Analyst Research Report Snapshot

Title:

IBM - Overview of Q1 2013 - No blip. Worse expected

Price:

$0.00

Provider:

Indigo Equity Research

Date:

21 Apr 2013

Pages:

11

Type:

AcrobatPDF

Companies referenced:

IBM.N

Available for Immediate Download
Summary:

Investment thesis - Weak EPS expected In summary, IBM has had strong EPS growth since 2004, but this looks set to end shortly. Falling revenues now exacerbates this and indicates declining competitive positioning. Weak Q1 2013 results - The fundamentals deteriorate The critical issue was a 5% drop in revenues; ….. IBM's explanation for weak revenues did not appear candid and the proposed fixes appear inadequate. This does not look like a blip, but indicates fundamental problems. ….. We re-iterate our negative view of IBM held for the last 6 months (see our Q4 report "Heading for a fall" and "Investment Thesis" below). We expect EPS to stall or decline as past drivers run out of steam and weak revenues exacerbates problems. This 10 page report includes: results analysis, investment thesis, recent key events and SWOT analysis. Independent, buy-side, fundamental, financial analysis. www.indigo-equity-research.com

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