United States

Analyst Research Report Snapshot


IBM - Snapshot of Q4 2012 Results




Indigo Equity Research


23 Jan 2013





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Snapshot - 2012 Q4 Results Mediocre 2012 Q4 results - Revenues remain soft but improved sequentially Revenues remain soft but improved sequentially suggesting that the downturn is over. However, EPS growth may still disappoint (see investment thesis below). Indeed, IBM's guidance is for GAAP EPS growth to continue to slow, to 8% in 2013. In our opinion IBM is heading for a fall; if revenue growth remains soft & EPS growth contracts, valuation multiples will also contract, albeit current multiples are modest. - Q4 Revenue fell $0.2 bn (-1%), to $29.3 bn, and was flat in constant currency. - We estimate that organic growth fell further after adjusting for acquisitions & disposals. ....... Independent, buy-side, fundamental, financial analysis. www.indigo-equity-research.com

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