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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (70665)11/17/1999 4:40:00 PM
From: jim kelley  Read Replies (1) of 132070
 
Michael,

Re: But even those who have been the best in the Phi Scamma Jamma fraternity, Dell and Cisco, for example, are starting to note weaker growth in revenues. And when they catch colds, the other cos. get pneumonia

Putting DELL in with CSCO' accounting is a complete mismatch. DELL's accounting is straight forward whereas CSCO has a stream of writeoffs from their unending stream of purchases. DELL is fairly valued from a discounted cash flow model. CSCO is really difficult to value with such a model because of the creative bookkeeping.

DELL's business growth is organic whereas CPQ, CSCO and many other companies are growing through acquisitions.

True, DELL's growth rate is down this year to a mere 42% from a sizzling 62% last year but trees do not grow to the
stratosphere. But you have to admit 42% revenue growth is not a bad showing at the business race track for a 22 B company.

Jim Kelley
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