Valuation of IBM corp

소개글

IBM의 회계정도에 기초하여 향후 IBM의 기업가치 변동에 대한 예측

목차

Executive Summary
1. Business Strategy and Outlook on the Future Growth
2. Industry Overview
2.1 Global Economic Forecast
2.2 Global IT Spending Forecast
2.3 Competition
3. Competitor Analysis
3.1 P/E ratio
3.2 ROI
4. Valuation
4.1 Proforma
4.2 Valuation

본문내용

Executive Summary

IBM is now considered one of the least macro-sensitive companies in the IT hardware industry. However, considering the facts that over 70% of revenues coming from the U.S and Europe, these developed countries’ greater economic volatility, and negative growth rate during 2009, we predict IBM would face near-term impact in revenue and profit.
With the distinct business segments, we chose HP and Oracle as the comparables, both of which are playing in Services, Software and parts in IT Hardware. Based on our analysis using Free Cash Flow and Economic Value Added models, we support sell position for IBM stock.
We believe that the main reasons of our recommendation are downturn in economic environment and corporate IT spending budgets.

1. Business Strategy and Outlook on the Future Growth

IBM creates business value for clients and solves business problems through integrated solutions that leverage information technology and deep knowledge of business processes . IBM has five major business segments—global technology services (GTS), global business services (GBS), systems and technology, software, and global financing.

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