Tech Hardware Supply Chain - Gazhoo

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Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com 608 Dell Inc. Company Description: Dell Inc. provides products and services required for customers worldwide to build their information-technology and internet infrastructures. The company sells personal computers, servers, storage systems, and other technology products and services. Dell serves consumers and businesses in the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. Country: United States Ticker: DELL Analyst: Mark Moskowitz Rating: Underweight Price (US$): 9.44 Market Cap (US$MM): 18,355 No. of Shares (MM): 1,944 Founded: 1984; Listed: 1988 Fiscal Year End: January Key Management: Michael S. Dell; Brian T. Gladden; Jeffrey W. Clarke No. of Employees: 76,500 Business Alliances/Partnerships (US$ in millions) FY07 FY08 FY09 FY10E NA Revenues 57,420 61,133 61,101 51,181 Gross Profit 9,516 11,671 11,091 9,020 Operating Profit 3,070 3,523 3,324 2,622 Net Profit 2,583 2,947 2,612 1,968 Earnings per Share (US$) 1.15 1.33 1.32 1.01 Return on Equity (%) 61.68 73.10 64.50 41.20 Capital Spending (896) (831) (396) (172) Research & Development Expenses 498 610 663 592 Cash & Cash Equivalents 10,298 7,972 9,092 9,530 Gross Debt 757 587 2,011 2,011 Owners’ Equity 4,328 3,735 4,271 5,293 Book Value per Share (US$) 1.94 1.81 2.15 2.72 Geographical Mix (2008) NA Europe, Middle East & Africa 25% Asia 14% Key Suppliers Asia Pacific Equity Research 20 April 2009 US 61% Source: Company reports, J.P. Morgan estimates. Share price is as of 12 March 2009. Product Mix (2008) Dell Inc. Servers and Networking 11% Software & Peripherals 16% Enhanced Services 9% Storage 4% Desktop PCs 32% COMPANY WEBSITE PC OEM Mobility 29% Key Customers Direct and indirect sales
Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com Hewlett-Packard Company Description: Hewlett-Packard provides imaging and printing systems, computing systems, and information technology services for business and home. The company's products include laser and inkjet printers, scanners, copiers and faxes, personal computers, workstations, storage solutions, and other computing and printing systems. Hewlett-Packard sells its products worldwide. Country: United States Ticker: HPQ Analyst: Mark Moskowitz Rating: Overweight Price (US$): 29.34 Market Cap (US$MM): 70,317 No. of Shares (MM): 2,397 Founded: 1939; Listed: 1957 Fiscal Year End: October Key Management: Mark V. Hurd; Catherine A. Lesjak; Peter J. Bocian No. of Employees: 321,000 Business Alliances/Partnerships (US$ in millions) FY06 FY07 FY08 FY09E NA Revenues 112,368 126,292 135,184 113,583 Gross Profit 24,931 28,686 30,827 26,068 Operating Profit 8,007 10,816 12,646 12,081 Net Profit 6,781 8,827 9,945 9,099 Earnings per Share (US$) 2.37 3.25 3.88 3.71 Return on Equity (%) 16.46 18.95 23.10 22.10 Capital Spending (3,116) (3,624) (3,447) (2,796) Research & Development Expenses 3,524 3,537 3,471 2,828 Cash & Cash Equivalents 19,204 14,553 10,246 14,049 Gross Debt 8,285 11,508 17,852 20,462 Owners’ Equity 45,952 47,103 38,942 43,312 Book Value per Share (US$) 13.96 14.93 15.18 17.64 Geographical Mix (2008) NA US 31% Key Suppliers Asia Pacific Equity Research 20 April 2009 International 69% Source: Company reports, J.P. Morgan estimates. Share price is as of 12 March 2009. Product Mix (2008) Hewlett-Packard Imaging and Printing 25% Personal Systems 35% HP Financial services 2% Corporate Investments 1% <strong>Tech</strong> Solutions 37% Key Customers Selling directly and indirectly to many vertical markets COMPANY WEBSITE PC OEM 609
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