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3 years ago

An Analysis of Dell - Tilson Funds

An Analysis of Dell - Tilson Funds

Dell’s Business Is Well Diversified (2) Revenue Breakdown Oper. Income Breakdown Consumer, 18% Large enterprise, 29% Even Dell’s consumer business is now profitable Med & small business, 29% Consumer, 5% Large enterprise, 32% Med & small business, 23% Public, 30% Public, 34% -10-

Expected Return/Potential Upside • Analysts are currently expecting Dell to earn $2.00 in FY 2012 (ending six months from now), and only $1.96 in FY 2013. • We think there is upside to these estimates, especially as Hewlett Packard struggles and the share repurchases kick in • In any case, the multiple is way too low. Even with flat earnings, we think Dell is worth 8-10x earnings and with any growth, 10-12x • With earnings of $2/share plus $5/share of cash, the stock would trade at: Multiple 8x 10x 12x Stock price $21 $25 $29 Return 46% 74% 102% -11-

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