International Business Machines

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SKU: IBM Category:

Description

Technology powerhouse, IBM has just reached the target price that we mentioned in our last report. The company reported better than expected earnings in the first quarter of 2021 owing to solid growth in cloud computing as organizations witnessed an increasing shift towards digital transformation. The company’s strong customer base appears to be more inclined towards shifting to a hybrid cloud environment i.e., mixing on-premises hardware and public cloud services, instead of going all-in on the public cloud which should benefit IBM in the long term. Moreover, the management continues to derive synergies from the acquisition of Red Hat which also witnessed a decent, double-digit revenue growth. The management plans to spin off its Managed Infrastructure Services, a unit of its Global Technology Services division into a new public company named Kyndryl by the end of 2021 in a bid to accelerate its hybrid cloud growth strategy which could result in value unlocking in the near future. We believe the company’s hybrid cloud strategy and strong base of intellectual property could deliver good returns for investors in the years to come.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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