https://www.arete.net/feeds/publications.aspxThe latest publications from Arete Research, https://www.arete.net/document/.(c) 2008, Arete Research Services LLP. All rights reserved.240Like its older cousin Juniper, Starent would be revolutionary if it can remain a successful US-based wireless infrastructure vendor. In a classic re-run of the '90s – when large OEMs failed to realise the importance of IP routing, and lost share to ...https://www.arete.net/document/2876/Wed, 20 Aug 2008 00:00:00 GMTRichard Kramer, Brett SimpsonIDS Scheer's growth, margins and multiples resemble a pure services vendor's, despite getting 30% of sales from its own ARIS software, which it increasingly promotes as its primary "door-opener". Yet the other 70% of sales is driven by services arou ...https://www.arete.net/document/2875/Tue, 19 Aug 2008 00:00:00 GMTElizabeth Buckley, Anthony MillerDay to day weather is always difficult to predict, but long-term trends are (frighteningly) clear. The Earth's atmosphere is warming up. Equally, in 3G semis, we see major changes ahead as the tectonic plates of computing and communications collide ...https://www.arete.net/document/2874/Tue, 12 Aug 2008 00:00:00 GMTBrett Simpson, Jim FontanelliWhile technology stocks are prone to volatility, TomTom takes it to extremes: in the last 12 months TomTom shares doubled, then halved, and halved again. Hitting an all-time low last month (€13, ~40% below its IPO price), TomTom is now perceived as ...https://www.arete.net/document/2872/Mon, 11 Aug 2008 00:00:00 GMTBrett Simpson, Joel SilvermanWe thought VMED's consensus-beating operating and equity cash flow might send shares higher, given they trade a mid-teens FCF yields. Instead, marginally-weaker customer metrics in a seasonally-slow 2Q08 sent the stock down 9%, joining a long list o ...https://www.arete.net/document/2871/Fri, 08 Aug 2008 00:00:00 GMTSteve Malcolm, Andrew Beale, Will MilnerIn Rome is Burning (Mar. '08) we saw Motorola shares dropping from $10.3 to under $8, due to increasingly tough "practical challenges", compounded by management changes and likely delays to the separation process around Devices. After 2Q08 results, ...https://www.arete.net/document/2870/Thu, 07 Aug 2008 00:00:00 GMTRichard Kramer, Brett SimpsonIn Cognizant: Too Much Doubt (May '08) we expected management to downgrade its 38% FY revenue growth guidance below market expectations. So it came to pass, as markets deteriorated and clients pulled back spending. We think management's new 32% gui ...https://www.arete.net/document/2869/Thu, 07 Aug 2008 00:00:00 GMTAnthony Miller, Elizabeth BuckleyAfter a rapid deterioration of supply/demand in June and July, and the prospect of worse to come in 1H09, we slashed our price targets on LPL, AUO and CMO, and flagged risks to '09 consensus estimates (see LCD: Tower of Terror, July '08). We see a g ...https://www.arete.net/document/2868/Wed, 06 Aug 2008 00:00:00 GMTMartin O'SullivanIs SAP Aligning its Strategy to Oracle's? SAP's July '08 announcement raising maintenance rates from 17% to match Oracle's 22% rate supports better growth from high margin maintenance revenues, a strategy employed by Oracle for some time. After num ...https://www.arete.net/document/2867/Tue, 05 Aug 2008 00:00:00 GMTElizabeth Buckley, Anthony MillerLaird shares have lost roughly half their value this year, despite 1H08 results showing 28% growth (19% on an organic CCY basis) and with margins depressed 200bps by currencies, but still at 12%: management must now think being a tech stock is for th ...https://www.arete.net/document/2866/Tue, 05 Aug 2008 00:00:00 GMTRichard Kramer