Dell Technologies (NYSE: DELL) ntabwo ari ikigega gisanzwe cyikoranabuhanga, nkuko bigaragazwa nuko imigabane ikiri gucuruza neza hejuru yurwego rwicyorezo.Dell irashobora kudatera imbere ku kigero kimwe na bagenzi bayo b'ikoranabuhanga, ariko isosiyete ikora GAAP yinjiza cyane kandi igura imigabane yayo ihendutse.Kwiyongera gahoro birashoboka ko aribisubizo byiza abashoramari bashobora kwizera ko bazatera imbere, ariko birashobora kuba bihagije kwemeza ishingiro ryinshi ryagutse, hamwe ninyungu zibiri zishobora kuba zihagije kugirango umusaruro ushimishije kuruta isoko.Mu gihe isosiyete isohora raporo y’ibyinjira ku wa mbere, 21 Ugushyingo, igiciro gito cy’imigabane bituma igura neza mbere y’itangazamakuru.
Dell iri munsi ya 30% munsi yigihe cyayo cyose cyashyizweho mbere yuyu mwaka, ariko iracyari 80% hejuru yurwego rwicyorezo.
Byinshi muribi bikorwa bikomeye byatewe niterambere ryinshi ryatewe mukugabanya umutwaro wimyenda.Ubushize narebye imigabane ya DELL ni muri Nyakanga ubwo nabisabye ko ngura kubera igiciro cyayo gito-cyo kwinjiza.Kuva icyo gihe imigabane yagabanutseho 11%, bigatuma igitekerezo cyagaciro kirushaho kureshya.
Mu gihembwe giheruka, Dell yinjije yose yiyongereyeho 9% naho amafaranga atari GAAP yinjira yiyongereyeho 4%.Ariko, gukura muri rusange ntabwo bivuga inkuru yose.Itsinda ry’abakiriya (PC PC) ryerekanye ko ryiyongereyeho 9% byinjira, ariko mu nama yahamagaye, Dell yavuze ko ibidukikije byifashe nabi cyane kuva igitekerezo giheruka gutangwa muri Gicurasi, ariko akanavuga ko bashoboye gukemura ibibazo bidakenewe- bigira ingaruka ku kigereranyo cyo hejuru cyo kugurisha ibiciro no kunoza amasoko kunoza imikorere.Isosiyete ntishobora kungukirwa na offsets.
Dell yungutse isoko rya PC muri 34 mubihembwe 38 bishize kandi ubu ayoboye isoko ryubucuruzi PC.
Ikigaragara ni uko Itsinda ryibikorwa Remezo ryateye imbere byihuse kubera intera ndende muri iki gice cyubucuruzi.
N'ubwo CAGR ya Dell ya 6% gusa kuva muri 2019, isosiyete yashoboye kugabanya umwenda ungana na miliyari 37.4 z'amadolari, bituma inguzanyo igera kuri 1.7x-kuri-EBITDA.
Ubuyobozi bwashyize imbere kugaruza amafaranga kubanyamigabane mugutanga imari yayo kandi yishyura buri gihembwe inyungu no kugura imigabane.Isosiyete yaguze imigabane ingana na miliyoni 608 z’amadolari y’Amerika mu gihembwe kandi irateganya gusubiza abagera kuri 60% y’amafaranga yinjira ku buntu (hashingiwe ku nyungu zigera ku 100% zahinduwe zinjira mu buntu) ku banyamigabane.
Urebye imbere, Dell yiteze ko amafaranga yose yinjira azagabanukaho 8% umwaka ushize, bikagaragaza ko hakenewe intege nke kandi bikaba bishoboka ko bidashoboka guhagarika ibi hamwe n’izamuka ry’ibiciro.Dell yiteze ko inyungu kuri buri mugabane ihagaze neza umwaka-mwaka bitewe ningaruka zo kugura imigabane nintererano nini ituruka murwego rwubucuruzi rwa ISG rumaze kuvugwa.
Urebye urutonde rwa raporo zitanga umusaruro winjiza tekinoloji, ntabwo bitangaje kuba abasesenguzi baragabanije kugereranya inyungu-kuri buri mugabane mugihembwe giheruka, nubwo ibiteganijwe byumvikanyweho biracyerekana ko GAAP yinjiza ibyifuzo.
Abashobora kuba abanyamigabane bagomba kumva ko Dell itagiye gutanga umuvuduko witerambere wa 20% kugeza 30% bisanzwe mububiko bwikoranabuhanga.Ariko, bitandukanye nububiko busanzwe bwikoranabuhanga, Dell yinjiza munsi ya GAAP kandi acuruza kumubare umwe winjiza.
Ubuyobozi buteganya ko inyungu-kuri buri mugabane izamuka rya 6% mugihe kirekire hashingiwe ku kuzamuka kwumwaka kwinjiza 3% kugeza 4%.Imigabane igurishwa inshuro 6.3 yinjiza, ariko intego yubuyobozi ni ugusubiza gusa 60% yinjiza kubanyamigabane binyuze mumigabane no kugura imigabane.Ibi bivuze ko kugaruka kwabanyamigabane hafi 9.5% naho iteganyagihe ryiyongera rya 3% kugeza 4% bigomba kuba bihagije kugirango habeho inyungu zibiri.Ariko ibyo bivuze ko nta kwaguka kwinshi, kandi ndakeka ko imigabane igomba gusubirwamo mugihe mugihe isosiyete ikomeje kugura imigabane kumugaragaro.Mubyongeyeho, mugabanye uburyo bwo kwishyura umwenda ugenewe / Ikigereranyo cya EBITDA kingana na 1.5x, ubuyobozi bushobora kugira uburyo bworoshye bwo gukoresha amafaranga atagabanijwe kubindi bikorwa. Mugihe ubuyobozi busa nkaho bwibanze cyane ku gukoresha amafaranga arenze kuri M&A, ndizera ko kugura imigabane ikaze kandi M&A ikabaho nyuma yimigabane yongeye guha agaciro hejuru. Mugihe ubuyobozi busa nkaho bwibanze cyane ku gukoresha amafaranga arenze kuri M&A, ndizera ko kugura imigabane ikaze kandi M&A ikabaho nyuma yimigabane yongeye guha agaciro hejuru. Mugihe ubuyobozi busa nkaho bwibanda cyane ku gukoresha amafaranga arenze M&A, ntegereje cyane kugura imigabane igabanya ubukana hamwe na M&A bizaba nyuma yo kwerekana imigabane. Mugihe ubuyobozi busa nkaho bwibanze cyane ku gukoresha amafaranga arenze kuri M&A, ndateganya kugaruka cyane hamwe na M&A nyuma yimigabane yongeye agaciro.Njye mbona bidashoboka ko isosiyete igura hafi 6% yimigabane yayo kumwaka igurisha ku nyungu zikubye inshuro 6.3, kandi iki gitekerezo cyiyongera cyane mugihe isosiyete iguze hafi 14% byimigabane yayo idasanzwe kumwaka. .Nabonaga ububiko bugereranya inyungu 10-12x, bivuze ko hejuru ya 60% ishobora kuzamuka bivuye kwaguka kwonyine.Iyi kugwiza yabishyira hamwe nandi masosiyete yikoranabuhanga yashinzwe nka Cisco (CSCO) na Oracle (ORCL).
Ni izihe ngaruka nyamukuru?Ubwa mbere, gukura birashoboka kugabanuka hanze ya 3% kugeza 4%.Isosiyete ikura buhoro buhoro imaze igihe kinini itinya ko iterambere amaherezo rizashira kandi rigahinduka bibi. Iyindi ngaruka ni iyo ubuyobozi bukoresheje impapuro zerekana amafaranga yo gutera inkunga M&A. Iyindi ngaruka ni iyo ubuyobozi bukoresheje impapuro zerekana amafaranga yo gutera inkunga M&A. Iyindi ngaruka nuko ubuyobozi buzakoresha impapuro ziringaniza gutera inkunga M&A. Indi ngaruka ni ukumenya niba ubuyobozi buzakoresha urupapuro rwarwo kugirango rutere inkunga M&A. Ndabona inzira iganisha kuri re-ree nyinshi nko gushingira kumurongo wo hasi hamwe na gahunda yo kugura imigabane ikaze, ariko gahunda ya M&A iterwa ninguzanyo yakora icyerekezo gitandukanye kandi birashoboka ko igicuruzwa gikomeza gucuruza kubantu bagabanijwe. Ndabona inzira iganisha kuri re-ree nyinshi nko gushingira kumurongo wo hasi hamwe na gahunda yo kugura imigabane ikaze, ariko gahunda ya M&A iterwa ninguzanyo yakora icyerekezo gitandukanye kandi birashoboka ko igicuruzwa gikomeza gucuruza kubantu bagabanijwe. Ndabona inzira iganisha ku isuzuma ryinshi nkibishingiye ku mikorere yo hasi hamwe na gahunda yo kugura imigabane ikarishye, ariko gahunda ya M&A iyobowe nideni yakora muburyo bunyuranye kandi birashoboka guhatira imigabane gukomeza gucuruza kugabanwa kugabanijwe. Ndibwira ko inzira yo gusuzuma ibyiciro byinshi biterwa nuburyo bwo hasi hamwe na gahunda yo kugura imigabane ikaze, ariko gahunda ya M&A ishingiye kumadeni byagira ingaruka zinyuranye kandi birashoboka ko ubucuruzi bwimigabane bugabanijwe kuri benshi.Twabibutsa kandi ko ibyago byo "kwigarurira" byavutse mbere.By'umwihariko, hari impungenge ko igiciro cyimigabane kizagabanuka kandi Umuyobozi mukuru wa Dell azagerageza kugura imigabane ku giciro gito, gutenguha abanyamigabane baguze ku giciro cyo hejuru.
Ndacyizera ko imigabane ya DELL igomba kugurwa mugihe habaye impanuka yikoranabuhanga, nubwo ibyago byavuzwe haruguru bikomeza kuba bike.
Ibigega byo gukura byaguye.Iyo uyiguze, imihanda yuzuyemo amaraso kandi ntamuntu ushaka kuyigura.Natanze Ibyiza Byubwoko Bwiyongera Bwabiguzi hamwe na Tech Crash 2022, kandi dore urutonde rwanjye aho nagura mugihe cyikoranabuhanga.
Julian Lin numuhanga mu gusesengura imari.Julian Lin ayobora Ibyiza Byubwoko Bwikura Bwubwoko, serivisi yubushakashatsi igaragaza imyizerere ihanitse yabatsinze.
Kumenyekanisha: I / dufite umwanya muremure wunguka mububiko bwa DELL binyuze mumitungo, amahitamo cyangwa ibindi bikomokaho.Iyi ngingo nanditswe na njye kandi itanga ibitekerezo byanjye.Nta ndishyi nigeze mbona (usibye gushaka Alpha).Ntabwo mfitanye isano nubucuruzi nimwe mubigo byavuzwe muriki kiganiro.
Igihe cyo kohereza: Ugushyingo-18-2022