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  • IT news
  • IT news
  • IT news
    IT news, Декабрь, 18

    TipRanks gathers analyst ratings and ranks them based on accuracy over time. Here is a list of the top 20 Wall Street analysts of 2015, according to the platform's data. 1. Irina Rivkind Koffler

    Mizuho Securities


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  • it-technology
    it-technology, Сентябрь, 16

    image
    1990-е: В интернете никто не знает, что ты — собака.
    Сегодня: Наш анализ данных показывает, что он — коричневый лабрадор. Он живёт с чёрно-белым биглем, и по-моему, у них есть отношения.


    Совершенно бесплатные сертификаты для шифрования веб-трафика, которые обещали начать выдавать в середине 2015 года, слегка запоздали, но не исчезли совсем. 14 сентября Фонд Электронных Рубежей (Electronic Frontier Foundation, EFF) торжественно объявили о факте выдачи первого такого сертификата системой Let’s Encrypt.

    Let’s Encrypt – свободный, бесплатный центр сертификации (certificate authority, CA). Он должен обеспечить всех желающих совершенно бесплатными сертификатами, и тем самым, постепенно перевести весь интернет на шифрование трафика.

    По понятным причинам, правозащитники и борцы за свободу обоими руками приветствуют эту инициативу. HTTPS (правильно работающий) означает защиту от прослушки и кражи персональных, коммерческих и других данных пользователей.

    Ещё пару лет назад все центры сертификации продавали сертификаты, да и сегодняшние бесплатные обладают рядом ограничений. После покупки требовались знания для того, чтобы настроить поддержку сертификатов в браузере. Теперь эти времена уходят в прошлое.

    Пока ещё новый центр не обладает всеми правами, и его сертификаты не имеют перекрёстной подписи, в результате чего они не воспринимаются браузерами как надёжные (браузер выдаст сообщение «untrusted»). В EFF уверены, что примерно через месяц будет завершена соответствующая работа в консорциуме IdenTrust, после чего новые бесплатные сертификаты будут работать без шума и пыли.
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  • IT news
  • IT news
    IT news, Июнь, 8

    Summary CA Technologies has made two significant moves to bolster the Enterprise Solutions Division and return the company to overall revenue growth. The company also hired a new Chief Technology Officer with an impressive resume. A return to growth will afford shareholders multiple avenues for significant capital returns.

    This article will serve as a follow-up to my other recent articles on CA Technologies (NASDAQ:CA). I previously speculated that CA could be getting ready to make a big corporate move based on my reading of the tea leaves. Phase I of a larger plan might have just taken place. After talking about making acquisitions to bolster its enterprise software business for quite some time but never pulling the trigger, CA finally made some moves - announcing two acquisitions in the last two weeks.

    First the company announced its intention to purchase Rally Software Development Corp. (NYSE:RALY) for cash consideration of $480M. This acquisition is meant to bolster the company's DevOps and Management Cloud offerings in the enterprise segment. Rally is small and unprofitable, with revenues of $88M in FY2015 and a net loss of $34M. Still, it is growing at nearly 20% per year, and growth is something CA desperately needs. With expected future growth (consensus shows revenues will increase 20% and 22% in FY2016 and FY2017, respectively) as well as synergies, I'd expect CA to get this business to cash-flow breakeven or better fairly quickly. The deal is expected to close in Q3 of this calendar year.

    The following week CA announced the completed acquisition of Grid-Tools. Terms were not disclosed. Investors will have to wait until the quarterly financials are released to learn of the price tag. I suspect it was in the $50-$100M range. This is another acquisition that will expand the DevOps portfolio, with an emphasis on reducing "test cycles and time required to fix defects while increasing quality of their applications."

    So based on current revenue run rates for each, will these two buys stem the decline in CA's overall revenues? Let's see.


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  • IT news
    IT news, Май, 28

    Summary Shares are valued as a dying mainframe-related business when the segment provides strong and steady recurring cash flows that can be invested into other 'growth' areas. The Enterprise segment will be a growth driver for the consolidated company as they ramp new products and services under the new management team directed at the Cloud. The company's valuation is extremely cheap as the market ignores the transition to a SaaS, higher-margin company with the dividend yield supporting the shares at $30.

    CA Inc. (NASDAQ:CA) presents a compelling opportunity to benefit from a strong management team in the process of turning around a company and shifting the business model to one that has proven to work. Moving to an SaaS platform will allow the company to shift towards the growth area of their core markets, expand margins, and return to top line growth.

    The market is misunderstanding the mainframe business, which they equivocate to a dying business. While the industry itself is in slow decline, it is undergoing consolidation reducing to just a handful of players. In addition, CA has been able to more than offset revenue decline with margin improvement.

    It is also not fully understanding the SaaS business, writing it off quickly even though it has yet to fully ramp. Much of the modest decline in revenue is due to FX headwinds and the selling of non-core assets that resided in the business segment. We think the segment is likely to experience as much as double digit organic growth between now and the end of fiscal 2018. This is not being appreciated, at all, within the current valuation of the shares.

    Business Overview

    CA Technologies was originally a software developer for mainframe servers when it was founded nearly four decades ago. It has since migrated to service distributed enterprise IT environments while maintaining that core business in mainframes. The company operates in three segments: Mainframe, Enterprise, and a small Services segment. Revenue is divided with 55% coming from Mainframe, 37% Enterprise, and 8% Services.

    New Management Has Been Installed And Restructuring Is Complete

    CA installed Michael Gregoire as their new chief executive back in early 2013. Gregoire came from Taleo, which he sold to Oracle in 2012 for $1.9 billion. His goal is to reinvent CA into a company for this new age of cloud services and away from the traditional mainframe business. We see the company focusing on the new enterprise software market and developing more cloud-based products over the next year, focusing on their development speed to entice new clients.

    One of the things he is attempting to change is growing organically, instead of the inorganic traditions of the company. Since 1975, they have closed on nearly 200 acquisitions with the company better-known for acquiring new lines of software rather than developing them internally. Gregoire made some significant new hires in sales, marketing and management in addition to new engineers to lead that change.

    His preferred strategy involves investing company resources with a focus on three big markets: Devops, cloud, and security. These are strong growth areas of the industry and markets where we think the business will realize turnaround potential. In Devops (a development method to increase collaboration between software developers and IT operations to release products faster), we think the market does not fully understand the level of complication and amount of resources needed to build applications at the speed at which customers are requiring them, especially within the mobile realm where they focus. For once in a long time, we think CA is actually ahead of the curve by attempting to automate this process in order to generate products at the speeds required in the new market.

    (click to enlarge)
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  • IT news
    IT news, Март, 25

    Summary The options market is signaling a major move higher for the stock. There are too many related corporate events of late to ignore. The company could be prepping for a transformational corporate event.

    I have been following CA Inc. (NASDAQ:CA) closely for the last year, owning the stock since the end of last June. I bought it because I thought the stock was cheap and that the company had a real shot at returning to growth in 12-18 months. Here's my original article on the company if you are curious about the bull thesis. For the purpose of this article, I'm focusing on why I believe CA could be near-term break-up candidate, with the Mainframe business going private and the Enterprise Solutions business either being purchased by a competitor or spun off into a separate company.

    What's Been Happening

    There are just too many interesting factoids here to ignore. Let's review all the recent, pertinent developments at CA.

    1. The company recently retired $500M in long-term debt. The company did not need to retire this debt. The company already had a net cash position of $1.44B (source: 10-Q, September 2014). The company has an investment grade credit rating (BBB) and could have refinanced the debt for very cheap. In 2013 the company issued $250M of 10-year senior unsecured notes with a 4.50% coupon (issued at 99.54 of par). I'm sure the company could do even better today. When the company issued that debt the 10-year Treasury was at 2.72%. Assuming the same spread over Treasuries as the debt issued in 2013, a refinancing of the debt in December could have been done at a ~3.75% rate for 10-years. The debt that the company retired had a 6.125% coupon. The company is saving $30M in annual interest expense, but refinancing could have still saved at least $10M. For a company with $1B in annual free cash flow, the savings are minute. So why would the company do this? One possible reason is that the company is setting up for a leveraged buyout (LBO). If a private equity firm were to purchase the Mainframe business, it will load up the company with debt. The less debt the company has going into the LBO the more the PE sponsor can issue to finance the buyout. Private equity shops make their money by putting as much debt on the balance sheet as practical, limiting the amount of equity needed for the deal. Over time, the company repays some of the debt so that when it is eventually sold again, the private equity sponsor can make a sizable return, even if the company is worth no more than when the sponsor bought it. Brilliant! That's the power of leverage.

    2. There's precedent for LBOs in the Mainframe business. CA competitor BMC Software was taken private in a $6.9B deal in 2013. In 2014 another competitor, Compuware, was taken private in a $2.5B deal. The private equity firms love companies with reoccurring cash flows. While the mainframe business is very mature and in a slow decline, the topline burn is more than manageable and the margins are fantastic - generating lots of cash earnings. These facts are what makes it so attractive to private equity firms. A sponsor can load the company up with debt knowing that the continuing cash flow will allow it to delever over time.

    3. The company is falling well short of its acquisition and capital return guidance. In May of 2014 the company guided for $300-$500M in acquisitions for the fiscal year (ending March 31). The acquisitions were to be in the Enterprise Solutions business as the company sought to accelerate development in key growth areas. To date this fiscal year the company has only made $20M of acquisitions. CEO Michael Gregoire was asked about acquisitions recently at the Morgan Stanley TMT conference. Here is the Q&A:

    (click to enlarge)
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  • IT news
    IT news, Март, 6

    + READ article

    Apple is hosting a live Apple Watch event on Monday, March 9th at 10am PT in Cupertino, Calif., and fans of the company are already buzzing about what CEO Tim Cook will have…
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  • IT news
    IT news, Февраль, 25

    Summary CA is suitable for both the Defensive Investor and the Enterprising Investor following the ModernGraham approach. According to the ModernGraham valuation model, the company is undervalued at the present time. The market is implying 3.44% earnings growth over the next 7-10 years, which is significantly less than the rate the company has seen in recent years.

    CA (NASDAQ:CA) presents an intriguing investment possibility for value investors, as the company has maintained very strong earnings growth over the last few years that may not be properly priced into the market price. Benjamin Graham, the father of value investing, taught that looking at the price cannot be the sole factor in investment decisions, as the most important aspect to consider is whether the company is trading at a discount relative to its intrinsic value. It is through a thorough fundamental analysis that the investor is able to make a determination about a potential investment's merits. Here is a look at how the company fares in the ModernGraham valuation model.

    The model is inspired by the teachings of Benjamin Graham, and considers numerous metrics intended to help the investor reduce risk levels. The first part of the analysis is to determine whether the company is suitable for the very conservative Defensive Investor or the less conservative Enterprising Investor, who is willing to spend a greater amount of time conducting further research.

    In addition, Graham strongly suggested that investors avoid speculation in order to remove the subjective elements of emotion. This is best achieved by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another. By using the ModernGraham method, one can review a company's historical accomplishments and determine an intrinsic value that can be compared across industries.

    CA Chart
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