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Dell Technologies Inc Ordinary Shares - Class C DELL Stock Quote

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Morningstar‘s Stock Analysis DELL

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Is it the right time to buy or sell?

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Dell’s Foreboding Guidance Demonstrates Cyclicality and Lack of a Moat, but We Maintain $50 FVE

Analyst Note

| William Kerwin |

We maintain our $50 fair value estimate for Dell Technologies after reporting solid fiscal second-quarter results and foreshadowing weaker demand in its fiscal second half. Dell sees weakening demand across its businesses and lowered its full fiscal-year guidance. Dell operates in commoditized markets in our view, that make it prone to cyclical downswings, which contributes to our no moat rating. We had been expecting demand moderation toward fiscal 2024, but are pulling forward our expectations into the second half of fiscal 2023. We believe demand should normalize after fiscal 2024. Dell’s stock dropped 5% on weaker guidance. Though its current price sits modestly below our fair value estimate, we recommend investors wait for a greater margin of safety for a no-moat, cyclical stock.

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Key Statistics DELL

Company Profile DELL

Business Description

Dell Technologies is a broad information technology vendor, primarily supplying hardware to enterprises. It is focused on premium personal computers and enterprise on-premises data center hardware. It holds top-three shares in its core markets of personal computers, peripheral displays, mainstream servers, and external storage. Dell is vertically-integrated but has a robust ecosystem of component and assembly partners, and also relies heavily on channel partners to fulfill its sales.

One Dell Way
Round Rock, TX, 78682
T +1 800 289-3355
Industry Computer Hardware
Most Recent Earnings Jul 31, 2022
Fiscal Year End Jan 28, 2023
Employees 133,000

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