<<<<DELL is definitely NOT the same DELL as before...the DELL engineers and employees have worked feverishly to rid DELL of this box label.>>>>
Kemble. I believe you have hit upon the problem which the establishment has in continuing to underate Dell. The company is very hard to define while forging ahead into new areas and concepts.
Is it a box maker, an e-commerce force, a virtual integrator,
a sales org., an Amazon to beat all Amazons?. And what is next.?
The "Be Direct" ad tells us it is a direct and efficient
way to solve communications problems. But thats only a part of it.
Despite the fact they built computers (to begin with)G, the methods used were so unique as to make it much more than 'another box maker'
Not being a follower, but a leader, there is no meaningful
precedent or comparable company to tell us how big or how far
Dell can go.
So to communicate their ideas or opinions, analysts are
forced (wrongly) to compare Dell with the performance of other companies which appear to be in the same field. Gtw, Cpq, Ibm,E-bay(hehe) etc.
Studying the past history of those in regard to P/E, ROE,
sales per employee, number of Kiosks or stores, rate of growth,
market cap is looking for limits that may not exist !
Chuzz has got it figured pretty well with analyses on use of capital.
Dell tells the truth- growing at 'several times the industry growth rate and the margins are holding
Summary:
Here sits Dell at $47 share, with 4 bil cash, 4 bil shares in the treasury, many square MILES of property under development in Austin, Tennessee, and Brazil, and an open field to run in.
Wagons Hoooooooooooooo
Sig
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