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HP Inc.

HP Inc. provides computing, printing and IT services for businesses and consumers. The company split into two companies: PC & Printers (HPQ) and Enterprise (HPE) in November 2015. HPQ reports two segments; Personal Systems and Printing. Personal Systems provides commercial PCs, consumer PCs, workstations, calculators and related accessories, software, support and services. In F1Q17, Personal Systems accounted for approximately 65% of total revenue. Printing provides printer hardware, supplies, media, software and services, as well as scanning devices, to consumer and, more recently, commercial customers. In F1Q17, Printing accounted for approximately 35% of total revenue. In October, 2016, HPQ announced a restructuring plan to be implemented through to 2019. The plan calls for a headcount reduction of 3,000-4,000. It is expected to result in aggregate pre-tax charges of $350-$500 mn. The company was founded by William Hewlett and David Packard in 1939. It is headquartered in Palo Alto, CA. (17 Mar 2017)

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HPQ F4Q18: Solid Results

Earnings Note: 10 Dec 2018, 5:22 AM ET - HPQ's F4Q18 results were solid as revenue was up 9.4% YoY in constant currency and the company reiterated its FY 2019 guidance. 

VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 
Focused

HPQ: Provided 2019 Guidance at Analyst Meeting

Worth Watching: 03 Oct 2018, 10:18 PM ET - HPQ (Baa2/BBB) reiterated its FY 2018 guidance and provided FY 2019 guidance at its Analyst Meeting held on October 3, 2018 in New York.  It's non-GAAP diluted EPS guidance of $2.12-2.22 is up $0.12-0.19 from FY 2018 guidance reflecting a $0.05- ..

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.
Focused

HPQ F3Q18: Continued Share Gains

Earnings Note: 28 Aug 2018, 4:50 AM ET - HPQ's F3Q18 results were solid as revenue was up 8.8% YoY in constant currency and the company gained market share in PCs and the A3 copier space.

Technology: Tariffs Recap

Sector Analysis: 06 Aug 2018, 11:26 PM ET - The tech sector has been largely unaffected by tariffs enacted to date, although could be caught in the crossfire as the US contemplates additional tariffs on imports from China. We include company commentaries from calendar 2Q18 calls. 

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.
Focused

HPQ: Acquiring Apogee for £380 mn

IG Note: 01 Aug 2018, 12:28 PM ET - HPQ announced the acquisition of Apogee for £380 mn, which advances HPQ’s contractual print strategy particularly to SMB and mid-market customers in Europe.  

US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..

US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.

Satellite C-Band: Let the Waiting Game Begin (2/2)

Sector Analysis: 15 Jul 2018, 9:23 PM ET - The FCC voted 4-0 to approve the 3.7 to 4.2 GHz NPRM and order. Now, we wait for the comments and replies, with a final order expected between 1Q and 2Q19. We assess the potential benefits and revisit relative value of INTEL, SES, ETL.

Tech Primer: Storage – HDDs vs SSDs

Technology Primer: 13 Jul 2018, 4:59 AM ET - In this tech primer, we do a deep dive on HDDs and SSDs and discuss investment implications for Seagate and Western Digital.

5G in Focus: Rome Was Not Wired in a Day

Sector Analysis: 27 Jun 2018, 11:57 PM ET - The noise around 5G builds daily. The next generation of network technology will open the door to new use cases, but the most transformative are still a long way off.
Focused

HPQ: Gross Leverage Declined by Nearly a Half-Turn

Earnings Note: 29 May 2018, 10:27 PM ET - HPQ had a significant reduction in gross leverage, raised its free cash flow guidance, and the CEO’s M&A commentary is reassuring.

US, China & ZTE: Implications for TMT

Sector Analysis: 16 May 2018, 11:51 PM ET - Given recent tensions between the US and China, we discuss potential implications to sectors and companies within our TMT coverage universe. 

EUR IG TMT RV: Reverse Yankee Value

Euro TMT RV: 17 Apr 2018, 10:42 PM ET - An overview of the EUR IG TMT sector, comprising recommendation overview, performance update and relative value ideas. In this report, we cover the continued value we see in Reverse Yankee EUR telecom bonds.

USD Relative Value: Euro Telecoms

Sector Analysis: 15 Apr 2018, 11:05 PM ET - European telecom issuers have underperformed the USD telecoms index over the last 3 months. With better value on offer, we update our relative value views.

Semiconductors: M&A and the Regulatory Landscape

Sector Analysis: 20 Mar 2018, 10:32 PM ET - We take a look at the state of the semiconductor industry in terms of market concentration and potential impediments to further M&A from a regulatory perspective.

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