DOCSLIB.ORG

European Technology Update 16 March 2012

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
European Technology Update 16 March 2012 European Technology Update 16 March 2012 Member FINRA/SIPC Thierry Monjauze Managing Director 63 Brook Street London W1K 4HS United Kingdom Phone: +44 20 7518 8900 [email protected] Francois Morin Director 63 Brook Street London W1K 4HS United Kingdom Phone: +44 20 7518 8900 [email protected] This report has been prepared by Harris Williams & Co. Ltd a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and www.harriswilliams.com regulated by the Financial Services Authority (FRN #540892). Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively. Recent Developments Company Quest Software, the developer of enterprise systems management software, agreed to be acquired by Insight Specific Ventures Partners for approximately $2 billion News Ahold acquired bol.com, one of the most visited retail websites in the Netherlands, for €350 million SingTel acquired Amobee, the US-based provider of mobile advertising solutions, for $321 million PLATO Learning acquired Archipelago Learning, a provider of SaaS-based education products, for approximately $291 million General Atlantic invested €237 million for a 30% stake in Axel Springer Digital Classifieds, a business managing Axel Springer's French and German real estate and job portal Sopra Group acquired a majority stake in Callatay & Wouters, the Belgium-based company offering a portfolio of IT solutions for retail, private and corporate banking, for an estimated consideration of €100 million F5 Networks acquired Traffix Syystems, the Israel-based ppgrovider of next generation networks and diameter solutions for the telecommunication industry, for $130 million Aegis Group acquired Roundarch, the US digital agency, for $125 million Asseco agreed to acquire Sygnity, a Poland-based provider of IT solutions, consultancy services and software for the banking and financial sector, for $88 million Green Dot Corporation acquired Loopt, a developer of mobile location-based services, for $43 million Opera Software acquired Mobile Theory, a leading premium mobile advertising network focused on the US mobile advertising market, for $40 million Liv ing Soc ia l acquidired JOitJump On it, the Aus tra lia-base d on line da ily discount ed d eal company, f or $40 milli on Yammer, the leading provider of enterprise social networks, received an $85 million funding from DFJ Growth German music streaming service Simfy raised €30 million from various investors Pulsant, a UK-based managed hosting and cloud services provider, raised a £24 million funding from Bridgepoint Fluid, the digital commerce and SaaS-based software agency, received a $24 million growth equity investment from Goldman Sachs Asset Management Yelp shares surged 64% on their first day of trading to $24.58, having priced at $15 a share Online video service Brightcove’s share price closed at $14.30 after its first day of trading, up 30% from the company’s original price of $11 per share EPAM systems shares closed at $14 a share at the end of its first day of trading on the NYSE, up 16.7% from its public offering price of $12 Industry iPad had a 62% share of the overall tablet market in 2011, with Samsung as the next closest competitor at 9% , Trends according to iSuppli Juniper Research forecasts that NFC will facilitate $74 billion worth of transactions globally by 2015 Twitter's user growth is expected to drop from 32% in 2011 to 21% in 2012 and to 14% in 2014 and Facebook's growth is expected to drop from 13% in 2011 to 7% in 2012 and 4% in 2014, according to eMarketer Global PC shipments for 2012 will increase by 4.4% y-o-y to 368 million units, according to Gartner Gartner estimates that mobile applications will influence $15.9 billion of end-user spending in 2012 Ad revenues by social networks worldwide are projected to climb from $5.2 billion in 2011 to $11.87 billion in 2014, with Facebook continuing to dominate, according to eMarketer Cloud content services will be integrated into 90% of the world's connected consumer devices before the end of 2013, according to research firm Gartner Gaming firms recorded £2 billion in VC backing in 2011, doubling investment value across 152 deals y-o-y, according to Digi-Capital US e-book revenues grew 117% last year to $969 million, according to the Association of American Publishers Digital music accounted for over a third of the UK music sales, amounting to £281.6 million, according to BPI Source: Various industry news outlets. 1 Public Market Trading Statistics Stock Last 30 Days Performance 10% 4.5% 5% 2.3% 2.1% 1.9% 0% 1.8% (()5%) 09 Feb 14 Feb 19 Feb 24 Feb 29 Feb 05 Mar DJ Stoxx 600 Technology Nasdaq Composite Software and IT Services Communications Internet and Digital Media Last Twelve Months 20% 15% 10% 5% 10.6% 0% (1.5% ) (5%) (5.4% ) (10%) (5.7% ) (15%) (12.0%) (20%) (25%) (30%) (35%) (40%) (45%) Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 DJ Stoxx 600 Technology Nasdaq Composite Software and IT Services Communications Internet and Digital Media Sources: Capital IQ, 9 March 2012; Brokers’ reports. Comparable CY2012E EV / Revenue EV / EBITDA P / E Trading EBITDA Margin Growth CY2012E CY2013E CY2012E CY2013E CY2012E CY2013E Summary Software and IT Services Enterprise Applications 15.0% 11.1% 2.7x 2.3x 11.6x 8.8x 13.8x 11.8x European Large Cap Software 31. 2% 57%5.7% 31x3.1x 29x2.9x 10. 1x 92x9.2x 16. 7x 14. 9x Financial Software 22.6% 4.1% 2.1x 2.0x 8.7x 7.9x 16.9x 14.5x Healthcare Software 23.1% 7.9% 2.2x 2.0x 8.7x 7.9x 21.1x 14.5x Large Cap IT Services 13.1% 9.2% 0.9x 0.8x 6.4x 5.9x 12.9x 11.4x Mid Cap IT Services 10.7% 3.6% 0.6x 0.6x 5.8x 5.3x 9.7x 8.6x Offshore IT Services 20.7% 21.2% 2.3x 2.0x 10.5x 9.5x 16.0x 14.3x Security Software 36.6% 6.6% 3.5x 3.2x 8.6x 7.7x 16.3x 14.4x Communications Digital Broadband 11.6% (2.1%) 0.5x 0.5x 4.2x 3.7x 10.7x 8.9x Diversified Communication Equipment 12. 0% 32%3.2% 10x1.0x 09x0.9x 77x7.7x 58x5.8x 22. 6x 12. 6x Mobile Content / Solutions Providers 19.2% 4.8% 1.4x 1.2x 7.1x 6.0x 19.7x 16.4x Mobile Infrastructure Software 14.1% 6.2% 2.2x 2.2x 11.9x 11.5x 18.2x 20.2x Internet and Digital Media Chinese Internet Leaders 23.0% 33.9% 4.4x 3.4x 11.3x 12.1x 18.2x 16.6x Online Classifieds 41.8% 12.5% 5.6x 5.0x 12.9x 12.4x 20.4x 16.1x Content Providers / Communities 19.7% 37.6% 3.1x 2.4x 9.3x 7.5x 24.2x 18.7x Ecommerce 17.7% 23.0% 3.0x 2.4x 17.4x 11.8x 30.0x 25.5x Global Internet Leaders 35.8% 32.8% 4.7x 3.8x 14.2x 11.0x 18.5x 14.9x IiEiInteractive Entertainment 18. 3% 13. 4% 202.0x 161.6x 15. 2x 616.1x 16. 6x 15. 4x Intermediation and Comparison 16.4% 24.1% 3.8x 3.0x 15.3x 11.1x 25.7x 28.3x Online Gambling 27.0% 15.3% 2.0x 1.8x 6.8x 6.3x 13.0x 9.8x Online Marketing 17.4% 15.1% 1.7x 1.5x 9.1x 8.1x 16.1x 16.1x Online Travel 28.0% 13.1% 2.9x 2.5x 10.2x 8.1x 17.5x 13.4x 2 Software and IT Services Last 30 Days Performance Large Cap IT Services 6.8% Healthcare Software 27%2.7% Financial Software 2.4% 10% Mid Cap IT Services 2.2% European Large Cap Software 1.8% Offshore IT Services 1.3% Enterprise Applications 0.5% Security Software (1.1% ) 5% 0% (5%) 08 Feb 14 Feb 20 Feb 26 Feb 03 Mar 09 Mar European Large Cap Software Fina ncia l Softwa re Enterprise Applications Healthcare Softwa re Security Software Large Cap IT Services Mid Cap IT Services Offshore IT Services Last Twelve Months Performance European Large Cap Software 7.0% Security Software 5.4% Healthcare Software 4.0% Offshore IT Services (7.2% ) 20% Financial Software (7.4% ) Large Cap IT Services (8.1% ) Enterprise Applications (19.8%) Mid Cap IT Services (20.2% ) 10% 0% (10%) (20%) (30%) (40%) Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 European Large Cap Software Financial Software Enterprise Applications Healthcare Software Security Software Large Cap IT Services Mid Cap IT Services Offshore IT Services Source: Capital IQ, 9 March 2012. 3 Software and IT Services (Continued) Market Enterprise CY2012E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Growth CY2012E CY2013E CY2012E CY2013E CY2012E CY2013E European Large Cap Software SAP 82,161 80,166 35.1% 11.1% 3.9x 3.5x 11.0x 9.9x 16.9x 15.2x DlSDassault Systemes 10, 105 8, 653 32. 1% 10. 3% 343.4x 323.2x 10. 6x 959.5x 19. 6x 17. 7x Sage 6,071 6,089 28.9% 3.6% 2.8x 2.7x 9.7x 9.2x 14.3x 13.1x Software AG 3,173 3,362 28.0% (0.2%) 2.3x 2.2x 8.2x 7.5x 12.8x 11.5x Aveva 1,803 1,557 33.9% 11.2% 4.8x 4.3x 14.1x 12.3x 23.3x 19.9x Misys 1,712 1,945 25.1% 11.4% 2.8x 2.6x 11.0x 10.1x 16.6x 14.2x Micro Focus 1,166 1,136 40.0% (0.1%) 2.6x 2.6x 6.6x 6.5x 14.2x 13.8x Temenos 1,157 1,257 26.6% (1.3%) 2.6x 2.4x 9.9x 8.4x 15.8x 13.7x Mean 31.2% 5.7% 3.1x 2.9x 10.1x 9.2x 16.7x 14.9x Median 30.5% 6.9% 2.8x 2.7x 10.2x 9.4x 16.2x 14.0x Financial Software Intuit 17,155 17,195 37.6% 8.6% 3.9x 3.6x 10.4x 9.4x 19.2x 16.8x Misys 1,712 1,945 25.1% 11.4% 2.8x 2.6x 11.0x 10.1x 16.6x 14.2x Temenos 1,157 1,257 26.6% (1.3%) 2.6x 2.4x 9.9x 8.4x 15.8x 13.7x Fidessa 920 810 20.6% 3.2% 1.8x 1.7x 8.6x 8.1x 18.8x 17.8x SimCorp 751 689 25.2% 6.1% 2.6x 2.3x 10.1x 9.0x 16.2x 14.0x Innovation 294 247 13.1% 12.4% 0.8x 0.7x 5.9x 5.1x 16.5x 13.9x ORC 290 264 24.1% (3.4%) 2.0x 1.8x 8.2x 6.9x 24.8x 16.9x Microgen 185 143 13.2% 1.2% 2.4x 2.3x 8.7x 7.9x 15.2x 14.8x Linedata 157 158 21.2% 6.4% 0.8x 0.8x 3.8x 3.7x 8.8x 8.0x StatPro 84 92 19.2% (3.2%) 1.9x 1.9x 10.1x 10.0x 16.6x 14.9x Mean 22.6% 4.1% 2.1x 2.0x 8.7x 7.9x 16.9x 14.5x Median 22.6% 4.7% 2.2x 2.1x 9.3x 8.3x 16.6x 14.5x Enterprise
Load more

Recommended publications
  • Leading Telecommunications Companies Cooperate on MMS Interoperability
    Press Release February 19, 2002 Leading telecommunications companies cooperate on MMS interoperability CMG Wireless Data Solutions, Comverse, Ericsson, Logica, Motorola, Nokia, Siemens and Sony Ericsson today announced the foundation of an Interoperability (IOP) Group for the Multimedia Messaging Service (MMS), defined and approved by the Third Generation Partnership Project (“3GPP”) and the WAP Forum. The main objective of this initiative is to ensure the smooth introduction of MMS in the market. This mobile data service will offer seamless end-to-end operability between MMS handsets and servers from different vendors. The MMS Interoperability Group seeks to encourage a broad and open industry adoption of MMS, thus enabling consumers to enjoy a well- defined, end-to-end service. The group has already defined a joint version of an MMS Conformance Document. The activities of the group include facilitation and co-ordination of MMS interoperability testing, problem solving and the channelling of technical information related to such testing. The results of these activities will be communicated to the 3GPP and WAP Forum. This will assist manufacturers and developers in ensuring that MMS applications are compatible, and will result in more rapid introduction of MMS products to the market. As well as following the relevant 3GPP and WAP Forum specifications, the activities of the group will be based on a joint MMS conformance document that defines the minimum subset of features that MMS equipment will support. The IOP group offers a broad range of expertise, and the founding members are active in many standardization forums, such as 3GPP and WAP. Thus the group is well-positioned and informed regarding current and future requirements of both mobile subscribers and industries working in the sector.
    [Show full text]
  • BMG to Supply Music Content for Comverse Advanced Mobile Music Solution Submitted By: Pleon Monday, 8 April 2002
    BMG To Supply Music Content For Comverse Advanced Mobile Music Solution Submitted by: Pleon Monday, 8 April 2002 ....Comverse Introduces Further Offerings For The Mobile Entertainment Market....See Comverse At Mobile Entertainment Event in London April 9-10, 2002, Booths 7 & 9 Comverse, a unit of Comverse Technology, Inc., and the world's leading supplier of software and systems enabling network-based multimedia enhanced communications services, and BMG Europe, a unit of BMG, the global music division of Bertelsmann AG, and one of the world's largest music publishing companies, today announced an agreement for BMG to supply both international & local music content for Comverse's VoiCD advanced mobile music solution. This agreement represents the collaboration of two leading players in their respective industries, to build a complete and comprehensive music solution that will provide premium value to telecom service providers. Visit Comverse at the Mobile Entertainment Event in London on April 9-10, 2002, Booths 7 & 9. This cooperation combines the technology and music worlds and opens a new distribution channel for the music industry. BMG is one of the first of the major labels to distribute its content in a reliable and secure way over mobile networks. With this agreement, Comverse will be delivering BMG high quality content to mobile users. This innovative concept will enable operators to launch a content rich music portal service to their subscribers, providing a source for increased revenues. BMG has a diverse portfolio of artists that are suitable for many different market segments, ranging from Elvis Presley to Whitney Houston, Carlos Santana, Christina Aguilera, and Pink to Sarah Brightman, Arthur Rubinstein and James Gallaway, many of whom will be featured on the VoiCD Service.
    [Show full text]
  • NNDM NASDAQ : NNDM | © 2020 Nano Dimension
    Nano Dimension is a Developer & Provider of Intelligent Machines and Consumable Conductive & Dielectric Materials (Inks) for the Fabrication of Additively Manufactured Electronics (AME), a/k/a Printed Electronics (PE) July 2020 Nasdaq: NNDM NASDAQ : NNDM www.nano-di.com1 www.nano-di.com | © 2020 Nano Dimension. All rights reserved. Nano Dimension Printed Electronics (“PE”) , or Additively Manufactures Electronics (“AME”) Forward Looking Statements This presentation of Nano Dimension Ltd. (the “Company”) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, the Company is using forward- looking statements when it discuss the potential of its products, strategic growth plan, the size of its addressable market, market growth, and expected recurring revenue growth. Forward-looking statements are not historical facts, and are based upon management’s current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report for the year ended December 31, 2019, filed with the SEC.
    [Show full text]
  • Securities Litigation
    Case3:13-cv-01025-WHO Document82 Filed11/12/14 Page1 of 33 Pomerantz LLP is one of the nation’s foremost specialists in corporate, securities, antitrust and ERISA class litigation. The Firm was founded in 1936 by the late Abraham L. Pomerantz, one of the “pioneers who developed the class action/derivative action field.”1 Mr. Pomerantz rose to national prominence as a “champion of the small investor” and a “battler against corporate skullduggery.”2 Today, led by Managing Partner Marc I. Gross, the Firm maintains the commitments to excellence and integrity passed down by Mr. Pomerantz. Mr. Gross has over thirty-five years’ experience litigating securities fraud and derivative actions and is a Vice President of the Institute of Law and Economic Policy. For over 75 years, the Firm has consistently shaped the law, winning landmark decisions that have expanded and protected investor rights, and initiated historic corporate governance reforms. In 2012 and 2013, Benchmark Litigation highlighted Pomerantz as a “Recommended” plaintiffs’ firm; it named Marc I. Gross as a “Local Litigation Star” in New York, and Patrick V. Dahlstrom as a “Local Litigation Star” in Chicago. The National Law Journal named Pomerantz to its prestigious 2013 Plaintiffs’ Hot List. In 2014, Marc I. Gross was voted by his peers to be a New York Metro Super Lawyer, while Jeremy A. Lieberman, Michael J. Wernke and Tamar A. Weinrib were voted New York Metro Rising Stars. SECURITIES LITIGATION SIGNIFICANT LANDMARKS IN SECURITIES-RELATED LITIGATIONS In 2013 and 2014, Pomerantz secured a series of significant victories in individual actions pursued on behalf of institutional investors in In re BP p.l.c.
    [Show full text]
  • Comtech Telecommunications Corp
    COMTECH TELECOMMUNICATIONS CORP. Annual Report 2016 Presence in Large, Growing End Markets Comtech is focused on markets CORPORATE INFORMATION that are highly dependent on secure, advanced communications technologies. Satellite-based Communications Public Safety & Next Generation 911 Enterprise & Trusted Location Platforms Command & Control (C4ISR) Solutions Cybersecurity Training Emerging Markets POSITIONED FOR GROWTH Commercial Solutions Segment Government Solutions Segment Our Commercial Solutions segment serves commercial customers Our Government Solutions segment serves large government and smaller government customers, such as state and local end-users (including those of foreign countries) that require governments, that require advanced communication technologies mission-critical technologies and systems. We are a leading to meet their needs and also serves certain large government provider of command and control technologies and applications customers (including the U.S. Government) that have requirements (such as the design, installation and operation of data networks for off-the-shelf commercial equipment. Our satellite-based that integrate computing and communications, including both communication technologies products and services are used satellite and terrestrial links), ongoing network operation and in a wide variety of commercial and government applications management support services (including telecom expense including the backhaul of satellite-based cellular traffic, management, project management and fielding and maintenance
    [Show full text]
  • Are You Ready for Multimodal Interaction on the Web?
    ARE YOU READY FOR MULTIMODAL INTERACTION ON THE WEB? A wink, a wave, a touch, a glance, a word, and all your wishes will be granted. www.w3.org www.w3.org Multimodal Web Web��������������� pages you can� speak to and��������������������� gesture at. The Multimodal Web will transform how we interact with applications: • In your hand: portable access to multimedia • In your home: remote control of your everyday communication, news and entertainment appliances, including television, videorecorder, services. fridge, etc. • In your car: integrated dashboard system • In your offi ce: choose how you interact offering hands free navigation and infotainment with your computer, using a pen, keyboard or services. spoken commands. For this, W3C is developing standards that support multiple modes of interaction: aural, visual and tactile. You can access the Web using your voice or your hands via a key pad, keyboard, mouse, or stylus. You will also be able to listen to spoken prompts and audio, and to view information on graphical displays. The Vision: W3C is developing the Multimodal Interaction Framework in order to: • extend the Web to enable multiple modes of interaction, • augment Human to Computer and Human to Human interaction, • improve Web usability on mobile devices. W3C Members involved: Access, Agfa-Gevaert, Alcatel, Aspect Communications, AT&T, Avaya Communications, BeVocal, Boeing, Canon, Cisco Systems, Comverse Technology, Electronic Data Systems, Ericsson, France Telecom, Fraunhofer Gesellschaft Institute, Hitachi, HP, HeyAnita, IBM, INRIA, Intel, IWA/HWG, Kirusa, Loquendo, Matsushita Electric, Microsoft, MITRE, Mitsubishi Electric, MobileAware, NEC, Nokia, Nortel Networks, Nuance Communications, OnMobile Systems, Openstream, Opera Software, Oracle, ScanSoft, Sharp, Siemens, Sky Co., SnowShore Networks, Sun Microsystems, Telera, Tellme Networks, T-Online International, Toyohashi University of Technology, V-Enable, Verascape, Vocalocity, VoiceGenie Technologies, Voxeo.
    [Show full text]
  • Comverse Offers SMS Solution for Wireline Operators Submitted By: Pleon Thursday, 19 December 2002
    Comverse Offers SMS Solution For Wireline Operators Submitted by: Pleon Thursday, 19 December 2002 ...Comverse Brings the Success of SMS Text Messaging to Fixed Telephony Networks... Comverse, a unit of Comverse Technology, Inc. (NASDAQ: CMVT), and the world's leading supplier of software and systems enabling network-based multimedia enhanced communications services, today announced that the company has expanded its portfolio of SMS solutions to include Wireline SMS an advanced solution that will enable wireline subscribers to exchange short text messages with one another and with mobile subscribers. Wireline SMS gives fixed-network operators the opportunity to capitalize on the SMS success enjoyed by their cellular counterparts. Over the past few years, in many markets wireless SMS has grown into an indispensable personal communications service. SMS is one of the data services that is making money across the board for cellular operators in Europe and other markets, said Benny Einhorn, Chief Marketing Officer of Comverse. From simple person-to-person text messages to advanced applications such as SMS voting on interactive TV, SMS has become a significant source of wireless revenues. Comverse believes that Wireline SMS can bring revenue opportunities to wireline carriers as well. Comverse extended its powerful Intelligent Short Message Service Center (ISMSC) platform, which is installed in more than 100 cellular networks worldwide, to include a public switched telephone network (PSTN) interface and intelligent processing that delivers short messages within the fixed network and between fixed and mobile carriers. The Wireline SMS platform supports seamless text messaging among a wide variety of network access devices, including wireless handsets, PSTN analog phones, digital enhanced cordless telecommunications (DECT) and integrated services digital network (ISDN) phones.
    [Show full text]
  • Q4 2015 Earnings Call Transcript
    Client Id: 77 THOMSON REUTERS STREETEVENTS EDITED TRANSCRIPT DOX - Q4 2015 Amdocs Ltd Earnings Call EVENT DATE/TIME: NOVEMBER 10, 2015 / 10:00PM GMT OVERVIEW: DOX reported 4Q15 revenue of $927m and non-GAAP diluted EPS of $0.84. Expects FY16 reported total revenue growth to be roughly 1-5% YoverY, 1Q16 revenue to be $905-945m and 1Q16 non-GAAP diluted EPS to be $0.82-0.88. THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2015 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. Client Id: 77 NOVEMBER 10, 2015 / 10:00PM, DOX - Q4 2015 Amdocs Ltd Earnings Call CORPORATE PARTICIPANTS Matt Smith Amdocs Management Limited - Head of IR Eli Gelman Amdocs Management Limited - President & CEO Tamar Rapaport-Dagim Amdocs Management Limited - CFO CONFERENCE CALL PARTICIPANTS Ashwin Shirvaikar Citigroup - Analyst S.K.Prasad Borra Goldman Sachs - Analyst Mark Sue RBC Capital Markets - Analyst Tom Roderick Stifel Nicolaus - Analyst Shaul Eyal Oppenheimer & Co. - Analyst Will Power Robert W. Baird & Company, Inc. - Analyst Sterling Auty JPMorgan - Analyst PRESENTATION Operator Good day, ladies and gentlemen, and welcome to the Amdocs Management Limited Q4 2015 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I would like to introduce your host for today's conference, Mr. Matt Smith, Head of Investor Relations. Sir, please begin. Matt Smith - Amdocs Management Limited - Head of IR Thank you, Vince.
    [Show full text]
  • NASDAQ Stock Market LLC (“Nasdaq Exchange”), a Subsidiary of the Nasdaq Stock Market, Inc
    July 31, 2006 Nancy M. Morris, Esq. Secretary US Securities and Exchange Commission 100 F Street, NE Washington, DC 20549 RE: Request for Relief from § 12 of the Securities Exchange Act of 1934 Dear Ms. Morris: On January 13, 2006, the Securities and Exchange Commission (“SEC” or “Commission”) approved the application of The NASDAQ Stock Market LLC (“Nasdaq Exchange”), a subsidiary of The Nasdaq Stock Market, Inc. (“Nasdaq”), to register under Section 6 of the Securities Exchange Act of 1934 (“Act” or “Exchange Act”) as a national securities exchange.1 Nasdaq’s transition of its listing and trading activities to the Nasdaq Exchange will further Congress’s instruction to promote “fair competition . between exchange markets.”2 Absent the relief requested herein, however, Nasdaq’s transition to a national securities exchange would require approximately 3,200 Nasdaq Global Market3 and Capital Market issuers with securities registered pursuant to the Act, or exempt from registration under Section 12(g) of the Act,4 to file registration statements5 to register those securities under Section 12(b) of the Act.6 1 Securities Exchange Act Release No. 53128 (January 13, 2006), 71 FR 3550 (January 23, 2006) (the “Exchange Approval Order”). 2 Exchange Act Section 11A(a)(1)(C)(ii). 3 Effective July 1, 2006, Nasdaq renamed the Nasdaq National Market as the Nasdaq Global Market and created a new segment within the Global Market called the Global Select Market. References to the Nasdaq Global Market include those securities listed on the Nasdaq Global Market and the Nasdaq Global Select Market. See Securities Exchange Act Release No.
    [Show full text]
  • Savvian Wireless Newsletter Q108 Final
    WIRELESS DATA SERVICES SECTOR REPORT GCA SAVVIAN, LLC 150 CALIFORNIA STREET, SAN FRANCISCO, CA 94111 | www.gcasavvian.com |415.318.3600 MARKETMARKET HIGHLIGHTSHIGHLIGHTS Inside this issue The 1 st quarter of 2008 saw a number of important events in the mobile data sector, including results of the 700 MHz spectrum auction, company announcements around the CES, Mobile World Congress and CTIA tradeshows, Market Highlights Microsoft’s acquisition of Danger rumored at $500MM and $100MM private capital raises from Modu and SpinVox. Summary Performance In general, GCA Savvian’s wireless indices reflected the broader markets’ struggles in Q1: our wireless carrier index was off 31% while our mobile content and integrated wireless / wireline indices were in line with the Nasdaq, Observations down 13% and 10%, respectively; our infrastructure universe (up 3%) was the only index in positive territory. Trading Data The domino effect following Verizon’s announcement of a $99 per month unlimited calling plan contributed to stock Transaction Activity price declines for service providers as investors fear carriers have started down a slippery slope with respect to their longer-term pricing strategy and risk becoming simply raw bandwidth providers. GCA Savvian Update In Q1, we tracked 21 M&A transactions within our wireless universe representing $335MM in disclosed value and 59 private companies that raised $480MM in venture capital. SUMMARY PERFORMANCE AV / Revenue AV / EBITDA Price / EPS CY 08E CY 09E CY 08E CY 09E CY 08E CY 09E San Francisco Office
    [Show full text]
  • Technology, Software and Information & Business Services
    2H12 M&A and Investments Review DEAL Technology, Software and NotES Information & Business Services 2012 Review of M&A and Investment Activity in the Technology, Overview 1 Software and Information & Business Services Industries: Segment Analysis 2,783 Transactions Totaling a Reported Technology 5 Marketing Technology 6 $101 Billion; Volume Up 15 Percent in 2012; Software 7 Communications 8 28 +$1 Billion Transactions During the Year Information & Business Services 9 Information & Business Services was the Most Active Segment Recent Transactions 10 in 2012 with 803 Transactions Announced About Petsky Prunier 11 Software was the Highest Value Segment in 2012 with $40.6 Billion in Reported Deal Value During 2012, Petsky Prunier tracked 2,783 M&A and investment transactions for a total of $101 billion across five broad segments: Technology, Marketing Technology, Software, Communications and Information & Business Services. Information & Business Services was the most active segment with 803 transactions announced, of which 644 reported $27.8 billion in total deal value. The highest value segment was Software with 772 deals announced, of which 494 reported $40.6 billion in aggregate deal value. There were 28 +$1 billion transactions during the year, 12 of which were announced in the Software segment, while 10 were announced in the Information & Business Services segment. [continued on page 2] Technology, Software and Information & Business Services Industries Technology, Software and Information & Business Services Industries 4Q11–4Q12 M&A and Investment Activity 2012 M&A and Investment Activity ($ in Billions) ($ in Millions) Securities offered through Petsky Prunier Securities, LLC 1 Deal Notes Second Half 2012 M&A Activity There were 1,650 mergers and acquisitions announced in 2012, of which One Equity Partners’ $1.1 billion acquisition of M*Modal, a clinical 1,008 reported $86.7 billion in aggregate deal value.
    [Show full text]
  • Stock Option Backdating: the Scandal, the Misconception & the Legal Consequences
    Journal of Civil Rights and Economic Development Volume 23 Issue 1 Volume 23, Spring 2008, Issue 1 Article 7 March 2008 Stock Option Backdating: The Scandal, the Misconception & the Legal Consequences Jodell R. Nowicki Follow this and additional works at: https://scholarship.law.stjohns.edu/jcred Recommended Citation Nowicki, Jodell R. (2008) "Stock Option Backdating: The Scandal, the Misconception & the Legal Consequences," Journal of Civil Rights and Economic Development: Vol. 23 : Iss. 1 , Article 7. Available at: https://scholarship.law.stjohns.edu/jcred/vol23/iss1/7 This Note is brought to you for free and open access by the Journals at St. John's Law Scholarship Repository. It has been accepted for inclusion in Journal of Civil Rights and Economic Development by an authorized editor of St. John's Law Scholarship Repository. For more information, please contact [email protected]. STOCK OPTION BACKDATING: THE SCANDAL, THE MISCONCEPTION & THE LEGAL CONSEQUENCES JODELL R. NOwIcKI* With the barrage of recent corporate scandals, including the well-publicized fall of Enron,' a recent closer scrutiny of corpo- rate executive practices has brought to light additional corporate malfeasance in the form of stock option backdating. 2 This paper will familiarize and clarify which corporate practices regarding backdating are legal versus those that are illegal, thereby sub- jecting companies and individuals to violations of state and fed- eral law. I. WHAT IS A STOCK OPTION AND How CAN IT BE BACKDATED TO CREATE AN ADVANTAGE? A stock option gives the recipient of the grant the right to buy a company's stock at a certain exercise or "strike" price.
    [Show full text]