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3 years ago

An Analysis of Dell - Tilson Funds

An Analysis of Dell - Tilson Funds

Dell

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-

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