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BMC Software Inc. Jan 12
Standard & Poors, Jan 2012
Abstract
Entrenched customer relationships; High recurring revenues; and Strong free operating cash flow and good liquidity. Limited business diversity; Very competitive marketplace; and Acquisitive policies. With fiscal 2011 (ended March) revenues of about $2.1 billion, Houston-based BMC Software Inc.'s investment-grade rating reflects the company's 'satisfactory' business profile (as defined in our criteria) and modest leverage, offset by a concentrated earnings base, a very competitive marketplace, and the presence of larger and more diversified competitors. BMC is a leading provider of systems management software solutions on mainframe and distributed platforms. Predictable recurring revenues from contractual maintenance agreements, a highly defensible market position, and entrenched customer relationships largely support the company's stable revenue base. About half of BMC's revenue is generated offshore. In...
Companies mentioned in this report are: BMC Software Inc.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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