United States

Analyst Research Report Snapshot


IBM - Overview of Q4 2012 Results - Heading for a fall




Indigo Equity Research


23 Jan 2013





Companies referenced:


Available for Immediate Download

Overview of 2012 Q4 Results - Heading for a fall 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. ..... Investment thesis - exceptional performance, but EPS growth is slowing ....... Independent, buy-side, fundamental, financial analysis. This report includes: results analysis, investment thesis, recent key events & SWOT analysis. www.indigo-equity-research.com

Why buy analyst research?

  • Institutional quality research
  • Available for Immediate Download
  • Detailed company or industry insight
  • Print or save
  • 24 hour customer support
Return to previous page without adding this item to your cart.
Email Customer Support.

About Analyst Research

Analyst research reports are available for immediate download after purchase. You will have unlimited access to the report for 24 hours after purchase, to download, print or save it as many times as you wish. Analyst Research provided by Reuters does not constitute investment advice, and is not endorsed by Reuters Research. This information is protected by copyright and intellectual property laws. More information on Analyst Research.