The Value Line analyst expects absolute revenue growth of only ~2.6% per year over the next five years (2012-2017) from 104.507 B$ to 119 B$. That's not much above the expected rate of inflation. So what is he saying? That IBM's real growth is close to zero? But by buying back 2.2% of their shares per year over the same time period they fix that, their revenue PER SHARE growth rate miraculous increases to a respectable 4.9% as a result.
morning jad, I was able to thumbs up your posts so u may b out of the yahoo doghouse, for now ! that splains it bro, buffett wants no growth old school, ibm, because they can use the buyback to gooses the numbers. go figure ?