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PLCM is cheap - but it's for a reason.



May 04, 2012 – Comments (0) | RELATED TICKERS: PLCM

Polycom is trading for about $2.2B, has $565MM in cash, and no debt.  The company generated $230MM in FCF last year ($40MM of which was working capital changes, though) and revenue growth was pretty substantial in the first quarter of this year.  Profits dropped from the same quarter a year ago, and earnings and FCF are currently on track to be substantially lower this year.

From a business strategy perspective, however, it seems that PLCM's bread and butter, telepresence, is under pressure.

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