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BMC Software Inc. Aug 08
Standard & Poors, Aug 2008
Abstract
Entrenched customer relationships; High recurring revenues; and Strong free operating cash flow and good liquidity. Limited business diversity; Very competitive marketplace; and Acquisitive. The rating on Houston-based BMC reflects the company's moderate leverage, stable revenue base, and strong cash flow generation. A concentrated earnings base, a very competitive marketplace, and the presence of larger and more diversified competitors partially offset these factors. BMC is a leading provider of software solutions, enabling systems management on both mainframe and distributed platforms. The company's stable revenue base is supported in large part by solid recurring revenues, a highly defensible market position stemming from a strong product portfolio, high switching costs, and entrenched customer relationships. In fiscal 2008, BMC generated $1.73 billion in total...
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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