious, what could reignite sector performance,

and the milestones that may determine the next phase of AI-driven growth. Listen

to the full episode here.

3) Sage: Can Margin Gains Be Sustained? (*MS Research*, #Sage): Sage's central

investor debate remains whether the company can sustain its 9-10% organic revenue

growth algorithm. However, FY26 has added a margin angle to that debate. With

management stepping up investment in AI, Intacct international expansion /

verticalisation, and deeper cloud-native penetration – margin expansion in FY26 is

expected to be toward the low end of the usual 50-100bps range. Fundamentally,

we think that is the right trade-off – investing now in these strategic areas should

support continued high-single-digit organic growth over the medium term, rather

than maximise near-term margin upside. The question this raises, however, is

whether sustaining 9-10% growth now requires a lower rate of future margin

expansion.