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IBM provides solutions via advanced information technology. It offers its products through its global sales and distribution organization, as well as third parties. IBM currently reports five segments: Cognitive Solutions, Global Business Services, Technology Services & Cloud Platforms, Systems and Global Finance. In 1Q18, IBM's largest revenue segment was Technology Services & Cloud Platforms, with 42% of total revenue. This was followed by Cognitive Solutions, 25% of revenue, and Global Business Services, 21% of revenue. The System's segment was only 8% of revenue in 1Q18, and Global Financing comprised 4% of revenue. In 2015 IBM announced a shift to new "strategic imperatives", which includes cloud, analytics, mobile, social and security. These segments generated $9 bn in 1Q18, up 10% YoY on a constant currency basis. (01 May 2018)

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IBM Credit: New 2-year and 3-year Bonds

IG Note: 27 Nov 2018, 10:35 AM ET - IBM Credit is in the market with fixed and floating rate USD 2-year and 3-year senior unsecured SEC-registered bond issues.

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.

VMW: Acquiring Heptio; Expanding AWS Partnership

Worth Watching: 06 Nov 2018, 12:07 PM ET - VMW (Baa2/BBB-) announced at VMworld 2018 Europe that it signed a definitive agreement to acquire Heptio, a leader in the open Kubernetes ecosystem. Heptio's products and expertise helps organizations deploy and operationalize Kubernetes. Terms we ..

Euro IG TMT Weekly: IBM Drives Weak Tech Returns

Sector Analysis: 05 Nov 2018, 7:19 AM ET - A mixed week for IG TMT, with the hybrids benefiting broadly as market sentiment turned at the start of November. Nonetheless, all sub-sectors underperformed the index, with a mixture of earnings newsflow and macro drivers.

October 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 Oct 2018, 10:03 PM ET - Our monthly report provides executive summaries for the twenty-eight company recommendation changes made on North American companies during the month of October.

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.

IBM: Big Blue Dons a Red Hat

IG Note: 29 Oct 2018, 2:07 PM ET - We discuss additional thoughts on IBM's acquisition of Red Hat. We maintain our Underperform recommendation on IBM.

IBM: Acquiring Red Hat for $34 bn; Move to U/P

Worth Watching: 28 Oct 2018, 11:25 PM ET - IBM (A1/A+) announced on Sunday that it will acquire open-source cloud provider Red Hat for $190 per share, placing deal value at $35.5 bn in market cap or $34.2 bn in enterprise value. Valuation appears rich with enterprise value at 43x EBITDA an ..

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. 

IBM 3Q18: Mixed Results as Top-Line Disappoints

Earnings Note: 17 Oct 2018, 5:35 AM ET - IBM reported mixed 3Q results as it missed on revenue while posting solid margins. We maintain our Market perform recommendation.

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.

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.

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.

IBM 2Q18: TranZient Growth

Earnings Note: 19 Jul 2018, 4:27 AM ET - IBM delivered a solid 2Q report. Organic YoY revenue growth accelerated in the quarter, but renewed headwinds are likely in the second half. We maintain our Market perform recommendation.

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.

IBM Spotlight: Big Blue – The Big Picture

Company Spotlight: 20 Jun 2018, 10:48 PM ET - We provide a deep dive on IBM, as it continues its long struggle to meaningfully return to revenue growth.

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