Dell Valuations: February 2013
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ABCDEFGHIJKLMNOPQRST
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Revenue Growth rateTarget Operating MarginCost of capitalValue per shareNote
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3.20%5.00%10.36%$13.15
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Manuel Arbiol2.50%5.50%10.36%$13.63
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Ken Herrera2.00%4.75%10.37%$14.47
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Mark King0.00%5.00%10.36%$14.77
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Shuva Chakraborty1.00%4.00%10.36%$14.79Used mature cost of capital after yr 10
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Joseph McKeever5.00%10.28%$14.93
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Jon Lanterman1.00%5.50%10.41%$14.95Zero Perpetuity growth as well
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Julianne Doelz2.00%5.00%10.36%$14.99
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haresh shah1.00%5.50%10.00%$15.25
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Jordi Safont0.00%5.50%10.36%$15.67
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Bill Tanyeri0.00%5.50%10.36%$15.68
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Alex Rasmussen0.90%5.50%8.98%$15.87Revenue growth closer to Grantham low growth scenario, lower beta
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Saurabh Bajaj4.00%6.00%11.00%$15.92
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Tao Min2.30%5.50%10.89%$16.08
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Jacob Seet2.00%5.53%10.36%$16.09I used the historical 5-year average (as at 2012) for Revenue Growth rate and Target Operating Margin.
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3.50%3.00%10.00%$16.09
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Srikanth Inaganti3.89%7.00%10.36%$17.28
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George LaPaglia2.00%6.00%10.36%$17.84Changed Sales to Capital ratio from Industry average (2.66%) to the average of Dell's (7.37%) and the Industry's -> 5.01%
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Navneet Saxena5.00%6.00%10.29%$17.90
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Sagar Shah2.00%7.00%10.36%$19.11
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Soumitra Borthakur3.89%7.95%10.36%$19.53After 10 years, I used a WACC of 10% as opposed to risk free rate +4.5%
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Yogesh Gupta5.00%5.50%10.36%$21.07I see revenues of 62B in their latest income statement, used 14.8B for cash.
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Yifu Huang1.95%8.00%10.43%$21.08hmm...is the margin really that thin??
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Andre Semmler4.00%5.50%7.61%$18.82
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Mean$16.46
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