Ich hab' hier einen interessanten Artikel gefunden. Interessant deshalb, weil mir auch nicht klar ist warum ausgerechnet der 10-prozentige Anteil von VMware der an die Börse gebracht werden soll etwas an den Fundamentals ändert und einen höheren Börsenwert rechtfertigt, aber trotzdem einen kurzen Hype ausgelöst hat.
Also alles beim alten. Leider ? Wahrscheinlich lächzt der Markt nach News. Meldungen von Übernahmen durch EMC locken niemanden mehr hinterm Ofen vor. Zumindest keine (neuen) Share-Käufer.
TechWeek: EMC Making a Value Play
By Bill Snyder TheStreet.com Senior Writer 2/9/2007 5:13 PM EST Click here for more stories by Bill Snyder
So, EMC's (EMC - Cramer's Take - Stockpickr - Rating) not-so-surprising announcement that it will sell off 10% of its VMware subsidiary via an IPO may not have gotten the attention it deserves.
The move was well received on Wall Street where shares of the storage giant rallied smartly on Thursday -- about 6.5% with 97 million shares changing hands, about 3.5 times average.
But back out this week's gains and you'll see EMC's problem: Shares have been next-to-flat over the last two years, appreciating by just 4% while the Nasdaq index soared by nearly 20%. In the same time period, the company's top line has grown by 35% (as of last December) and net income has kept pace, increasing by about 40% to $1.2 billion in 2006.
Part of the problem: Much of the gains come through acquisition, and many investors worry that EMC's core storage networking hardware business is sluggish.
So, how does spinning off a chunk of VMware, arguably the jewel in CEO Joe Tucci's crown, help the business as a whole? After all, as Deutsche Bank analyst Chris Whitmore put it this week, "Rearranging the capital structure of the company does not provide a free lunch." In other words, the fundamentals won't change.
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