4/29
I don't expect any surprises this Wednesday. Think we will meet expectations give or take 2% and either reiterate or guide slightly higher for 2015. The focus will remain on the integration, Storey and Patel will discuss the headwinds(EMEA, wholesale and dollar strength/currency losses) and the tailwinds(Enterprise, USA and NN/Cloud). Hopefully, we are improving all facets of the company. As for the stock, question now is about price and potential. Most American stocks are highly valued including 3. In a secular bull market, this is warranted. Any other scenario and the price now is likely stable but not subject to big gains unless 3 truly separates out(ala AAPL in the early 2000s). Many things would have to play right for this to happen, but it is a possibility. I think 3's best days are ahead of it, but the stock price appreciation going forward is going to be based on the multiple Wall Street wants to give it.