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page 1 / 269 . OCR, unverified
Dataset10 072
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March 2014
Wireless Equipment
Signals to Noise (S2N)
Networking Sector Valuation and Risks
Stocks in our data networking peer group trade at a forward PIE in the 18-19x CYIS
consensus EPS estimates range - a modest premium to the market multiple; given the
above market growth prospects of the networking universe.
Key risks (on the downside and upside) are from unanticipated shifts in enterprise and
telco IT spending, share shifts from competitive new product launches, and from
technology disruptions - creating new market entry opportunities.
Deutsche Bank Securities Inc.
Pago 19
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e)
DB-SDNY-0101431
CONFIDENTIAL
SDNY_GM_00247615
EFTA01446971
--- SOURCE: IMAGES__0072__EFTA01446972.txt ---
METADATA_SOURCE: IMAGES0072
METADATA_FILENAME: EFTA01446972.pdf
----------------------------------------
March 2014
Wireless Equipment
Signals to Noise (S2N)
Industry Metrics
Figure I: Universal stock price performance
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Page 20
Deutsche Bank Securities Inc.
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e)
DB-SDNY-0101432
CONFIDENTIAL
SDNY_GM_00247616
EFTA01446972
--- SOURCE: IMAGES__0072__EFTA01446973.txt ---
METADATA_SOURCE: IMAGES0072
METADATA_FILENAME: EFTA01446973.pdf
----------------------------------------
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