Mason Hawkins sobre a DELL

"Dell: Based in Austin, Dell has transformed its business by
offering a combination of servers, services, storage, and
software to provide enterprise solutions which now dominate
and complement the desktop and laptop computing segment.
As the world becomes “unplugged,” demand for solutions to
manage hardware, software, and security will grow. With
Dell’s product mix change, the company has delivered
substantially higher margins and earnings. Michael Dell,
founder and CEO, is a multi-billion dollar owner and has been
a major insider purchaser over the last year. The market
continues to focus on the “dying” PC business even though it
is only 35% of our appraisal value, and analysts persist in
evaluating the company against the consumer market which
represents only about 10% of revenues. In assigning a
multiple to the earnings, most analysts also disregard the
large net cash that generates virtually no earnings and equals
over a quarter of the share price. As long as the market
ignores the growing free cash flow coupon, Dell should
continue to use much of it to repurchase shares and build
value even faster. Using expected 2012 FCF, the company’s
FCF yield is 16.2%, but adjusted for the net cash, is over 20%."

Retirado do relatório "Longleaf Year-End Letter to Shareholders" referente 2011.

NOTA: A DELL é uma das empresas recomendadas no âmbito da rubrica "Misses"