3/25/2013.  Today in the Market  Dell takeover discussion  Stock pitch by Stephen.

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Presentation transcript:

3/25/2013

 Today in the Market  Dell takeover discussion  Stock pitch by Stephen

 Cyprus leading to down markets ◦ Apple acquires new start up company (20M) ◦ Blackberry down recently  Less unemployment, not yet growth ◦ news/ # news/ #

 nvestors-fears-over-cyprus- bailout?videoId= &videoChannel= 5 nvestors-fears-over-cyprus- bailout?videoId= &videoChannel= 5  Cyprus banks taking money from savers  Leads to uncertainty about future bank actions  How does this change your view on international investment?

 Dell going through an LBO Dell going through an LBO  eraged-buyouts/ eraged-buyouts/

 Michael Dell decides he wants to go private  3 bids for the company ◦ Silver Lake (Dell supports) ◦ Blackstone ◦ Carl Icahn  Special board votes on which option  Some stakeholders upset at value of company

 Escape scrutiny of shareholders  Dell needs a radical change for revenue  Short term loss for long term profit  More control over company  Dell revenue down 11% in past year  Is Michael Dell the right choice?

 Microsoft loaning 2 bill to help buyout  Not getting any ownership  Why do this? ◦ Microsoft holds over 60B in cash ◦ Needs Dell to succeed for its software  Good investment?

 Founded in 1968 by Gordon Moore (chemist and physicist) and Robert Noyce (physicist)  Headquartered in Santa Clara, California  Technology Sector and Semiconductor Industry  CEO: Paul Otellini (since 2005)  #6 World’s Most Powerful Brand (According to Forbes)

 Designs and manufactures advanced integrated digital technology platforms. ◦ A platform consists of a microprocessor and chipset  Sells these platforms primarily to: ◦ Original equipment manufacturers (OEMs) ◦ Original design manufacturers (ODMs) ◦ Examples: Sony, Motorola, HP, Samsung, Dell etc.  Platforms are used in a range of applications, such as PCs, tablets, smart phones, automobiles and medical devices

 The high: $29.27  The low: $19.23  Current: $21.20

IntelIndustry Price-to-Earnings Return on Equity22.60%8.80% Div. Yield4.20%3.67% Debt-to-Equity26.50%22.70% Profit Margin18.31%6.30% EPS2.13 Beta1

 CEO is retiring in May of this year  Next Earnings Date: April 13, 2013  New manufacturing plant in Arizona scheduled for completion this year ◦ $5 billion investment

 Offers high dividend yield (good for Jake)!  Biggest cause of concern: where will revenue come from with decline in PC market  For a value investor ◦ Buy… but consider doing more research on the PC market, Intel’s future products, and potential CEO candidates