Table of Contents
Executive summary ........................................................................... 8
2010: Focus Section......................................................................... 12
Valuation: Mid-Cycle Focus ............................................................ 20
Risks.................................................................................................. 24
Appendix A: Performance............................................................... 27
Appendix B: Indicators.................................................................... 28
Global Technology: Windows 7 equity basket idea .................... 34
Company Sections........................................................................... 39
ASML ................................................................................................ 40
Atos Origin ....................................................................................... 44
Autonomy Corp Plc ......................................................................... 52
Capgemini ........................................................................................ 62
Dassault Systemes .......................................................................... 68
Dimension Data Holdings ............................................................... 80
Ericsson ............................................................................................ 84
Indra.................................................................................................. 92
Infineon Technologies................................................................... 100
Logica ............................................................................................. 112
Misys............................................................................................... 118
Nokia............................................................................................... 126
Sage................................................................................................ 136
SAP AG ........................................................................................... 148
Steria .............................................................................................. 156
STMicroelectronics N.V. ............................................................... 160
Temenos......................................................................................... 170
Tieto................................................................................................ 176