美国IT行业研究报告2008年4月

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Company updates
We initiated coverage on Visa (V) with a Buy rating and $75 price target. We also
raised our price target for Watson Wyatt (WW) to account for continued healthy
demand across segments / geographies and accretion from acquisitions and
recently announced stock repurchase plan.
Deutsche Bank Securities Inc.
All prices are those current at the end of the previous trading session unless otherwise indicated. Prices are sourced from
local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank and subject companies.
Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should
be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision.
Independent, third-party research (IR) on certain companies covered by DBSI's research is available to customers of
DBSI in the United States at no cost. Customers can access this IR at http://gm.db.com, or call 1-877-208-6300 to
request that a copy of the IR be sent to them.
DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1
Compendium
Top picks
Resources Global(RECN.OQ),USD18.22 Buy
Grubb & Ellis (GBE.N),USD6.57 Buy
FTI Consulting Inc (FCN.N),USD64.15 Buy
Global Markets Research Company
10-K/Q reviews
We have included our key findings from the most recent 10-K filing of Cardtronics
(CATM) and 10-Q filing of Cintas (CTAS)
Economics
Initial unemployment claims for the week ended April 5 fell to 357K…
News and views
Grubb & Ellis (GBE) news: Environment is ripe for GBE to bulk up its property
portfolio, Promotes Danny Prosky as EVP, Acquisitions, Welcomes back Moody
Younger to its Texas office… Huron (HURN) amends credit facility… Watson
Wyatt (WW) promotes Craig Adams as Manager, East Division… ClickMotive
jumps on the Chrome bandwagon… Hertz (HTZ) revamps website… MasterCard
(MA) news: MasterCard introduces IPS to bolster its own wallet share with the
banks, Additional details emerge as AmEx completes GE unit acquisition, Could
HSBC’s switch from MA to Visa turn into a slippery slope?... More negative data
points for money transfer operators… CATM is in much better shape than certain
of its peers… A North Carolina Bank deploys Fiserv’s core system… WNS buys
Auto Insurance Claims Processor for $ 16 mm…
Sector valuation and risks
Our stock valuations are derived from a combination of comparable companies’
analysis, analysis of near-term earnings viability and computation of discounted
cash flows. For comparable companies’ and near-term earnings analysis, we
primarily employ a P/E-based valuation methodology and at times an EV/EBITDAbased
valuation approach for each of the stocks under our coverage, discussed in
this bulletin. We select what we deem to be an appropriate multiple on our
forward earnings (EPS) or EBITDA estimates based on our assessment of relative
growth rates, risks and competitive position.
Risks to investments in these stocks include a general economic slowdown
affecting employment trends and consumer spending, tight discretionary
corporate spending environment, interest rate fluctuations, and difficulty in
attracting and retaining top talent.

Table of Contents
Company updates.............................................................................. 3
Visa - Initiate with Buy and $75 target.......................................................................................3
WW - Overall strength likely to drive earnings upside, Raised Price Target..............................4
10-Q/K reviews .................................................................................. 5
CATM FY07 10-K.......................................................................................................................5
CTAS FY 3Q08 10-Q..................................................................................................................6
Economics .......................................................................................... 7
Initial unemployment claims .....................................................................................................7
News and views ................................................................................ 8
GBE news ................................................................................................................................8
HURN amends credit facility .....................................................................................................8
WW promotes Craig Adams as Manager, East Division...........................................................9
ClickMotive jumps on the Chrome bandwagon........................................................................9
HTZ revamps website...............................................................................................................9
MA news .................................................................................................................................9
More negative data points for money transfer operators .......................................................10
CATM is in much better shape than certain of its peers.........................................................11
A North Carolina Bank deploys Fiserv’s core system .............................................................11
WNS buys Auto Insurance Claims Processor for $16mm.......................................................11

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