Microsoft's Mediocre Stock Performance Has Caught Up To Its Business Performance
by Saibus Research
In our July report on Microsoft Corporation (MSFT), we were amazed at Microsoft's mediocre stock performance since the dot-com implosion. Despite the fact that MSFT avoided the worst of the dot-com implosion and despite the fact Mr. Softy's EPS have grew nearly fourfold since the end of its 1999 fiscal year (representing a CAGR of 11%), Microsoft's stock has registered a negative total return of 17% since the end of its 1999 fiscal year and 37.5% since its December 1999 split-adjusted all-time high of $60. That price at the time represented a PE of over 70 times earnings. The company's stock is so cheap on a PE basis, it is trading at less than 10X adjusted FY 2013 earnings and now pays a $.23 quarterly dividend (3.21% yield). We were disappointed that the recent $.03 increase was less than the $.04 increase issued last year. Unfortunately for Microsoft, its mediocre stock performance has caught up to its business performance. read more »
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