IBM

EPS $12, FCF 11-12bn
IBM Cognitive Business Solutions supported by over 2000 specialists and 50000 analytics engagements, partherships with FB and Twitter.
Currency drag 8% of revenue due to strong USD, or $1 in EPS
Strategic businesses: 34bn USD, 40% of 80bn overall revenue

Pretax profit and margins 2016
700m systems hardware OPM 10%
8300m software OPM 39%
4600m global technology services OPM 15%
2400m global business services OPM 15%
2400m global financing OPM 130%
-3700m eliminations

Bread and butter business (sw) losing to cloud and new competitors like ServiceNow
Losing 2% share annually in core categories

Application Infrastructure and Middleware 31% in 2012 dropped to 29% (Websphere and MQ-Series)
Database Mgmt 21% to 18% (DB2)
IT Operations 18% to 15%
Storage Mgmt 16% to 15%
Application development 22% to 20%
Enterprise Content Mgmt 20% to 18%

Not strong in SCM and CRM (Mkt share CRM 18% Salesforce 12% SAP 9% Oracle 6% MSFT 4% IBM)

Not content in Project and Portfolio Mgmt, Virtualization Infrastructure (VMWare 90% mkt share), Office Suites and Digital Content Creation

CCC -ve, Big Blue!