Report
Dan Baker
EUR 147.86 For Business Accounts Only

Lenovo’s First Quarter With a Slight Improvement in PC Market; FV Retained at HKD 7 per Share

We make only small changes to Lenovo’s earnings forecasts and no change to our fair value estimate following a solid result from Lenovo in the computing segment but continued (and widening) losses from smartphones and servers. Second-quarter revenue was down 7.6%. Reported operating profit was USD 215 million but our estimate of underlying operating profit was USD 148 million, after adjusting for severance costs of USD 136 million and a gain on property disposal of USD 204 million. The adjusted ...
Underlying
Lenovo Group Limited

Lenovo Group is an investment holding company. Through its subsidiaries, Co. is engaged in: manufacturing and distribution of IT products and provision of IT services; manufacturing of computers and peripheral equipment; provision of business planning, management, global supply chain, finance, and administration support services; R&D of mobile software; and distribution of IT products as well as mobile phone, smart phone and tablet, server and storage. Co. also provides a full complement of ENERGY STAR® qualified notebooks, desktops, workstations, monitors, and servers. As of Mar. 31, 2015, Co. oeprated four geographical segments, China, Asia Pacific, Europe-Middle East-Africa and Americas.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Dan Baker

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