IDell Technologies (NYSE: DELL) ayisositokhwe setekhnoloji esiqhelekileyo, njengoko kungqinwa yinyaniso yokuba isitokhwe sisarhweba kakuhle ngaphezu kwamanqanaba angaphambi kobhubhane.UDell unokungakhuli ngesantya esifanayo nabalingane bakhe betekhnoloji, kodwa inkampani yenza ingeniso eyomeleleyo ye-GAAP kwaye ithenga kwakhona izabelo zayo ezinexabiso eliphantsi.Ukukhula okucothayo mhlawumbi sesona siphumo silungileyo abatyali-mali banokuthemba ukuya phambili, kodwa kunokwanela ukuthethelela ukwanda okubalulekileyo okuninzi, okudityaniswa nembuyekezo enamanani aphindwe kabini anokwanela ukwenza ngcono-kunokuthengisa imbuyekezo.Njengoko inkampani ikhupha ingxelo yayo yomvuzo ngoMvulo, ngoNovemba 21, ixabiso eliphantsi lesitokhwe lenza ukuba lithengiwe kakuhle ngaphambi kokukhululwa kweendaba.
I-Dell ingaphantsi kwama-30% engaphantsi kwexesha layo lonke elibekwe ngaphambili kulo nyaka, kodwa kunjalo ngama-80% ngaphezulu kwamanqanaba obhubhane.
Uninzi lwale ntsebenzo inamandla yabangelwa yinkqubela enkulu eyenziweyo ekunciphiseni umthwalo wamatyala.Ukugqibela kwam ukujonga isitokhwe se-DELL ngoJulayi xa ndiyincoma njengokuthenga ngenxa yexabiso eliphantsi lokufumana umvuzo.Isitokhwe sele siwile kwi-11%, okwenza isiphakamiso sexabiso sibe nomtsalane ngakumbi.
Kweyona kota yamva nje, ingeniso kaDell ikhule nge-9% kwaye ingeniso yokusebenza engeyiyo ye-GAAP inyuke nge-4%.Nangona kunjalo, ukukhula ngokubanzi akuchazi yonke into.Iqela leeSombululo zabaThengi (icandelo lePC) lithumele ukukhula okuqinileyo kwe-9% yengeniso, kodwa kwinkomfa yenkomfa, uDell waqaphela ukuba imeko-bume ye-macro iye yehla kakhulu ukususela kwingxelo yokugqibela ngoMeyi, kodwa kwakhona yaqaphela ukuba bakwazile ukukhawulelana neMfuno ebuthathaka- echaphazela i-avareji ephezulu yokuthengisa amaxabiso kunye nokuphuculwa kwekhonkco lonikezelo kulawulo lwempahla.Inkampani ayinakuxhamla kolu hlobo lokususwa.
UDell ufumene isabelo semakethi yePC kwi-34 yeekota zokugqibela ze-38 kwaye ngoku ukhokela imakethi yePC yeshishini.
Ngokucacileyo, i-Infrastructure Solutions Group ikhule ngokukhawuleza ngenxa yemida ephezulu kweli candelo leshishini.
Ngaphandle kwe-CAGR kaDell ye-6% nje ukusukela ngo-2019, inkampani ikwazile ukunciphisa amatyala ngeedola ezingama-37.4 eebhiliyoni zeedola, yehlisa umyinge we-1.7x kwityala kwi-EBITDA.
Abalawuli benze ukubuyisela imali kubanini-zabelo njengento ephambili kulwabiwo lwabo lwenkunzi kwaye bahlawula izabelo zekota kwaye bathenga nezabelo kwakhona.Inkampani iphinde yathenga izabelo ezixabisa izigidi ezingama-608 zeedola ngekota kwaye ijonge ukubuyisela ukuya kuthi ga kwi-60% yokuhamba kwemali simahla (ngokusekwe malunga ne-100% yengeniso eshiyekileyo eguqulelwe ekubeni yimali ekhoyo simahla) ibuyele kubaninizabelo.
Ukujonga phambili, uDell ulindele ingeniso iyonke ukuba yehle nge-8% unyaka nonyaka, ebonisa imfuno ebuthathaka eqhubekayo kunye nokungakwazi ukuphelisa oku ngokunyuka kwamaxabiso.UDell ulindele ukuba ingeniso ngesabelo ngasinye izinzile unyaka nonyaka ngenxa yempembelelo yesabelo esithengwe ngokutsha kunye negalelo elikhulu elivela kwiyunithi yoshishino ye-ISG ekhankanywe ngasentla.
Unikwe uluhlu lweengxelo eziphoxayo zengeniso yetekhnoloji, ayimangalisi into yokuba abahlalutyi behlise ingeniso-ngesabelo-mali uqikelelo lwekota yamva nje, nangona uqikelelo lwemvumelwano lusacebisa imivuzo engeyiyo ye-GAAP yesindululo.
Abaninizabelo abanokubakho kufuneka baqonde ukuba uDell akazukuzisa i-20% ukuya kwi-30% yamazinga okukhula aqhelekileyo kwisitokhwe setekhnoloji.Nangona kunjalo, ngokungafaniyo nezitokhwe zetekhnoloji eziqhelekileyo, uDell urhola phantsi kwe-GAAP kwaye urhweba ngemivuzo ephindaphindwayo.
Abalawuli balindele ukukhula kwengeniso-ngesabelo-sabelo ngasinye nge-6% kwixesha elide ngokusekelwe ekukhuleni kwengeniso yonyaka nge-3% ukuya kwi-4%.Izabelo zirhweba ngemivuzo ephindwe ka-6.3, kodwa injongo yabalawuli kukubuyisela nje ukuya kutsho kuma-60% emivuzo kubanini-zabelo ngezabelo kunye nezabelo ezithengiweyo.Oku kuthetha ukuba imbuyekezo yabanini-zabelo emalunga ne-9.5% kunye noqikelelo lokukhula kwengeniso ye-3% ukuya kwi-4% kufuneka yanele ukuvelisa imbuyekezo enamanani amabini.Kodwa loo nto ithatha ukuba akukho kwandiso kuninzi, kwaye ndiyakrokrela ukuba isitokhwe kufuneka sihlaziywe kwakhona ngokuhamba kwexesha njengoko inkampani iqhubeka nokuthenga izabelo ngesantya esinjalo.Ukongezelela, ngokunciphisa i-leverage kwi-tage target / EBITDA ratio ye-1.5x, abaphathi banokuba nokuguquguquka okungaphezulu kokusebenzisa imali engabiwanga kwezinye iinjongo. Ngelixa abaphathi bejongeka ngakumbi ekusebenziseni imali engaphezulu kwi-M&A, ndinethemba lokuthenga kwakhona isabelo esindlongondlongo kunye nokuba iM&A yenzeke kuphela emva kokuba isitokhwe sinexabiso eliphezulu kwakhona. Ngelixa abaphathi bejongeka ngakumbi ekusebenziseni imali engaphezulu kwi-M&A, ndinethemba lokuthenga kwakhona isabelo esindlongondlongo kunye nokuba iM&A yenzeke kuphela emva kokuba isitokhwe sinexabiso eliphezulu kwakhona. Ngelixa abaphathi bejongeka ngakumbi ekusebenziseni imali ye-M&A engaphezulu, ndijonge phambili ekuthengeni kwakhona isabelo esindlongondlongo kunye ne-M&A eya kwenzeka kuphela emva kokwenziwa kwakhona kwexabiso lezabelo. Ngelixa ulawulo lubonakala lujolise ngakumbi ekusebenziseni imali engaphezulu kwe-M&A, ndilindele ukuthengwa okundlongondlongo kunye ne-M&A kuphela emva kokuba isitokhwe siphucule.Ndifumanisa ukuba akunakwenzeka ukuba inkampani ethenga umva malunga ne-6% yezabelo zayo ngonyaka ithengisa ngenzuzo ye-6.3 ngokuphindwe kabini kwingeniso yayo, kwaye olu luvo luyanda kakhulu ukuba inkampani ithenga kwakhona i-14% yezabelo zayo ezibalaseleyo ngonyaka. .Ndabona izitokhwe zibuyisela ixabiso kwi-10-12x inzuzo, oku kuthetha ukuba ngaphezu kwe-60% enokunyuka okunokwenzeka ukusuka kulwandiso oluninzi lodwa.Esi siphindaphindi siya kuyibeka ngokuhambelana nezinye iinkampani zetekhnoloji ezisekiweyo ezifana neCisco (CSCO) kunye ne-Oracle (ORCL).
Zeziphi iingozi eziphambili?Okokuqala, ukukhula kunokwenzeka ukuba kwehle ngaphandle koluhlu lwe-3% ukuya kwi-4%.Iinkampani ezikhula kancinci kudala zinoloyiko lokuba ukukhula kuya kuphelelwa kwaye kutshintshe. Omnye umngcipheko kukuba ngaba abaphathi bayalixhasa i-balance sheet ukuxhasa amabhongo e-M&A. Omnye umngcipheko kukuba ngaba abaphathi bayalixhasa i-balance sheet ukuxhasa amabhongo e-M&A. Omnye umngcipheko kukuba abaphathi baya kusebenzisa i-balance sheet ukuxhasa amabhongo e-M&A. Omnye umngcipheko ngowokuba ngaba abaphathi baya kusebenzisa i-balance sheet ukuxhasa amabhongo e-M&A. Ndiyijonga indlela eya kumlinganiselo ophindaphindiweyo njengokuxhomekeke kumlinganiselo ophantsi kunye nenkqubo yokuthenga kwakhona isabelo esindlongondlongo, kodwa inyathelo le-M&A eliqhutywa ngamatyala liza kusebenza kwelinye icala kwaye mhlawumbi libangele ukuba isitokhwe sigcine ukurhweba kwizaphulelo eziphindaphindwayo. Ndiyijonga indlela eya kumlinganiselo ophindaphindiweyo njengokuxhomekeke kumlinganiselo ophantsi kunye nenkqubo yokuthenga kwakhona isabelo esindlongondlongo, kodwa inyathelo le-M&A eliqhutywa ngamatyala liza kusebenza kwelinye icala kwaye mhlawumbi libangele ukuba isitokhwe sigcine ukurhweba kwizaphulelo eziphindaphindwayo. Ndiyijonga indlela eya kuphononongo lwamanqaku amaninzi njengokuxhomekeka kumlinganiselo ophantsi kunye nenkqubo yokubuyisela isabelo esindlongondlongo, kodwa inyathelo le-M&A elikhokelwa ngamatyala liza kusebenza kwelinye icala kwaye mhlawumbi linyanzelise isitokhwe ukuba siqhubeke sirhweba ngezaphulelo eziphindaphindwayo. Ndicinga ukuba indlela eya kuphononongo lwamanqaku amaninzi ixhomekeke kumlinganiselo ophantsi kunye nenkqubo yokuthenga kwakhona isabelo esindlongondlongo, kodwa inkqubo ye-M&A esekwe ematyaleni inokuba nesiphumo esichaseneyo kwaye inokugcina urhwebo lwesitokhwe kwinani elithotyiweyo.Kukwafanelekile ukukhankanya ukuba umngcipheko "wokuthatha" uvele ngaphambili.Ngokukodwa, kukho umngcipheko wokuba ixabiso lesabelo liya kuhla kwaye i-CEO yakwaDell iya kuzama ukuthenga izabelo ngexabiso eliphantsi, ukuphoxeka kwabanini-zabelo abathenge ngexabiso eliphezulu.
Ndisakholelwa ukuba izabelo ze-DELL kufuneka zithengwe phambi kokuphazamiseka kwezobuchwepheshe, nangona le mingcipheko ingentla igcina iphantsi.
Izitokhwe zokukhula ziwile.Xa uyithenga, izitalato zizele ligazi kwaye akukho mntu ufuna ukuyithenga.Ndibonelele ngokugqwesileyo kwababhalisi be-Breed Growth Growth ngoluhlu lwe-Tech Crash 2022, kwaye nalu uluhlu lwam apho unokuthenga khona ngexesha lokuwa kwetekhnoloji.
UJulian Lin ngumhlalutyi ophezulu wezezimali.UJulian Lin uqhuba iZitokhwe zokuKhula kweBest Breed, inkonzo yophando etyhila iinkolelo eziphezulu zabaphumeleleyo kwixesha elizayo.
Ukubhengezwa: Mna / sinesithuba eside esinenzuzo kwi-stock ye-DELL ngobunini besitokhwe, ukhetho okanye ezinye izinto eziphuma kuyo.Eli nqaku libhalwe ndim kwaye livakalisa uluvo lwam.Khange ndifumane mbuyekezo (ngaphandle kokufuna uAlpha).Andinabudlelwane beshishini kunye nayo nayiphi na inkampani edweliswe kweli nqaku.
Ixesha lokuposa: Nov-18-2022