【出版时间及名称】：2010年美国基础软件行业前景展望
        【作者】：德意志银行
        【文件格式】：pdf
        【页数】：76
        【目录或简介】：

Table of Contents
Executive Summary........................................................................... 3
Positive on group; selective opportunities available .................................................................3
Stock performance & current valuations ........................................ 7
Strong 2009 performance driven primarily by multiple expansion ............................................7
Relative valuation to S&P 500 highlights attractive risk reward ................................................9
Improving growth outlook.............................................................. 11
High correlation with PC unit growth; current consensus expectations are conservative ......11
Momentum continues in 4Q........................................................... 14
Demand momentum is positive and in the right direction ......................................................14
Recent results highlight positive momentum .........................................................................15
Key 2010 investor issues................................................................. 17
FX tailwind to add few points to growth in 1H10....................................................................17
Significant margin improvement potential ..............................................................................18
Stock buyback to potentially increase.....................................................................................20
Key 2010 fundamental themes....................................................... 21
Theme #1: Enterprise adoption of Windows 7 .......................................................................21
Theme #2: Cloud computing is real ........................................................................................24
Theme #3: Security continues to grow in importance ............................................................26
Theme #4: Consolidation to continue and potentially accelerate............................................28
Company Overviews ....................................................................... 30
Akamai Technologies ..............................................................................................................31
CA, Inc. ..................................................................................................................................34
Check Point Software .............................................................................................................36
Citrix Systems........................................................................................................................38
Dolby......................................................................................................................................40
DTS Inc ..................................................................................................................................42
Fortinet Inc.............................................................................................................................44
McAfee ..................................................................................................................................46
Microsoft ...............................................................................................................................48
Quest Software.......................................................................................................................50
Red Hat ..................................................................................................................................52
Rovi........................................................................................................................................54
Symantec ...............................................................................................................................56
TIBCO Software ......................................................................................................................58
VeriSign..................................................................................................................................60
VMware Inc............................................................................................................................62
Websense..............................................................................................................................64
Operating Metrics............................................................................ 66
Operating Metrics – Revenue .................................................................................................66
Operating metrics – Margins ..................................................................................................67
Operating metrics – EPS .........................................................................................................70
Operating metrics – Balance sheet .........................................................................................71
Operating metrics – Cash Flows.............................................................................................72