GS A TMT investor s guide to Growth and Value_watermark-1

Company

2010

2011

2012

2013

2014

2015

2016

2017

2018

Apple

1

1

1

1

3

2

2

3

3

Broadcom

1

1

3

2

4

2

4

CBS

1

1

2

2

2

2

1

2

2

Cognizant

1

1

1

1

1

1

1

2

1

DirecTV

1

1

1

1

3

4

Electronic Arts

1

1

1

1

3

2

2

1

2

EMC

1

1

1

1

2

3

3

FIS

1

1

3

2

2

2

1

1

3

Google

1

1

1

1

1

1

1

1

1

Juniper Networks

1

1

3

2

1

3

1

3

4

Mastercard

1

2

1

1

1

1

2

2

1

McAfee

1

3

Micron

1

1

4

2

1

1

4

4

1

NetApp

1

1

1

2

1

3

3

2

2

Salesforce

1

1

1

1

1

1

1

1

1

SanDisk

1

3

2

2

1

2

3

Scripps

1

2

2

2

3

3

3

3

4

Symantec

1

3

2

3

4

4

4

1

2

Time Warner

1

3

3

3

3

3

2

3

3

Visa

1

2

2

1

1

1

1

1

1

Company

2010

2011

2012

2013

2014

2015

2016

2017

2018

ADP

4

4

3

3

4

3

2

2

3

AMD

4

3

4

4

1

Analog Devices

4

2

3

4

3

3

1

3

2

AT&T

4

4

4

2

4

4

2

3

4

DXC

4

4

4

2

4

4

1

First Solar

4

2

4

4

4

2

4

4

FLIR

4

3

2

4

2

2

2

2

2

IBM

4

4

3

3

4

4

4

4

4

Leidos

4

4

3

4

Microchip

4

2

4

2

1

1

2

1

1

National Semiconductor

4

4

Omnicom

4

4

3

4

4

4

4

4

4

Paychex

4

4

4

3

3

3

3

3

3

Qwest

4

4

Sprint

4

4

4

4

TEGNA

4

4

4

4

2

4

3

4

Tellabs

4

4

Time Warner Cable

4

2

2

3

2

3

3

Verizon

4

4

2

3

3

3

3

4

4

Western Digital

4

4

3

3

4

3

4

3

1

3 December 2018

21

Growth

Valuation

3m revision

Mkt

YTD

Trailing

Cons. fwd

Fwd

EV/

to cons.

Company

Ticker

cap (bn)

return

sales

EPS

P/E

EBITDA

2019 EPS

Discovery Inc.

DISCA

$15

40 %

44 %

86 %

9x

5x

(0.4)%

NetApp Inc.

NTAP

18

28

10

12

15

9

2.5

CenturyLink Inc.

CTL

20

26

38

24

15

7

5.2

HP Inc.

HPQ

37

13

10

12

11

9

(0.2)

Hewlett Packard Enterprise

HPE

23

10

6

10

10

9

1.9

Apple Inc.

AAPL

874

9

16

12

14

11

(0.9)

Akamai Technologies

AKAM

12

7

9

21

18

13

6.6

Corning Inc.

GLW

26

3

9

20

16

9

2.6

Qorvo Inc.

QRVO

8

1

5

16

10

10

(6.9)

Comcast Corp.

CMCSA

179

(0)

5

12

14

8

0.1

CBS Corp.

CBS

19

(6)

8

17

10

9

(1.9)

Micron Technology

MU

45

(6)

50

(16)

4

2

(11.0)

Broadcom Inc.

AVGO

102

(6)

15

10

11

12

8.3

Microchip Technology

MCHP

18

(12)

25

9

11

13

(5.2)

Facebook Inc.

FB

330

(22)

42

(3)

19

10

(10.3)

DXC Technology

DXC

18

(24)

57

2

7

4

(0.5)

GARP median

$21

2 %

12 %

12 %

11x

9x

(0.3)%

S&P 500 TMT median

23

8

9

10

18

13

(0.2)

3 December 2018

22