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IBM outline

IBM Deep Dive: method Shift using boom; eye-catching Share fee And Dividend Yield | P2070-071 dump questions and Test Prep

photograph: Reuters, Simplivest graphics

funding Thesis

In his July 2020 investment Outlook, bill Gross informed IBM as a inventory that he likes. invoice Gross is commonly stated because the “Bond King” and was a co-founding father of PIMCO. He left the company in a bad public battle however remains – in their opinion – probably the most optimal minds within the funding business. When he talks, they hear.

IBM is efficiently pivoting itself faraway from its declining legacy products and in opposition t growth as a cloud, application, and services business. Importantly, IBM’s cloud choices are within the niche of hybrid cloud and are sufficiently differentiated from public cloud behemoths like Amazon web features, Microsoft Azure, and Google Cloud.

60% of IBM’s income is habitual, and the business touts a long-tenured, highly diverse consumer base. The enterprise’s challenge features can be lumpy, even though, as evidenced with the aid of their decline right through the COVID-19 Pandemic.

For the first time in over a decade, they predict IBM to return to sustained growth in 2021, pushed by using a successful business transition. IBM’s current valuation metrics are in line with its long-time period averages, however those averages were of a corporation in decline. when you consider that IBM’s forecasted boom, the existing valuation stages are enormously eye-catching. What’s greater, the enterprise will pay a handsome dividend yield of 5.three% and has a 25-yr background of expanding its annual dividend.

aspect 1: fiscal efficiency

IBM’s organic revenue growth has ranged between 0% and -5.9% when you consider that 2016, pushed by means of declines in the business’s legacy companies. The enterprise’s total boom figures are traditionally a 1-2 percent features larger than the biological growth numbers.

income

IBM did provide information expectations for the FY 2020, however analyst estimates aspect to total earnings declining -3.9% for the year, which they estimate to be an biological salary decline of -5.6%. The contraction is pushed by way of shrinking legacy companies and lessen income from current clients as their volumes have lowered. A element of IBM’s salary is tied to customer quantity (i.e. airline tickets processed), which has declined because of the COVID-19 Pandemic.

Analyst consensus forecasts demand profits to develop within the 1% to 2% latitude in 2021 and 2022, pushed with the aid of mighty increase in cloud and AI items. This sustained growth is a vital turning factor for the company and the usual investment thesis in IBM.

IBM total revenue boom

IBM Total Revenue, Growth, and Organic Growth Analysis

Chart & biological boom Calculations: Simplivest; source records: S&P world Market Intelligence

Notes: (1) 2020, 2021, and 2022 are analyst consensus estimates; (2) LTM is for the ultimate twelve months ending June 30, 2020

phase earnings

IBM operates in 5 fundamental segments (1) Cloud & Cognitive application, (2) world business functions, (three) world expertise functions, (4) programs, and (5) international Financing.

IBM salary with the aid of segment

LTM as of June 30, 2020

IBM Revenue by Segment Analysis

Chart: Simplivest; source facts: S&P international Market Intelligence

IBM’s return to boom is driven by means of the continued success of the enterprise’s strategic pivot towards recurring software and features. The Cloud & Cognitive utility segment leads the way.

With recurring earnings and robust secular tailwinds, IBM’s Cloud & Cognitive software phase is the superior performing unit posting constant annual boom. accurate new consumer wins encompass Adobe, Salesforce, SAP, field, and Slack. All are the use of IBM’s hybrid cloud platform to modernize mission-crucial workloads.

The world enterprise functions section offers tremendous-scale consulting projects, a lot of which were paused as a result of the COVID-19 Pandemic. These projects are essential to the lengthy-time period success of IBM’s valued clientele, and they expect shoppers will reengage these initiatives as quickly as they can.

The salary declines in the international know-how functions phase are driven by way of divestitures of discontinued operations and reduce demand for some of IBM’s legacy features.

IBM’s methods and world Financing segments are additionally declining due to lessen demand for IBM’s legacy hardware products. These segments represent 13% of standard revenue, and their modest declines do not materially have an effect on IBM’s ordinary results.

Cloud & Cognitive utility segment

IBM Cloud & Cognitive Software Segment Revenue Analysis

global company services segment

IBM Global Business Services Segment Revenue Analysis

international know-how features section

IBM Global Technology Services Segment Revenue Analysis

methods segment

IBM Systems Segment Revenue Analysis

international Financing segment

IBM Global Financing Segment Revenue Analysis

Charts: Simplivest; source information: S&P world Market Intelligence

Notes: (1) profits is shown gross of intercompany eliminations; (2) LTM is for the final twelve months ending June 30, 2020

Gross income

IBM’s gross earnings greenbacks reduced from $40.7 billion in 2015 to $36.5 billion in 2019 (a CAGR of -2.7%). Gross margins declined from 49.eight% in 2015 to 47.3% in 2019. The decline in gross earnings bucks turned into essentially pushed with the aid of the discount in salary, assisted by a modest decline in gross margins.

Analyst consensus estimates demand IBM to grow gross earnings bucks in every of the next three years, driven by way of increasing margins and modest boom in earnings. The margin increases are as a result of the the enterprise’s mix shift in opposition t bigger-margin items and features.

IBM Gross income

IBM Gross Profit Analysis

Chart: Simplivest; source information: S&P international Market Intelligence

Notes: (1) LTM is for the last twelve months ending June 30, 2020; (2) 2020, 2021, and 2022 are analyst consensus estimates

The chart beneath supports the forecast of revenue mix shift enhancing typical gross margins.

IBM revenue Composition force Margin improvement

IBM Revenue Composition by Segment Analysis

Chart: Simplivest; supply statistics: S&P global Market Intelligence

EBITDA

IBM’s EBITDA bucks reduced from $20.four billion in 2015 to $sixteen.8 billion in 2019 (a CAGR of -6.4%). EBITDA margins declined from 24.9% in 2015 to 21.8% in 2019. The decline in EBITDA bucks was primarily pushed by means of the reduction in gross profit dollars, magnified by the semi-mounted nature of the working fees.

As IBM turns the nook to growth, analyst consensus estimates call for the business to EBITDA bucks in each of the subsequent three years, pushed by using extended gross income greenbacks and leveraged by way of the semi-fixed nature of the operating charges.

IBM EBITDA

IBM EBITDA Analysis

Chart: Simplivest; source data: S&P global Market Intelligence

Notes: (1) LTM is for the ultimate twelve months ending June 30, 2020; (2) 2020, 2021, and 2022 are analyst consensus estimates

IBM stories net earnings before Tax on a section degree, which gives us perception into the profitability stage for each and every segment.

As proven in the desk beneath, the segments have reliable profit margins. One brilliant spot is with the world enterprise features margin, which extended from 7.9% in 2017 to 10.3% in the LTM duration as a result of IBM shedding its lower margin discontinued operations.

The major blemish looks to be the margin decline of the Cloud & Cognitive utility phase, however here's basically due to the acquisition of purple Hat, which generates lessen margins than IBM’s different businesses in this segment. They predict section margins to continue to be around the LTM stages going forward.

IBM phase web income MARGINS

IBM Profit Margins by Segment Analysis

Chart: Simplivest; supply statistics: S&P international Market Intelligence

Notes: (1) section EBITDA is gross of intercompany eliminations; (2) LTM is for the ultimate twelve months ending June 30, 2020

web earnings

IBM’s net profits bucks reduced from $13.2 billion in 2015 to $9.4 billion in 2019 (a CAGR of -12.9%). web margins declined from 16.1% in 2015 to 12.2% in 2019. The decline in net income dollars become essentially driven with the aid of the discount in EBITDA dollars, magnified through the improved amortization and interest cost as a result of the purple Hat acquisition.

As IBM turns the corner to boom, analyst consensus estimates demand the business to EBITDA bucks in each and every of the subsequent three years, driven by means of improved gross earnings dollars and leveraged with the aid of the semi-fixed nature of the operating prices.

For 2020 and past, analyst consensus estimates call for web earnings dollars to grow and for internet margins to stabilize round 14.5%.

IBM internet salary

IBM Net Income Analysis

Chart: Simplivest; supply information: S&P global Market Intelligence

Notes: (1) LTM is for the last twelve months ending June 30, 2020; (2) 2020, 2021, and 2022 are analyst consensus estimates

Free cash movement

IBM is a juggernaut of a cash movement generator, delivering mind-blowing UFCF and LFCF. The money flow profile effects from the enterprise’s suit profit margins and asset-mild business model.

With the anticipated boom in salary and good earnings margins over the next three years, they expect each UFCF and LFCF to reveal increase.

IBM Free cash stream

IBM Free Cash Flow Analysis

table & Calculations: Simplivest; source facts: S&P global Market Intelligence

Notes: (1) They calculate taxes on unlevered earnings and the tax shelter assuming a tax rate of 37.5%; (2) LTM is for the closing twelve months ending June 30, 2020

element 2: Return on funding

Like other technology-centric corporations, IBM generates totally captivating return on capital metrics, however one has to look additional than the headline numbers shown in the table beneath. The ROIC metric, in certain, is not appealing.

IBM ROIC & ROE

IBM ROIC & ROE Analysis

Chart: Simplivest; supply records: S&P global Market Intelligence

observe: LTM is for the last twelve months ending June 30, 2020

The calculations of ROIC and ROE encompass all intangible assets. for instance the genuine earning vigour of the underlying working company, some traders, together with Warren Buffett, like to evaluation return on capital metrics using simplest tangible assets (excluding goodwill and different intangible property created on account of acquisitions). As shown in the table under, IBM’s ROIC is tremendously greater when getting rid of the affect of intangible property.

IBM Return on Tangible Invested Capital

Calculations: Simplivest; supply records: S&P global Market Intelligence

observe: LTM is for the final twelve months ending June 30, 2020

aspect 3: Resilience

When assessing a corporation’s resilience, they review an organization’s (1) average leverage, (2) fixed can charge insurance ratio, and (three) performance throughout the ultimate financial downturn.

Leverage

The GAAP guidelines for accounting for leases changed enormously in 2020. agencies ought to now account for his or her working leases as if they had been debt. The exchange in accounting obscures comparability of leverage to traditional benchmarks, so they now have removed capitalized leases from total debt in their calculations below.

IBM materially extended its debt load when it took on $32 billion of extra debt throughout 2019 to facilitate the acquisition crimson Hat.

The business’s complete leverage ratio is three.10x, and its net leverage ratio is 2.20x. These tiers are good value and prudent.

IBM Leverage

IBM Leverage Analysis

Chart and Calculations: Simplivest; source statistics: S&P global Market Intelligence

note: LTM is for the final twelve months ending June 30, 2020

fastened charge coverage Ratio

IBM’s FCCR is presently 1.11x, which is low. Their calculation makes use of the company’s said EBITDA, which is conservative. Debt credit agreements usually use an Adjusted EBITDA concept when calculating the FCCR, which contains additions to pronounced EBITDA for one-time prices and the pro-forma impact for acquisitions. additionally, the existing element of LT Debt within the denominator is additionally doubtless conservative as IBM will greater than probably refinance that debt and not pay it off with its money balances.

IBM fastened charge insurance Ratio

LTM as of June 30, 2020

IBM Fixed Charge Coverage Ratio Analysis

Chart and Calculations: Simplivest; supply statistics: S&P global Market Intelligence

be aware: existing element of LT Debt Excludes Capitalized hire responsibilities

efficiency during the Downturn

With the COVID-19 Pandemic, we're presently going through a duration of giant financial uncertainty. The story is still being written about how IBM will fare via this period. they will "seem to be on the tape" from how the enterprise performed throughout the ultimate recession as an information point that may additionally inform us how it will operate all through this latest length of uncertainty and any future recession.

IBM profits during the final Recession

IBM Revenue Through Last Downturn

Chart and Calculations: Simplivest; supply records: S&P international Market Intelligence

IBM carried out exceedingly neatly all over this duration, with profits declining -8% from 2008 to 2009 and returning to increase in 2010. This salary efficiency illustrates the magnitude of the items and features that IBM presents. The enterprise’s salary composition is stronger now than it become in 2008. it is going to provide traders peace of intellect for the present period of financial uncertainty and for when the next recession happens.

component four: Alignment

outside shareholders of a public company have little manage over the management of a company. They are looking to have faith that the management team is appearing in the premier hobbies of the shareholders. after all, it's the choices that the management team will make so as to power buyers’ returns. they are blissful with IBM’s shareholder-friendly conduct and the alignment with the management team.

Dividends

IBM will pay a steady dividend and generates a pretty dividend yield of 5.3%. In 2019, the company paid out $5.7 billion in dividends to shareholders or $6.43 per share. IBM has accelerated its dividend every yr for the last 25 years. Analyst consensus estimates are pointing in opposition t a continued increase in dividends per share from the present amount of $6.49 to $7.23 in 2022.

IBM Dividend analysis

IBM Dividend Analysis

Chart: Simplivest; source statistics: S&P international Market Intelligence

Notes: (1) 2020, 2021, and 2022 are analyst consensus estimates; (2) LTM is for the ultimate twelve months ending June 30, 2020

equity Repurchases

earlier than buying purple Hat, IBM continually repurchased its commonplace inventory, spending between $three billion - $5 billion every yr. The business’s repurchases have been at valuation multiples that had been roughly in-line with IBM’s lengthy-time period averages.

all through 2019 and the LTM period ending June 30, 2020, the business curtailed its repurchasing activity to preserve money for the red Hat transaction. They are expecting IBM to renew fairness repurchases in the $3 billion - $5 billion range each 12 months.

IBM Share Repurchases & Multiples Paid

IBM Equity Repurchases Analysis

Chart & Wtg. Avg distinct Paid Calculations: Simplivest; supply information: S&P international Market Intelligence

notice: LTM is for the closing twelve months ending June 30, 2020

Shares surprising

as a result of the fairness repurchasing exercise described above, IBM’s shares of commonplace stock awesome declined from 2015 to 2019 by means of 8.2%, from 966 million to 887 million (a CAGR of -2.0%).

IBM average Shares fantastic

IBM Share Count Analysis

Chart: Simplivest; supply statistics: S&P world Market Intelligence

word: each and every length is as of December 31 of the corresponding 12 months except LTM, which is as of June 30, 2020

Insider possession

The gold standard alignment between company insiders and out of doors shareholders is colossal ownership by participants of the business’s administration team. IBM insiders personal 1.0 million shares, representing 0.eleven% of the company's awesome shares and price $120 million at the latest stock rate.

IBM summary ownership

As of June 30, 2020

IBM Ownership Analysis

Chart: Simplivest; source facts: S&P international Market Intelligence

On a percentage foundation, IBM’s insider possession is low; despite the fact, here's no longer astounding for a huge capitalization company with a market capitalization of $a hundred and ten.3 billion. therefore, it's quintessential to appear at the greenback value of the ownership stake.

On a greenback cost foundation, IBM’s insider possession is good, with insiders possessing a cumulative $a hundred and twenty million. they are completely satisfied to look insider possession spread right through the whole senior administration team.

IBM exact Insider ownership

As of August 21, 2020

IBM Detailed Insider Ownership

table: Simplivest; supply statistics: S&P global Market Intelligence

we can on no account comprehend, of course, the internet value of contributors of an organization’s management group, so it's unimaginable to assert particularly what dollar amount of equity ownership is material to each and every adult.

So they depend on an easy rule of thumb that measures the price of a supervisor’s stock ownership relative to his/her cash compensation:

high: price of inventory ownership more desirable than three.0x typical money compensation

Medium: price of inventory ownership between 1.0x and three.0x typical cash compensation

Low: cost of inventory ownership under 1.0x general cash compensation

we are joyful to look IBM having very excessive ranges of insider possession relative to the cash compensation of the total administration team.

IBM Insider ownership analysis

IBM Ownership vs. Compensation Comparison Analysis

Chart & Calculations: Simplivest; source information: S&P global Market Intelligence; IBM SEC filing (2019 DEF-14A)

Notes: (1) insider possession as of August 21, 2020; (2) commonplace compensation is calculated for the years 2017, 2018, and 2019

Valuation

Pulling a page out of the Buffett investing playbook, they opt to make investments in organizations at reasonable or discounted valuations. If they like an organization, but the existing rate is not beautiful, they put it on their watchlist.

inventory price history

IBM’s stock fee declined from a high of $197.77 on April 14, 2014, to a low of $95.39 on March 20, 2020 (within the middle of the COVID-19 undergo market). The stock presently trades at $123.16 (as of August 21, 2020).

IBM Share fee and EV/EBITDA Valuation

records for remaining Seven Years

IBM Stock Price and EV_EBITDA Multiple

Chart & Calculations: Simplivest; supply information: S&P world Market Intelligence

Valuation Multiples

We want to compare an organization’s current valuation multiples in opposition t its long-time period general, the market, and the sector. For IBM, all comparisons are favorable.

IBM is trading in response to its seven-year normal valuations across all vital valuation metrics. The brilliant modifications, notwithstanding, are (1) the LTM monetary metrics used in the ratios (e.g. salary, EBITDA, or earnings) are presently depressed due to the COVID-19 Pandemic and (2) most significantly, IBM is turning the corner in opposition t boom. The historic valuations had been all all through a time when salary and profits were declining as IBM became in the early degrees of remodeling it into a application and services company. whereas this strategic pivot is not yet complete, the transformation is neatly on its manner, and they predict the business to come to increase in 2021. as a consequence, the latest share cost is attractive – traders can purchase nowadays shares of a turning out to be enterprise on the identical valuations they up to now bought shares of a shrinking company.

IBM Valuation assessment

As of August 21, 2020

IBM Valuation Multiples Analysis

Chart & Calculations: Simplivest; source statistics: S&P international Market Intelligence

be aware: UFCF Yield is calculated as [5-Year Avg UFCF] / [Current Enterprise Value]

dangers

Investments are on no account a “bound thing”, and IBM is not any exception. beneath they spotlight some dangers that could negatively affect an investment in IBM.

Strategic Pivot: once commonly used for its hardware and brilliant computing machine, IBM is in the middle of a strategic pivot away from computing infrastructure and in opposition t cloud, application, and features. The shift makes finished sense, however the a success execution is difficult.

Mitigating elements: IBM is more than halfway via this strategy shift. After years of shedding legacy property and experiencing profits declines, analyst estimates are for the company to come to growth in 2021. IBM’s market share in quick-turning out to be industries like cloud and AI help this growth.

Acquisition Integration: IBM is early in its method of integrating the acquisition of pink Hat, the greatest within the company’s history. youngsters red Hat will proceed to be run as a standalone enterprise, there continues to be chance of efficaciously integrating its products with IBM’s.

Mitigating elements: IBM is not new to acquisitions, and the early signs are nice. On the July 20 profits name, Arvind Krishna (NYSE:CEO) offered a large number of examples of how pink Hat and IBM partnership is positively impacting present and potential shoppers.

extremely aggressive environment: IBM faces competitors from one of the most wealthiest corporations on the planet, namely Amazon, Microsoft, and Alphabet. These opponents have more market share than IBM in the cloud space and latest bold competitors.

Mitigating factors: IBM doesn't intend to compete head-to-head with AWS, Azure, or Google in the public cloud area. instead, it has carved out a spot in the private and hybrid cloud.

Low Insider ownership: administration owns 0.11% of IBM’s astonishing shares, worth $one hundred twenty million. This possession stake creates the chance for company risk – the place the managers of the company have conflicting pastimes from the company's shareholders.

Mitigating elements: Insider ownership is greatly varied and is multiples of managers’ annual money compensation.

summary

financial performance

After years of revenue declines, IBM is anticipated to come to increase in 2021

sturdy income margins

dazzling cash stream technology

Return on funding

suggested ROIC and ROE metrics suppressed by means of intangible belongings created through acquisitions

robust returns on tangible invested capital

Resilience

Low FCCR poses average risk

60% of salary is recurring; forty% is undertaking or product

Alignment

consistent music list of dividends and equity repurchases

dazzling insider possession

Valuation

existing valuation metrics on par with old averages, however priced at a discount if boom in ’21 will also be finished

no longer a screaming bargain, despite the fact

possibility components

Success of method shift not guaranteed; failure leaves IBM with susceptible company instruments

tremendous (and wealthy) rivals

overall

persevered success in shifting company to cloud, utility, and functions appears in all likelihood given the old track list

existing valuation provides an exquisite entry aspect when considering that anticipated growth for 2021

super dividend yield

Disclosure: i am/we're long IBM.

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Best Certification test Dumps You Ever Experienced

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3COM [8 Certification Exam(s) ]
ACAMS [1 Certification Exam(s) ]
AccessData [1 Certification Exam(s) ]
ACFE [1 Certification Exam(s) ]
ACI [3 Certification Exam(s) ]
Acme-Packet [1 Certification Exam(s) ]
ACSM [4 Certification Exam(s) ]
ACT [1 Certification Exam(s) ]
Admission-Tests [19 Certification Exam(s) ]
ADOBE [102 Certification Exam(s) ]
AFP [1 Certification Exam(s) ]
AICPA [5 Certification Exam(s) ]
AIIM [1 Certification Exam(s) ]
AIWMI [1 Certification Exam(s) ]
Alcatel-Lucent [16 Certification Exam(s) ]
Alfresco [3 Certification Exam(s) ]
Alibaba [1 Certification Exam(s) ]
Altiris [3 Certification Exam(s) ]
AMA [1 Certification Exam(s) ]
Amazon [16 Certification Exam(s) ]
American-College [2 Certification Exam(s) ]
Android [4 Certification Exam(s) ]
APA [1 Certification Exam(s) ]
APC [2 Certification Exam(s) ]
APICS [4 Certification Exam(s) ]
Apple [72 Certification Exam(s) ]
AppSense [1 Certification Exam(s) ]
APTUSC [1 Certification Exam(s) ]
Arista [1 Certification Exam(s) ]
Arizona-Education [1 Certification Exam(s) ]
ARM [1 Certification Exam(s) ]
Aruba [8 Certification Exam(s) ]
ASIS [2 Certification Exam(s) ]
ASQ [3 Certification Exam(s) ]
ASTQB [11 Certification Exam(s) ]
Atlassian [2 Certification Exam(s) ]
Autodesk [2 Certification Exam(s) ]
Avaya [107 Certification Exam(s) ]
AXELOS [1 Certification Exam(s) ]
Axis [2 Certification Exam(s) ]
Banking [1 Certification Exam(s) ]
BEA [6 Certification Exam(s) ]
BICSI [2 Certification Exam(s) ]
BlackBerry [17 Certification Exam(s) ]
BlockChain [4 Certification Exam(s) ]
Blue-Prism [3 Certification Exam(s) ]
BlueCoat [2 Certification Exam(s) ]
Brocade [4 Certification Exam(s) ]
Business-Objects [11 Certification Exam(s) ]
Business-Tests [5 Certification Exam(s) ]
CA-Technologies [20 Certification Exam(s) ]
Certification-Board [20 Certification Exam(s) ]
Certiport [3 Certification Exam(s) ]
CheckPoint [45 Certification Exam(s) ]
CIDQ [1 Certification Exam(s) ]
CIMA [2 Certification Exam(s) ]
CIPS [4 Certification Exam(s) ]
Cisco [352 Certification Exam(s) ]
Citrix [50 Certification Exam(s) ]
CIW [18 Certification Exam(s) ]
Cloudera [10 Certification Exam(s) ]
Cognos [19 Certification Exam(s) ]
College-Board [2 Certification Exam(s) ]
CompTIA [81 Certification Exam(s) ]
ComputerAssociates [6 Certification Exam(s) ]
Consultant [2 Certification Exam(s) ]
Counselor [4 Certification Exam(s) ]
CPP-Institute [1 Certification Exam(s) ]
CSP [1 Certification Exam(s) ]
CWNP [19 Certification Exam(s) ]
CyberArk [3 Certification Exam(s) ]
Dassault [2 Certification Exam(s) ]
DELL [18 Certification Exam(s) ]
DMI [1 Certification Exam(s) ]
DRI [1 Certification Exam(s) ]
ECCouncil [26 Certification Exam(s) ]
ECDL [1 Certification Exam(s) ]
EMC [134 Certification Exam(s) ]
Enterasys [13 Certification Exam(s) ]
Ericsson [5 Certification Exam(s) ]
ESPA [1 Certification Exam(s) ]
Esri [2 Certification Exam(s) ]
ExamExpress [15 Certification Exam(s) ]
Exin [42 Certification Exam(s) ]
ExtremeNetworks [3 Certification Exam(s) ]
F5-Networks [20 Certification Exam(s) ]
FCTC [2 Certification Exam(s) ]
Filemaker [9 Certification Exam(s) ]
Financial [34 Certification Exam(s) ]
Food [4 Certification Exam(s) ]
Fortinet [19 Certification Exam(s) ]
Foundry [6 Certification Exam(s) ]
FSMTB [1 Certification Exam(s) ]
Fujitsu [2 Certification Exam(s) ]
GAQM [12 Certification Exam(s) ]
Genesys [4 Certification Exam(s) ]
GIAC [17 Certification Exam(s) ]
Google [14 Certification Exam(s) ]
GuidanceSoftware [2 Certification Exam(s) ]
H3C [1 Certification Exam(s) ]
HDI [9 Certification Exam(s) ]
Healthcare [3 Certification Exam(s) ]
HIPAA [2 Certification Exam(s) ]
Hitachi [30 Certification Exam(s) ]
Hortonworks [5 Certification Exam(s) ]
Hospitality [2 Certification Exam(s) ]
HP [777 Certification Exam(s) ]
HR [4 Certification Exam(s) ]
HRCI [1 Certification Exam(s) ]
Huawei [34 Certification Exam(s) ]
Hyperion [10 Certification Exam(s) ]
IAAP [1 Certification Exam(s) ]
IAHCSMM [1 Certification Exam(s) ]
IAPP [1 Certification Exam(s) ]
IBM [1551 Certification Exam(s) ]
IBQH [1 Certification Exam(s) ]
ICAI [1 Certification Exam(s) ]
ICDL [6 Certification Exam(s) ]
IELTS [1 Certification Exam(s) ]
IFPUG [1 Certification Exam(s) ]
IIA [3 Certification Exam(s) ]
IIBA [2 Certification Exam(s) ]
IISFA [1 Certification Exam(s) ]
Intel [2 Certification Exam(s) ]
IQN [1 Certification Exam(s) ]
IRS [1 Certification Exam(s) ]
ISA [1 Certification Exam(s) ]
ISACA [5 Certification Exam(s) ]
ISC2 [7 Certification Exam(s) ]
ISEB [25 Certification Exam(s) ]
Isilon [4 Certification Exam(s) ]
ISM [6 Certification Exam(s) ]
iSQI [9 Certification Exam(s) ]
ITEC [1 Certification Exam(s) ]
ITIL [2 Certification Exam(s) ]
Juniper [68 Certification Exam(s) ]
LEED [1 Certification Exam(s) ]
Legato [5 Certification Exam(s) ]
Liferay [1 Certification Exam(s) ]
Linux-Foundation [1 Certification Exam(s) ]
Logical-Operations [1 Certification Exam(s) ]
Lotus [66 Certification Exam(s) ]
LPI [27 Certification Exam(s) ]
LSI [3 Certification Exam(s) ]
Magento [4 Certification Exam(s) ]
Maintenance [1 Certification Exam(s) ]
McAfee [9 Certification Exam(s) ]
McData [3 Certification Exam(s) ]
Medical [70 Certification Exam(s) ]
Microsoft [419 Certification Exam(s) ]
Mile2 [3 Certification Exam(s) ]
Military [10 Certification Exam(s) ]
Misc [2 Certification Exam(s) ]
Motorola [7 Certification Exam(s) ]
MuleSoft [3 Certification Exam(s) ]
mySQL [4 Certification Exam(s) ]
NBSTSA [1 Certification Exam(s) ]
NCEES [2 Certification Exam(s) ]
NCIDQ [1 Certification Exam(s) ]
NCLEX [3 Certification Exam(s) ]
Network-General [12 Certification Exam(s) ]
NetworkAppliance [42 Certification Exam(s) ]
NetworkAppliances [1 Certification Exam(s) ]
NI [1 Certification Exam(s) ]
NIELIT [1 Certification Exam(s) ]
Nokia [8 Certification Exam(s) ]
Nortel [130 Certification Exam(s) ]
Novell [38 Certification Exam(s) ]
OMG [10 Certification Exam(s) ]
Oracle [320 Certification Exam(s) ]
P&C [2 Certification Exam(s) ]
Palo-Alto [6 Certification Exam(s) ]
PARCC [1 Certification Exam(s) ]
PayPal [1 Certification Exam(s) ]
PCI-Security [1 Certification Exam(s) ]
Pegasystems [21 Certification Exam(s) ]
PEOPLECERT [4 Certification Exam(s) ]
PMI [16 Certification Exam(s) ]
Polycom [2 Certification Exam(s) ]
PostgreSQL-CE [1 Certification Exam(s) ]
Prince2 [7 Certification Exam(s) ]
PRMIA [2 Certification Exam(s) ]
PsychCorp [1 Certification Exam(s) ]
PTCB [2 Certification Exam(s) ]
QAI [1 Certification Exam(s) ]
Qlik [2 Certification Exam(s) ]
QlikView [3 Certification Exam(s) ]
Quality-Assurance [6 Certification Exam(s) ]
RACC [1 Certification Exam(s) ]
Real-Estate [2 Certification Exam(s) ]
RedHat [8 Certification Exam(s) ]
RES [5 Certification Exam(s) ]
Riverbed [9 Certification Exam(s) ]
RSA [16 Certification Exam(s) ]
Sair [8 Certification Exam(s) ]
Salesforce [20 Certification Exam(s) ]
SANS [1 Certification Exam(s) ]
SAP [98 Certification Exam(s) ]
SASInstitute [15 Certification Exam(s) ]
SAT [2 Certification Exam(s) ]
SCO [10 Certification Exam(s) ]
SCP [6 Certification Exam(s) ]
Scrum [1 Certification Exam(s) ]
SDI [3 Certification Exam(s) ]
See-Beyond [1 Certification Exam(s) ]
ServiceNow [10 Certification Exam(s) ]
Siemens [1 Certification Exam(s) ]
Snia [7 Certification Exam(s) ]
SOA [15 Certification Exam(s) ]
Social-Work-Board [4 Certification Exam(s) ]
Software-Certifications [1 Certification Exam(s) ]
Splunk [4 Certification Exam(s) ]
SpringSource [1 Certification Exam(s) ]
SUN [63 Certification Exam(s) ]
SUSE [1 Certification Exam(s) ]
Sybase [17 Certification Exam(s) ]
Symantec [137 Certification Exam(s) ]
Teacher-Certification [4 Certification Exam(s) ]
The-Open-Group [8 Certification Exam(s) ]
TIA [3 Certification Exam(s) ]
Tibco [19 Certification Exam(s) ]
Trainers [3 Certification Exam(s) ]
Trend [1 Certification Exam(s) ]
TruSecure [1 Certification Exam(s) ]
USMLE [1 Certification Exam(s) ]
VCE [7 Certification Exam(s) ]
Veeam [2 Certification Exam(s) ]
Veritas [34 Certification Exam(s) ]
Vmware [77 Certification Exam(s) ]
Watchguard [1 Certification Exam(s) ]
Wonderlic [2 Certification Exam(s) ]
Worldatwork [3 Certification Exam(s) ]
XML-Master [3 Certification Exam(s) ]
Zend [6 Certification Exam(s) ]

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