¿Qué le espera a HP Enterprise?

Este contenido tiene alrededor de 4 años

Hewlett-Packard se separó en HP Inc y HP Enterprise.  

¿Cual de los dos negocios parecía ser más rentable?  

  • HP Inc es hardware, un negocio de alto volumen con bajo margen de rentabilidad y dirigido al consumidor, donde cualquier movimiento abrupto de costes se podría comer las ganancias.  
  • HP Enterprise sería un B2B (business to business) con bajo volumen y altos márgenes de ganancias, donde debías establecer una relación con pocos clientes grandes y quizás otros tantos medianos, darles buen servicio, y sacar dinero fácil.  Esa era la teoría.

En 2011 Meg Whitman asume su rol de CEO y promete un plan de 5 años para arreglar echar adelante a la empresa, empezando en 2012.  Luego de un periodo de tumultos y recortes, en 2015 se separa en dos empresas, HP Inc y HP Enterprise.

A HP Inc parece irle bastante bien.

For Personal Systems, (...) a 12 per cent increase year-on-year. Commercial net revenue jumped 11 per cent, while consumer net revenue was up 14 per cent. Total number of units sold is up seven per cent – notebooks 12 per cent. HP desktops was the only area to report a decline in fortunes, with a three per cent fall. - PC sales push HP results beyond expectations

Pero HP Enterprise parece tener su propia historia al estilo de un Dorama coreano.

Abril 2017. Vemos que vende un pedazo de la empresa para formar DXC Technology.

On April 1, 2017, Hewlett Packard Enterprise (NYSE: HPE; $17.57; Market Capitalization: $29.1 billion) completed the spin-merger of its Enterprise Service segment to form DXC Technology (NYSE: DXC; $67.95; Market Capitalization: $19.3 billion). - Hewlett Packard Enterprise Completes Spin-Merger To Form DXC Technology

Junio 2017. Los accionistas de HP Enterprise tienen dudas.

But in recent quarters, HPE revenue has actually been shrinking. In the just-reported quarter, revenue was down 13% year-over-year, in part due to a drop in demand from a unidentified major tier-1 customer, an excuse Whitman also used last quarter. That customer is likely Microsoft Corp’s MSFT, +0.72%  cloud business, Azure, according to Patrick Moorhead, principal analyst with Moor Insights & Strategy. HPE executives told analysts on a conference call that they will again cut costs, this time by between $200 million to $300 million in the next two quarters, to help offset the hits to its gross margins in the quarter. HPE Chief Financial Officer Tim Stonesifer said that 50% of those costs will come through corporate policy changes like cutting travel, and the other half will come from labor, in a call full of euphemisms ranging from “stranded costs,” “cost actions” to “cost outs.” (...) Granted, HPE recently has made much better acquisitions than in the past, in growth areas such as flash-storage company Nimble Storage and hypercovergence player Simplivity, but they are still not boosting its revenue growth. - Why HPE investors are wondering if they bet on the wrong horse in split

Septiembre 2017.  Miramos que la empresa compra sus propias acciones, que vende otro pedazo de la empresa a Microfocus y recibe dinero en efectivo y en acciones de Microfocus.

HPE about $1.3 billion in repurchases in the second half, as part of its $3 billion of capital-return in fiscal 2017. On Sept. 1, HPE completed the spin and merge transaction of its Software business with Micro Focus International (MFGP) via a Reverse Morris Trust.  HPE received cash payment of $2.5 billion of onshore cash. HPE shareholders receive 50% of the equity of the new combined company. Each share of HPE received 0.137 Micro Focus American depositary shares. - HPE’s Big Buyback to Support Stock

Septiembre 2017. Hay quienes nos cuentan que HP Enterprise parece tener dificultades para alzar vuelo, y un confuso plan para "simplificarse". 

When the $100 billion computing and printing giant Hewlett-Packard split into two businesses, Whitman promised it would make both companies nimbler. Instead, HP Inc. HPQ, +0.05% the printing and personal computer maker, is faring better as a more focused company, while HP Enterprise is still struggling and Whitman is still talking about “more work to do.” - Opinion: HP Enterprise has yet another confusing plan to simplify itself

Septiembre 2017. Algunos nos dicen que debemos evitar sus acciones, luego de 7 revisiones hacia abajo en cuanto a resultados.

Why Hewlett Packard Enterprise Should be Avoided. For the full year 2017, we have seen seven estimates moving south in the past 30 days. This trend has caused the consensus estimate to drift downward, going from $1.43 per share a month ago to current level of $1.40. Additionally, Hewlett Packard Enterprise has seen seven downward estimate revisions against only one revision in the opposite direction for the current quarter. This has led to the consensus estimate declining to 28 cents per share from 39 cents in the past 30 days. - Why You Should Get Rid of Hewlett Packard (HPE) Stock Now

Septiembre 2017. Anuncian recortes de personal para irse por I+D.  Pero I+D no es ganar dinero con B2B.

The move by the Palo Alto, Calif., company is part of a three-year Hewlett Packard Enterprise plan to eliminate about $1.5 billion in costs and shift resources toward research and development, the Wall Street Journal reported on Friday. Bloomberg added that the moves are an attempt to make Hewlett Packard Enterprise more responsive to a changing marketplace under pressure from cloud-computing providers, including Amazon and Google. Earlier in September, Hewlett Packard Enterprise CEO Meg Whitman told a conference call of analysts that she advocated cutting layers of management in the company to become more efficient. - Hewlett Packard Enterprise to cut 5,000 jobs

Lo que inquieta un poco es que las noticias de HP Enterprise se refieran demasiado al mundo financiero, y que sus accionistas duden, cuando el negocio de verdad está en los clientes del B2B, no en el mundo financiero.  Es que si vendes laptops, es algo obvio el negocio. Pero no queda claro cómo es que vender la empresa en pedazos, sostener valor de las acciones con recompras de acciones, bajar proyecciones de resultados para un negocio de márgenes grandes, pueda ser una buena manera de generar ingresos sostenibles.  ¿Adonde está la rentabilidad del B2B con el fabuloso mundo de los servidores en el espacio e inteligencia artificial de punta?

Es posible que mi confusión sea infundada.  Quizás todo va a pedir de boca, pero por alguna razón, luego del plan de los 5 años, que terminó a finales de 2016, no entiendo el modelo de negocios de HP Enterprise.  Y eso significa que o soy un ignorante y no veo lo evidente, o no hay nada evidente que ver.  En redes sociales hay versiones que dicen es que el plan es vender la empresa a pedazos hasta que no quede nada, un plan de liquidación.  

¿Plan para simplificarse?  Samsung empezó como una tienda de verduras y no se simplificó más, sino que se complicó.  ¿La liquidación simplifica?

¿Cuál será la realidad?  ¿Qué opinas tú?

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