3 years ago

An Analysis of Dell - Tilson Funds

An Analysis of Dell - Tilson Funds


Dell Stock Price Dell Since 2002 Dell Over the Past Three Years -4-

Highlights Very cheap stock • Stock Price: $14.38 (close on 9/13/11) • Net Cash, Equity and Other Investments: $16.2 billion • Debt: $7.7 billion • Net cash: $8.5 billion = $4.54/share • Stock price net of cash: $9.84 • TTM Earnings: $1.87 • Very cheap multiple: 5.3x trailing earnings, net of cash Significant margin expansion and profit growth • In most recent quarter, revenue up only 1% but EPS up 69% • Free cash flow margin has risen from 2.5% in FY 2009 to 7.6% TTM • Guidance for FY 2012 (last two quarters, plus next two) is 17-23% jump in adjusted operating income Well diversified global business • 50% of revenues outside the U.S. • 28% of revenues in growth markets (outside U.S., Canada, W. Eu. and Japan) Decent capital allocation • Repurchased 3% of shares outstanding in Q2 alone, and 5% year-over-year • Just announced a $5 billion share repurchase (on top of $2.2B remaining from prior authorizations); $7.2B is equal to 27% of Dell’s current market cap -5-

U.S. Economic Overview, What Worries Us, Our View ... - Tilson Funds
An Overview of the Economy and the Housing Market ... - Tilson Funds
road fund strategic budget analysis fiscal years ... - San Juan County
Need Analysis Manual - USA Funds
Humanitarian Funding Analysis for Somalia - OCHANet
7. analysis of the research and development support from public funds
analysis of the peace officer and prosecutor training fund - Georgia ...
Analysis of the Tax Implications of UCITS IV - Fund Academy, Aus
Waiting for market stabilisation fund - Proshare
Carbon Footprint Analysis - Green Century Funds
Scheme funding: an analysis of recovery plans - The Pensions ...
An Analysis of First Responder Grant Funding - Center for ...
Crowd Funding Market Research, Analysis and Forecast 2016 - 2022
Current Funds Budget 2011 ‐ 2012 - Financial Planning & Analysis
Dell Innovator's Financing Fund brochure - Angel Capital Association
Pension Fund Reporting - IDS GmbH - Analysis and Reporting ...
Funding Analysis & Grants Lists - Australia Council for the Arts
Nigeria: Nationwide Forecast and Funding Gap Analysis
Financial Statements and Analysis
CBO capacity analysis toolkit - Basic Services Fund SOUTH SUDAN
Read the analysis (Page 6-7) - Global Fund for Women
2009 - 2010 current funds budget - Financial Planning & Analysis
Current Funds Budget 1997-98 - Financial Planning & Analysis
An Analysis of Revenue Makeup - Ministry of Community, Sport and ...
A Structural Empirical Analysis of Retail Banking Competition: the ...