Cognizant Technology Solutions (CTSH)

[Ulkbaer]

 

Kurzporträt von Cognizant (Onvista und Geschäftsbericht)

 

Deutsche Fassung

 

Cognizant Technology Solutions Corporation ist ein amerikanisches Unternehmen und nach eigenem Bekunden ein führender Anbieter von IT-, Beratungs- und Geschäftsprozess- sowie Outsourcing-Dienstleistungen. Das operative Geschäft gliedert sich in vier Geschäftsfelder: "Healthcare"; "Financial Services"; "Manufacturing, Retail und Logistics"; sowie "Information, Media & Entertainment, High Technology und Communications". Zu den Kernkompetenzen des Unternehmens gehören Business Consulting, Application Services, IT Infrastructure Services sowie Business Process Outsourcing. Zu den wesentlichen Kooperationspartnern gehören unter anderem SAP, Oracle, Microsoft, Informatica, Salesforce.com, Pegasystems, IBM (SOA), SAS, Sybase und T-Systems. Gegründet wurde das Unternehmen 1994 als Konzernteil von Dun & Bradstreet.

 

Englische Fassung

 

Cognizant Technology Solutions Corporation provides information technology (IT) consulting and technology services, as well as outsourcing services in North America, Europe, and Asia. Its IT consulting and technology services include business and knowledge process consulting; IT strategy consulting; technology consulting; application design, development, integration, and re-engineering, such as complex custom systems development, data warehousing/business intelligence, customer relationship management (CRM) system implementation, and enterprise resource planning (ERP) system implementation; and software testing services. The company's outsourcing services comprise application maintenance, including custom application, CRM, and ERP maintenance; IT infrastructure outsourcing; and business and knowledge process outsourcing. It offers its services to various markets, such as financial services, healthcare, manufacturing and logistics, retail and hospitality, communications, and high technology, as well as information, media, and entertainment markets. The company markets and sells its services directly through its professional staff, senior management, and direct sales personnel. Cognizant Technology Solutions Corporation was founded in 1998 and is headquartered in Teaneck, New Jersey

 

Management

Francisco D'Souza, Chief Executive Officer, President and Director

Officer since März 1998; 41 Years Old

Francisco DSouza was appointed President and Chief Executive Officer and became a member of the Board of Directors, effective January 1, 2007. Mr. DSouza served as our Chief Operating Officer from December 2003 through December 2006. Prior to that, from November 1999 to December 2003, he served as our Senior Vice President, North American Operations and Business Development. From March 1998 to November 1999, he served as our Vice President, North American Operations and Business Development and as our Director-North American Operations and Business Development from June 1997 to March 1998. From January 1996 to June 1997, Mr. DSouza was engaged as our consultant. From February 1995 to December 1995, Mr. DSouza was employed as Product Manager at Pilot Software. Between 1992 and 1995, Mr. D?Souza held various marketing, business development and technology management positions as a Management Associate at The Dun & Bradstreet Corporation. While working at The Dun & Bradstreet Corporation, Mr. D?Souza was part of the team that established the software development and maintenance business conducted by us. Mr. DSouza serves on the Board of Trustees of Carnegie-Mellon University and the Board of Trustees of The New York Hall of Science. Mr. DSouza also is a member of the Business Roundtable. Mr. DSouza holds a Bachelor of

Business Administration degree from the University of East Asia and a Master of Business Administration degree from Carnegie-Mellon University

 

Umsätze nach Absatzmärkten

 

79% in USA

18% in Europa

3% in Andere

 

Umsätze nach Sparten

 

42% Finanzdienstleistungen

26% Gesundheitssektor

18% produzierendes Gewerbe-/Logistik-/Retail-Sektor

14% Andere

 

Kundenzahl

 

589 Kunden (Stand: 31.12.2009)

keine Kunde macht mehr als 10% des Umsatzes aus --> Keine zu hohe Abhängigkeit von einzelnen Kunden

 

Wettbewerb

IT- Branche sehr vielfältig und groß --> viele Konkurrenten und hart umkämpfter Markt

Direkte Konkurrenz: Infosys, Tata und Wipro, aber auch HP, IBM oder Accenture

 

Besitzverhältnisse

Mio. Im Umlauf befindliche Aktien: 300,89 Insider Besitz: 1,17 Institutionelle Aktionäre: 284,94

 

Mitarbeiterzahl

88.700

 

Kennzahlen pro Mitarbeiter

Umsatz 36.964

Gewinn 6.031

 

Zahlen je Aktie

 

 

Durchschnittliches Wachstum in % p.a. (Quelle: stock2own.com)

 

5 Jahre:

 

Umsatz 33,93

EPS 29,92

ROIC (Return on Invested Capital): 23,40

 

10 Jahre:

 

Umsatz 42,46

EPS 41,27

 

Aktuelle Zahlen

 

Rentabilitätskriterien in % (Stand 2010)

Umsatzrentabilität 16,32

EK - Rentabiliät 20,16

GK - Rentabilität 16,03

EK - Quote 81,00

 

 

Bewertungskriterien (Stand 2012)

 

KGV 24,59

PEG 1,06

KBV 5,36

KUV 3,46

 

Langfrsitchart:

 

 

Fazit: Cognizant ist ein erstklassiges Growth-Unternehmen in dem stark wachsenden IT-Outsourcing Markt. Trotz der ambitionierten Kennzahlen, die jedoch für Growth Unternehmen ziemlich normal sind, bietet der derzeitige Kurs von USD 70,08 einen attraktiven Einstieg. Zu berücksichtigen gilt es jedoch, dass die Branche sehr zyklisch ist und auch vermehrt Lohsteigerungen auf die Marge drücken. Ein weiteres interessantes Unternehmen aus der Peer-Group ist Infosys.

[Kezboard]

Hallo Ulkbaer,

 

das ist eine sehr schöne Analyse. Ich hatte mir das Unternehmen irgendwann 2011 auch mal angesehen. Insgesamt ein sehr gutes Zahlenwerk. Dennoch stören mich drei Dinge, um es zu einem "Top-Investment" werden zu lassen:

 

• 
   
  
• EKR mit im Schnitt 21-22 ist gut. Besser wären für mich >25%
  
• es gibt keine Dividende
  
• es gibt kein Aktienrückkaufprogramm - im Schnitt nahm die Anzahl der ausstehenden Aktien jedes Jahr um 2,5% zu (10 Jahre)
  

Da ich "erst" für 16 Jahre Zahlenmaterial finde, werde ich das Unternehmen weiterhin im Auge behalten. Es kann sicherlich nur besser werden

[Ulkbaer]

Hallo Kez,

 

erstmal Danke fürs Feedback.

 

Zu deinen Kritikpunkten:

 

Grundsätzlich würde ich es auch begrüßen, wenn die EK-Rendite >25% wäre. In der Peer-Group gibt es aber meines Wissens nach kein Unternehmen, das die letzten Jahre nachhaltig über 25% EK-Rendite erwirtschaftet hat. Bei Cognizant geht jedoch der Trend auch schon wieder nach oben, sodass die EK-Rendite 2010 bei 20,5% und 2011 bei 22,4% lag.

 

Divendenzahlungen stehe ich grundsätzlich bei Growth-Unternehmen skeptisch gegenüber. Ich bevorzuge es da eher, wenn mein Kapital "thesauriert" und weiterhin mit Renditen >20% verzinst wird. Auch die Abgeltungssteuer darf man hier nicht vernachlässigen. Ich bevorzuge nur dann Dividenen, wenn nicht mehr genügend Wachstumsinvestitionen/-möglichkeiten vorhanden sind.

 

Bei Aktienrückkaufprogrammen habe ich ein ähnliche Meinung wie bei Dividenen. MMn ist das Geld besser in Investitionen investiert, als in Shareholder "Auszahlungen". Über Aktienrückkaufprogramme gibt es auch eine interessante Studie, die zu den Ergebnissen kommt, dass mehr zurückgekauft wurde, wenn die Bewertungen hoch waren und wenig zurückgekauft, wenn Bewertungen günstig waren. Folglich wird duch Rückkaufprogramme nciht zwangsläufig der Shareholder-Value gesteigert. Ich werde die Studie suchen und wenn ich sie gefunden habe, hier bereitstellen.

[Kezboard]

Eine kurze Ergänzung zu meinen Punkten: ich würde mich nicht primär dem Growth Investing zurechnen, daher liegt es mir fern, bestimmte Ansichten zu kritisieren. Ich habe Verständnis dafür, dass manche dem Einbehalten von Gewinnen ggü. der Gewinnverwendung in Form von Dividenden oder Aktienrückkäufen den Vorzug geben. Allerdings sollte dann auch der einbehaltene Gewinn sinnvoll im Unternehmen verwendet werden. Cognizant tut dies m.E. - es gibt allerdings zu viele Negativbeispiele.

 

Einer regelmäßigen, im besten Fall konstant steigenden, Dividendenzahlung kann ich zwei positive Aspekte abgewinnen: 1. der psychologische Faktor. Der shareholder wird aktiv am Unternehmensgewinn beteiligt und kann sich über einen echten Gewinn freuen, den er wieder in das Unternehmen reinvestieren oder anderweitig verwenden kann. Wenn er nur in Form von Buchgewinnen beteiligt wird, muss man m.E. schon ganz viel Durchhaltevermögen und weitere Fantasie haben, dass er doch noch irgendwann für seine Geduld belohnt wird. Das Warren Buffett das anders sieht, ist mir bewusst

2. es spricht für die Konstanz und Beständigkeit eines Unternehmens, wenn es einen gewissen track record vorweisen kann. Als shareholder merke ich, dass meine Interessen (falls ich z.B. auf regelmäßige Kapitaleinkünfte angewiesen bin) von der Unternehmensführung beachtet werden. Außerdem war das Unternehmen viele Jahre in der Lage, trotz einer gewissen Auschüttungsquote Umsatz und Gewinn weiterhin zu steigern. Sofern die Dividenden nicht "um jeden Preis" auch aus der Substanz bestritten werden müssen, spricht es eindeutig für die Qualität des Unternehmens.

Es gibt m.E. diverse Studien die belegen, dass high dividend yielders ggü. low dividend yielders auf lange Sicht eine Mehrrendite erwirtschaften (z.B. Stocks for the Long Run von Jeremy Siegel). Das mag vielleicht auch den beiden Punkten geschuldet sein, die ich oben erwähnt habe. Sie sind für Investoren interessanter und unterliegen sicherlich einem gewissen survivorship bias.

 

Bei Aktienrückkaufprogrammen gehen die Meinungen ähnlich auseinander. Es gibt hier Licht und Schatten. So wie Dividenden aus der Substanz Unsinn sind, sind Aktienrückkäufe "zu jedem Preis" Unsinn. Allerdings erscheint es mir logisch und einleuchtend, dass mein Anteil am zukünftigen (Gewinn-)Kuchen größer wird, sobald das Unternehmen share buybacks durchführt. Erst dann kommt die compounding machine so richtig in Fahrt. Kombiniert mit einer gesunden Auschüttungsquote und einer hohen Rendite der einbehaltenen Gewinne versprechen solche Unternehmen, gekauft zu vernünftigen Kursen, langfristig die höchsten Gewinnaussichten.

 

Ich werde auf diese Aspekte in nächster Zeit an anderer Stelle noch weiter eingehen. Hier soll es ausschließlich um Cognizant gehen, welches - meiner Meinung nach (!!) - ein vielversprechendes Unternehmen ist, dass sich seine Vorschusslorbeeren aber noch durch weiter beeindruckende Zahlen verdienen muss.

[Ulkbaer]

TEANECK, N.J., May 7, 2012 /PRNewswire/ -- Cognizant Technology Solutions Corporation (CTSH), a leading provider of information technology, consulting, and business process outsourcing services, today announced its first quarter 2012 financial results.

 

Highlights First Quarter 2012

 

Quarterly revenue rose to $1.71 billion, up 24.8% from the year-ago quarter and 2.9% sequentially.

Quarterly diluted EPS on a GAAP basis was $0.79, compared to $0.67 in the year-ago quarter.

Quarterly diluted EPS on a non-GAAP basis, which excludes stock-based compensation expense, was $0.86, compared to $0.71 in the year-ago quarter.

GAAP and non-GAAP diluted EPS includes the impact of $0.02 in net non-operating foreign currency exchange losses.

Net headcount addition for the quarter was approximately 2,800.

 

Revenue for the first quarter of 2012 rose to $1.71 billion, up 24.8% from $1.37 billion in the first quarter of 2011. GAAP net income was $243.7 million, or $0.79 per diluted share, compared to $208.3 million, or $0.67 per diluted share, in the first quarter of 2011. Diluted earnings per share on a non-GAAP basis was $0.86. GAAP operating margin for the quarter was 18.6%. Excluding stock-based compensation expense of $31.4 million, non-GAAP operating margin was 20.4%, slightly higher than the Company's targeted 19-20% range. Reconciliations of non-GAAP financial measures to GAAP operating results and diluted EPS are included at the end of this release.

 

"Due to a slower than anticipated acceleration in demand as we entered the second quarter, we are adopting a more conservative stance for the remainder of the year and revising our guidance to at least 20% revenue growth for 2012," said Francisco D'Souza, Chief Executive Officer of Cognizant. "We continue to believe that we have the right portfolio of services to sustain our industry leading growth and also meet the changing demands in the market as clients continue to grapple with their dual mandates of cost containment and innovation/business transformation."

 

"Our solid performance this quarter validates our strategy of continually reinvesting in our business to broaden and strengthen our service offerings," said Gordon Coburn, President. "We continue to have a healthy long-term outlook for the business. Our clients recognize that in Cognizant, they have a partner with a strong consulting oriented and industry focused front-end team combined with a best-in-class global delivery model."

 

2012 Outlook Second Quarter and Full Year

 

The Company is providing the following guidance:

 

Second quarter 2012 revenue anticipated to be at least $1.79 billion.

Second quarter 2012 diluted EPS expected to be $0.80 on a GAAP basis and $0.87 on a non-GAAP basis, which excludes estimated stock-based compensation expense.

Fiscal 2012 revenue expected to be at least $7.34 billion, up at least 20% compared to 2011.

Fiscal 2012 diluted EPS expected to be at least $3.36 on a GAAP basis, and $3.62 on a non-GAAP basis, which excludes estimated stock-based compensation expense.

EPS guidance excludes any future non-operating foreign currency exchange gain or loss.

 

"Similar to last year, we slightly exceeded our target operating margin during the first quarter which positions us well to absorb our annual salary increases which will impact us during the second quarter, while maintaining operating margins within our target range for the year," said Karen McLoughlin, Chief Financial Officer. "In addition, we repurchased $43 million of shares under our share repurchase program during the quarter and expanded the program to $1 billion, reflecting confidence in our growth opportunities, our commitment to drive shareholder value, and our ability to generate strong cash flows."

 

Expansion of Share Repurchase Program

 

Today, the Company announced that its Board of Directors has authorized the expansion of its existing share repurchase program by $400 million, bringing the total authorization under the current repurchase program to $1 billion. To date, $423 million of shares have been repurchased under this program. In addition, Cognizant's Board has extended the expiration date for the repurchase program to December 31, 2013.

 

Repurchases under the program may be made in the open market or through privately negotiated transactions in accordance with applicable federal securities laws, including Rule 10b-18. The timing of repurchases and the exact number of shares of common stock to be purchased will be determined by the Company's management, in its discretion, and will depend upon market conditions and other factors. The repurchases will be funded using the Company's cash on hand and cash generated from operations. The program may be extended, suspended or discontinued at any time.

 

Heute wurden die Quartalszahlen von Cognizant veröffentlicht. Die Zahlen für dieses Quartal waren zwar In-Line mit den Analysten, das Mgmt hat jedoch den Ausblick für das Gesamtjahr 2012 gesenkt. Quittiert wird das Ganze durch einen Preisabschlag von derzeit 12%. Als Gründe für die Kürzung des Ausblicks gab Cognizant im Conference Call an, dass die Nachfrage im wichtigsten Segment, den Financial Services, schwächer war in Nordamerika. Außerdem war die Nachfrage in Europa geringer als erwartet.

 

Wenn CTSH die neue Prognose erreicht, dann würden in 2012 die Umsätze trotzdem um 20% und das EPS um 18% wachsen. Bezieht man außerdem noch die Schätzungen für 2013 und 2014 ein, so stellt ein Kurs von USD 62 mMn eine klare Unterbewertung dar. Trotzdem gilt es zu berücksichtigen, dass IT-Outsourcing ein zyklischer Markt ist, der natürlich stark von der globalen konjunkturellen Entwicklung beeinflusst wird. Die derzeitige Unsicherheit wirkt sich dementsprechend negativ auf den Kurs aus.

[Ulkbaer]

Cognizant raises full-year profit forecast, shares up

 

1:05pm EDT

 

(Reuters) - Cognizant Technology Solutions Corp (CTSH.O: Quote, Profile, Research, Stock Buzz) raised its adjusted full-year profit forecast as an increase in customer accounts helped the IT services provider report a higher-than-expected quarterly profit, sending its shares up 13 percent.

 

Cognizant's upbeat outlook was in contrast to its peers Infosys Ltd (INFY.NS: Quote, Profile, Research, Stock Buzz) (INFY.O: Quote, Profile, Research, Stock Buzz) and Wipro Ltd (WIPR.NS: Quote, Profile, Research, Stock Buzz), who had forecast weak sales, citing slowing global outsourcing spend.

 

Teaneck, New Jersey-based Cognizant had been gaining ground over its Indian rivals as it has traditionally worked with relatively lower margins, helping it to win more contracts while other IT services companies grapple with the slowing economy.

 

"The majority of our growth for the remainder of 2012 will come from the ramp-up of clients that we won over the past months and years including recent transformational engagements such as ING US, Philips Electronics NV (PHG.AS: Quote, Profile, Research, Stock Buzz) and others," Chief Financial Officer Karen McLoughlin said on a conference call.

 

The company entered into a $330 million deal in June with the U.S. unit of Dutch insurer ING Groep NV (ING.AS: Quote, Profile, Research, Stock Buzz) to expand the business process management contract between the two.

 

Cognizant raised its full-year earnings forecast to at least $3.38 per share from $3.36 per share. It reaffirmed its revenue forecast of at least $7.34 billion.

 

Analysts on average were expecting full-year earnings of $3.37 per share on revenue of $7.34 billion, according to Thomson Reuters I/B/E/S.

 

Cognizant expects its adjusted operating margin to remain in the range of 19 percent to 20 percent for the rest of the year. The margin rose to 20 percent for April-June from 19.8 percent a year earlier.

 

The company, which was founded in 1994 as a captive unit of Dun & Bradstreet (DNB.N: Quote, Profile, Research, Stock Buzz) in India, said net income rose to $251.9 million, or 82 cents per share, for the second quarter from $208 million, or 67 cents per share, a year earlier.

 

Excluding items, the company earned 88 cents per share.

 

The company, which also competes with Accenture Plc (ACN.N: Quote, Profile, Research, Stock Buzz) and Computer Sciences Corp (CSC.N: Quote, Profile, Research, Stock Buzz), said growth returned to some of its largest banking clients in the quarter. The company counts J.P. Morgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz), Rabobank RABOC.UL and UBS AG among its core banking clients.

 

Revenue rose 21 percent to $1.8 billion.

 

Analysts on average had expected earnings of 80 cents per share on revenue of $1.79 billion.

 

Cognizant shares have fallen about 20 percent since May 7 when it lowered its full-year forecast for the first time in nearly four years. Shares were up 12 percent at $65.05 on Monday on the Nasdaq.

 

(This story has been corrected throughout to make clear that the company's GAAP forecasts, not non-GAAP forecasts, are comparable with analysts' estimates. The error first appeared in an earlier version of the story)

 

Cognizant veröffentlichte heute starke Quartalszahlen. Der Ausblick wurde weitestgehend bestätigt und beim EPS leicht erhöht

[Toni]

3 Reasons Why Cognizant Will Go Even Higher

[Maciej]

Ich möchte den Thread mal wieder aus der Versenkung holen. Cognizant hat sich in den letzen Jahren augenscheinlich prächtig entwickelt. Umsatz und Jahresüberschuss sind stetig gestiegen, auf der andere Seite sind KGV und KBV leicht zurückgegangen. Das letzte KGV lag bei 22, das KBV bei 4,15. Dividenden werden aber noch immer nicht ausgeschüttet.

 

Die Kursentwicklung ist eigentlich auch zu schön um wahr zu sein. In den letzten 16 Jahren von 0,5 auf knapp 70 USD, das macht eine Rendite von 36% p.a.

 

Einzig die Anstiegsdynamik in den letzten Jahren verunsichert mich etwas. Charttechnisch könnte das als steigender Keil aufgefasst werden, der einen baldigen Trandbruch nach unten ankündigt. Es könnte aber genauso gut auch nur das übliche zyklische Tief im Trendkanal sein, das weiß man ja leider immer erst hinterher.

 

 

Gibt es aktuelle Einschätzungen der Aktie von eurer Seite?

[ebdem]

Die Aktie ist gerade ziemlich gut zurückgekommen (-10% in einer Woche). Mit einem KGV von 23 ist sie aber noch sportlich bewertet, wobei die Wachstumsaussichten auch vieles wegmachen. Vielleicht ist sie ja ein interesanter Kauf. Zum inneren Wert sind es je nach Schätzungen, die mir vorliegen, bei diesem Kursniveau 15 - 20%.

[ebdem]

Cognizant: Dominant Player In The Booming IT/Software Service Industry

[ebdem]

Cognizant: Does A 20% Share Price Pullback Create A Good Entry Point?

 

Charttechnisch - soweit ich das überhaupt bewerten kann - scheint der Trendkanal durch den Chinaböller am Anfang des Jahres durchbrochen zu sein. Hier kann mich aber gerne jemand widerlegen

 

Fundamental kann man es auch anders sehen als der Autor des Seeking Alpha Artikels. Mal schauen wo der Kurs in einigen Monaten steht.

[ebdem]

Cognizant Technology Solutions (CTSH) is our top-performing stock this year! But don’t get too excited. CTSH is sitting on a measly 0.31% YTD gain, and it’s our only Buy List stock in the black, which shows you how unpleasant the past two weeks have been.But Cognizant had very good news this week. The company reported that it hasn’t been materially affected by the horrible flooding in Chennai, India. The best news is that Cognizant reports that all of its employees are safe.

 

Cognizant also stuck by its 2015 full-year earnings forecast for earnings of at least $3.03 per share. It also reiterated its guidance for revenue of at least $12.41 billion. The stock jumped more than 6% on Tuesday, and pushed even higher on Thursday. The shares broke above $60 for the first time this year. The company usually reports Q4 earnings during the first week of February. I expect more good news.

 

Quelle und Buylist

[ebdem]

On Monday, Cognizant Technology Solutions (CTSH) reported Q4 earnings of 80 cents per share, which was two cents more than expectations. That’s a pretty good number. The company had previously said it expected earnings of at least 77 cents per share. Quarterly revenue rose 17.9% to $3.23 billion.

 

“We are pleased with our strong performance in 2015,” said Francisco D’Souza, CEO. “At a time when major technology shifts are disrupting all industries, clients are looking to a partner like Cognizant to work with them to create the winning business models of tomorrow at the intersection of the physical and digital worlds. Our investments in disruptive technologies, new business models and best-in-class delivery uniquely position us to enable clients to drive digital transformation at enterprise scale.”

 

For the year, Cognizant made $3.07 per share. Revenue rose 21.0% to $12.42 billion. Let me add some context. A year ago, their initial guidance for 2015 was for earnings of at least $2.91 per share and revenue of at least $12.21 billion. In other words, they outperformed their expectations.

 

Now for guidance. Cognizant sees Q1 earnings between 78 and 80 cents per share. In last week’s issue, I said I was expecting full-year guidance around $3.45 per share. The company, however, was more conservative. Cognizant expects 2016 earnings to range between $3.32 and $3.44 per share.

 

Wall Street did not like that. Shares of CTSH fell 7.7% on Monday. There’s no need to panic. I think the company is low-balling expectations so they can raise them later on. For now, I’m lowering my Buy Below on Cognizant to $58 per share.

Quelle

 

Cognizant: Under Pressure

[ebdem]

Highlights—First Quarter 2016

• First quarter revenue of $3.20 billion was up 10.0% from the year-ago period and down 0.9% sequentially.
• GAAP diluted EPS was $0.72, up from $0.62 in the year-ago period.
• Non-GAAP diluted EPS was $0.80, up from $0.71 in the year-ago period.
• Net headcount addition for the quarter was approximately 11,300.

The Company is providing the following guidance:

• Second quarter 2016 revenue expected to be in the range of $3.34 billion to $3.40 billion.
• Second quarter 2016 non-GAAP diluted EPS expected to be in the range of $0.80 to $0.82.
• Fiscal 2016 revenue expected to be in the range of $13.65 billion to $14.0 billion.
• Fiscal 2016 non-GAAP diluted EPS expected to be in the range of $3.32 to $3.44

Quelle

 

Guidance gelockert. Wachstum verlangsamt. Mal schauen wie es weitergeht.

[markymark]

Wachstum jenseits der 10% für 2016 bei beiden Kennzahlen bei einem KGV von etwa 17. Die letzten Jahre lag dieses immer zwischen 22 und 30. Grundsätzlich ist das locker vertretbar. Jetzt liegt es an dem Investoren, ob dies reicht.

[ebdem]

Cognizant Technology Solutions Is a Buy up to $63

Last Friday, Cognizant Technology Solutions (CTSH) became our final Buy List stock to report Q2 earnings. For the second three months of the year, the IT outsourcer earned 87 cents per share. That was five cents more than expectations. Quarterly revenue rose 9.2% to $3.37 billion, which matched consensus.

Overall, this was a good quarter for Cognizant. The company, however, was cautious about the rest of the year.

“Our second-quarter performance, as anticipated, represented broad-based revenue growth across service lines, geographies and industries, including healthcare and financial services,” said Francisco D’Souza, Chief Executive Officer. “While our revised guidance reflects the impact of near-term macroeconomic headwinds, our longer-term outlook and underlying business fundamentals remain strong. We continue to see an expanding market opportunity ahead and are well positioned to capitalize on the digital transformations taking place among enterprises around the world.”

“The shift to digital continues to intensify and accelerate,” said Gordon Coburn, President. “Our strong second-quarter revenue growth, adding incremental quarterly revenue of nearly $170 million, is the result of clients turning to Cognizant to help them define strategy and infuse new technologies to address key challenges and implement new business models. Our robust strategy and implementation capabilities have made us a key partner to clients as they fundamentally transform their businesses and navigate the shift to the digital economy.”

Gordon said that the pound’s fall post-Brexit knocked off about $40 million in revenue. He also noted that some major healthcare companies are holding back on spending, since they’re working through deals.

Cognizant sees Q3 coming in between 82 and 85 cents per share, whereas Wall Street had been expecting 86 cents per share. On the plus side, Cognizant reiterated their full-year guidance range of $3.32 to $3.44 per share.

On the revenue side, Cognizant sees Q3 ranging between $3.43 billion and $3.47 billion. Wall Street had been expecting $3.54 billion. The company also changed its full-year guidance range for revenue from $13.65 billion to $14.0 billion to $13.47 billion to $13.60 billion. Wall Street had been expecting $13.75 billion.

The stock had a frenetic day last Friday. Shortly after the open, CTSH dropped to a 3.2% loss for the day. Traders then did an about-face. By the afternoon, CTSH made up everything it had lost and peaked at a gain of 2.9%. Due to the conservative guidance, I’m going to lower our Buy Below on Cognizant to $63 per share. The company also added $1 billion to its stock-repurchase plan.

Quelle

[ebdem]

Is It Time To Meet The New Cognizant?

 

Cognizant is cheap and that is a surprise to many, I think. It has run out of growth steam doing what it has been doing. It is now embarked on a strategy of identifying and acquiring cool new technology to accelerate its growth. I think the strategy will work and that the shares are well worth a look by at least GARP investors.

[ebdem]

Cognizant Technology - A Rare Opportunity To Buy This Excellent Stock Cheap

[finisher]

Cognizant wurde letzte Woche noch billiger. Aber nicht ohne Grund und viel ist noch nicht bekannt:

8-K Form

SeekingAlpha

[ebdem]

Interessante Perspektive für Cognizant:

Elliott Management Sends Letter to Cognizant Technology Solutions Corporation Outlining Value-Enhancement Plan

 

According to the letter, Cognizant can achieve a value of $80–$90+ per share by the end of 2017 by implementing the Value-Enhancement Plan, representing upside of 50% to 69% in just over a year. Elliott also requested a near-term meeting with the Board to share additional diligence and further thoughts.

[ebdem]

 

Zitat

 

Highlights – Full Year 2016

• Revenue increased to $13.49 billion, up 8.6% from 2015.
• GAAP diluted EPS was $2.55, compared to $2.65 in 2015.
• Non-GAAP diluted EPS was $3.39, compared to $3.07 in 2015. 

 

http://investors.cognizant.com/2017-02-08-Cognizant-Reports-Fourth-Quarter-and-Full-Year-2016-Results

 

Earnings Call Transcript

 

Das Highlight für Aktionäre - 10% der MK wird an die Aktionäre ausgezahlt. :

Zitat

Returning Capital to Shareholders: The Board has approved a plan to return $3.4 billion to shareholders over the next two years through a combination of share repurchases and dividends. As part of this plan, the Company expects to commence a $1.5 billion accelerated share repurchase program (ASR) in the first quarter of 2017, initiate a regular quarterly cash dividend of $0.15 per share commencing in the second quarter of 2017, and repurchase shares of $1.2 billion in the open market during 2017 and 2018. Beginning in 2019, the Company plans to return approximately 75% of its U.S. free cash flow³ on an ongoing basis to shareholders through a combination of dividends and share repurchases. The capital return plan will be funded by current U.S. cash balances, future cash flows from U.S. operations and incremental debt financing and is designed to preserve the Company's financial flexibility to invest in future growth opportunities. The Board of Directors intends to continue to review the capital return plan for potential future increases, including the quarterly dividend, subject to Company financial performance, economic outlook and any other relevant considerations.

Die Dividendenrendite liegt bei etwas über 1%. Etwas irre dafür Schulden aufzunehmen... .

Im Q1 könnten 4-5% der Aktien zurückgekauft werden.

 

Der Treiber dafür: Cognizant Reaches Cooperation Agreement With Elliott Management

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Cognizant Reports Surprisingly Weak 1Q; Banking & Healthcare Drag; Shares Mildly Undervalued