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1、EquityResearch16January2018INDUSTRYUPDATEU.S.ITHardware&DataNetworkingU.S.DataNetworkingTaxReformGranularityfor2018POSITIVEUnchangedAsafollowuptoourlatesttaxreport(TaxReformaBrightSpotforSomeNamesGoingU.S.ITHardwareinto2018,12/21/17),wewantedtoprovideadditionalinformationandgranularityNEU
2、TRALaroundsomeofthenewtaxrulesourcoveragemayfaceintheyearahead.MostofourUnchangedexpectationsarethesameasourlastreport,butweprovideagreaterframeworktonavigatethetaxlandscapein2018.MainchangesinthetaxbillandtheirimpactonourForafulllistofourratings,pricetargetandcoveragecanbefoundonPage2and
3、directquotesfromourcoveragecompaniesonearningschangesinthisreport,pleaseseetableonpage2.taxreformcanbefoundonPage23.AAPL,CSCO,JNPR,NTAP,WDCstillaretherepatriationfavorites.ThemainstoryforU.S.ITHardwaretheITHardware&DataNetworkingsectorispotentialcashrepatriation.AlloftheMarkMoskowitzafore
4、mentionedcompanieshaveamajorityoftheircashbalancesoverseasandcould+14152634456standtorealizetaxsavingsbetween3-10%ofthecompany’smarketcapfromamark.moskowitz@barclays.comBCI,USdiscountedone-timecashrepatriationrateof15.5%versus35%.Theoverseascashbalancesthemselvesrepresentasignificantporti
5、onofmarketcapforAAPL(28%),KevinFeeneyCSCO(37%),JNPR(18%),NTAP(33%)andWDC(22%).+12125267952kevin.feeney@barclays.comTaxratechangebeneficiaries(ANET,CDW,FFIV,JNPRandPSDO)andthoseBCI,USnegativelyaffected(IBMandWDC).Thebeneficiariesmaysee10-20%boostsinEPSDanielGaideforC2018withlittleoffsetfro
6、motherpartsofthetaxplanduetotheirU.S.business+12125262912exposure/lackofunremittedforeignearnings.Ontheotherhand,webelieveIBM’staxdaniel.gaide@barclays.comratecouldmoveslightlyupwardfromourestimated14.2%ratewhileWDC’sratecouldBCI,USmovetothehigh-endofitsLTmodelnear12%giventhefactthatGILTI
7、andBEATprovisionswillmostlikelykeepa>10%minimumontaxpaymentsinanyjurisdictionChangLiu,CFA+12125262806unlesscompaniesfindnewworkarounds.chang.liu@barclays.comRepatriationtaxcouldbeadragonXRX/HPQ/HPE.ManyofourcoveragecompaniesBCI,UShavepartiallyavoidedU.S.taxesfordeca
