Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Meeting Agenda
Points System Semester at A Glance & Meeting Structure Market Overview Question of the Day Pitch Sign-Ups Pitch Announcements
Market News
DavosWorld Economic Forum
Very Confident CEOs36% Crisis is new normal
Google Profit Rises on year-end ad gains Apple braces for first profit drop since 2003
S&P 500
NASDAQ
Commodities
-Bloomberg
Jan. 21, 2013
Investment Thesis
Looking for a stable company with an established reputation.
Microsofts usage of Office as a competitive differentiator for its hardware products has been well received and has opened up a market opportunity.
With Windows 8, SkyDrive, and Office 2013, Microsoft is creating an ecosystem that links all your devices together, and streamlines the entire experience.
Company Overview
5 Primary Business Segments: Windows and Windows Live
Online Services
Provides online content and connects advertisers to audiences Covers Bing search engine and Microsoft Network (MSN) Competition from Google in search engine Strengths include prepackaging services into the Windows operating system through Original Equipment Manufacturer deals
Microsoft Features
One platform across PC, tablet, phone, servers, and cloud
Unlike other companies, Microsoft unites everything under one operating system Possible to select a movie from a PC, start playing it on the TV and finish watching on a tablet.
Cloud Services
SkyDrive Take notes, annotate documents, and share information using a Windows 8 tablet, OneNote, and SkyDrive
Financial Summary
Revenue
80000 75000 69943 70000 65000 60420 60000 55000 50000 45000 40000 2008 2009 2010 2011 2012 58437 62484 23000 21000 19000 17000 20693 25000 24071 24098 73723 29000 27161 27000
Operating Income
27956
15000
2008 2009 2010 2011 2012
Liquidity Summary
Cash from Operations
35000 30000 25000 20000 15000 1 10000 5000 0 0.5 0 24073 21612 19037 1.5 1.446898 2 1.822889 31626 26994 3 2.603669 2.5 2.129345 2.602912
Current Ratio
2008
2009
2010
2011
2012
2008
2009
2010
2011
2012
Revenue Breakdowns
Business Segments Geographic Segments
Windows & Windows Live Server and Tools Online Services Microsoft Business Entertainment and Devices Corporate and Other
Comps
Enterprise Multiples Pricing Multiples NTM P/E LTM P/BV 216.6x 8.1x 33.8x 11.7x 24.6x 3.0x 12.2x 10.1x LTM EV/Revenue LTM EV/EBITDA LTM EV/EBIT NTM EV/EBITDA LTM P/E High Low Mean Median 8.3x 0.3x 3.0x 2.3x 59.9x 4.5x 15.5x 9.0x 287.1x 6.0x 40.8x 10.9x 27.9x 4.2x 9.8x 7.0x 54.9x 8.7x 19.2x 14.0x
LTM EV/Revenue LTM EV/EBITDA LTM EV/EBIT NTM EV/EBITDA LTM P/E High Low Mean Median $77.50 $9.30 $32.10 $25.80 $211.40 $21.90 $59.30 $37.10 $895.50 $24.90 $132.70 $40.10 $75.20 $9.96 $32.75 $28.78 $102.63 $16.35 $36.00 $26.14
NTM P/E LTM P/BV $658.10 $24.49 $102.82 $35.56 $148.75 $18.11 $73.98 $61.40
Announcements
Texas Investment Conference Wall Street Journal Improvement Surveys Texas Investment Conference