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Analyst Research Report Snapshot


HP - Overview of Q1 Results - A perpetual turnaround case




Indigo Equity Research


14 Mar 2013





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Q1 2013 Results Overview - A perpetual turnaround case Poor results again, EPS down 14%; Little sign of turnaround. HP's decline has stabilised but there's no significant sign of an inflection point yet. …. Our key short term concern is that PCs will continue to deteriorate and report a loss in 2013, due to increasing competition from Lenovo and a contracting PC market. Q1 Total Revenue fell $1.7 bn (-5.6%) to $28.4 bn. …. Investment thesis - A perpetual turnaround case HP's simple & clear business model is focused on providing integrated IT solutions ….. However, the management & Board are dysfunctional; the execution has been abysmal. …… Despite the low valuation it is best to wait for clear evidence of a successful turnaround. Independent, buy-side, fundamental, financial analysis. www.indigo-equity-research.com

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