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This spreadsheet was prepared by Assistant Professor of Business Administration Elena Loutskina. Copyright © 2010 by the University of Virginia
Darden School Foundation, Charlottesville, VA. All rights reserved. For customer service inquiries, send an e-mail
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transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of the Darden
School Foundation.
Rev. Jan. 20, 2011
Exhibit 1
SUN MICROSYSTEMS
Global Computer Hardware Sales
500 8.0%
400
6.0%
Growth (%)
300
4.0%
200
2.0%
100
0 0.0%
2004 2005 2006 2007 2008
Sales Growth
Other
Monitors 4.10%
7.99%
Printers
10.39%
PCs
48.35%
Data source: Datamonitor, “Global Computer Hardware: Industry Profile,” December 2008.
Exhibit 2
SUN MICROSYSTEMS
Global Software & Services Sales
2,500 15.0%
2,000 12.0%
Growth (%)
1,500 9.0%
1,000 6.0%
500 3.0%
0 0.0%
2004 2005 2006 2007 2008
Sales Growth
IT Services
11.82%
Data source: Datamonitor, “Global Software & Services: Industry Profile,” March 2009.
Exhibit 3
SUN MICROSYSTEMS
Global Software & Services Sales
Other
91.59%
1
EDS was acquired by HP in 2008.
Data source: Datamonitor, “Global Software & Services: Industry Profile,” March 2009.
Exhibit 4
SUN MICROSYSTEMS
Information Technology Industry Companies
Primarily Software
Adobe Systems Develops, markets and supports computer
software products and technology
Microsoft Develops, manufactures, licenses, sells and
supports software products
Novell Provides network and Internet directory software
and services
Oracle Supplies software for enterprise information
management
400.0%
Apple
300.0%
NetApp
200.0%
HP
100.0% Dell
EMC
AMD
IBM
0.0% Intel
2000 2001 2002 2003 2004 2005 2006 2007 2008Sun
-100.0%
600.0%
Red Hat
450.0%
300.0%
Adobe
150.0% Microsoft
Oracle
0.0%
2000 2001 2002 2003 2004 2005 2006 2007 Novell
2008
-150.0%
Data source: Compustat.
NetApp
Microsoft
Exhibit 6
SUN MICROSYSTEMS
Selected Acquisitions Completed by Oracle, 2005–08
Core Products
Human resource management systems and customer
relationship management software
Management software for the retail industry
Logistics and transportation management software
Customer relationship management, business intelligence and
data integration software
Open-store and multil-channel solutions software
Billing and revenue management solutions for
communications and media industry
Fraud and compliance software for financial institutions
Content management software solutions
Customer relationship software for the communications
industry
Performance management software
Product life cycle software for the industrial products,
electronics and high-tech, and life science industries
Enterprise infrastructure software
Web-based insurance, financial and enterprise management
software
Project, program and portfolio management software
Exhibit 7
SUN MICROSYSTEMS
Relative Stock Performance, January 3, 2006, to April 16, 2009
75.0%
50.0% 51.3%
25.0%
0.0%
-25.0%
-31.5%
-50.0%
-61.3%
-75.0% 3/16/09: Rumors of
IBM acquisition of
Sun surface
-31.5%
-61.3%
2009
Exhibit 8
SUN MICROSYSTEMS
Comparing Oracle and Sun Microsystems
(in billions of U.S. dollars)
4.6
6.2
5.3
11.6
Key Products Databases, business software from Siebel, Server computers, storage devices, Java, and
PeopleSoft Solaris technology
Data source: Don Clark and Ben Worthen, “Oracle Snatches Sun, Foiling IBM,” Wall Street Journal, April 21, 2009.
MICROSYSTEMS
5.3
1, 2009.
Exhibit 9
SUN MICROSYSTEMS
Information Technology Companies’ Financial D
Primarily Software
Adobe Systems ADBE 24.70 524 12,944 350
Microsoft MSFT 19.20 8,896 170,795 2,000
Novell NOVL 3.94 343 1,353 122
Oracle ORCL 19.06 5,046 96,180 11,238
Red Hat RHT 18.32 190 3,482 -
7.0
Sales
Multiple EBIT Multiple
1.07 (3.18)
2.30 10.67
0.23 4.38
1.55 14.72
0.83 9.47
0.88 3.70
1.52 9.40
1.29 38.37
0.23 (1.41)
3.24 11.74
2.28 6.39
0.43 41.04
4.01 11.28
4.49 35.04
1.5 12.3
Exhibit 10
SUN MICROSYSTEMS
Relevant Security Yields, April 2009
Stockholders’ Equity
Common Stock 6,987 7,391 7,582
Treasury Stock (311) (2,726) (2,569)
Retained Earnings 189 430 (2,055)
Other Stockholders’ Equity 314 493 347
Total Stockholders’ Equity 7,179 5,588 3,305
Stockholders’ Equity
Common Stock ### 12,446 12,980
Treasury Stock - - -
Retained Earnings 6,223 9,961 11,894
Other Stockholders’ Equity 403 618 216
Total Stockholders’ Equity ### 23,025 25,090
d June 30
2012 2013 2014E
13,526 13,885 14,243
7,735 7,889 8,075
5,791 5,996 6,168