Analyst Research Report Snapshot

Title:

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

Price:

$25.00

Provider:

Indigo Equity Research

Date:

23 Jan 2013

Pages:

11

Type:

AcrobatPDF

Companies referenced:

IBM.N

Available for Immediate Download
Summary:

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

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