01-29-2020: Xerox Holdings Corporation (XRX): Fading Star of Technology

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Xerox Holdings Corporation

The big news surrounding Xerox Holdings Corporation (XRX) of late is its hostile attempt to takeover Hewlett-Packard (HP, Inc.) in a $27 billion deal for which XRX claims it has obtained financing. One of the most descriptive summaries of this attempt is found where Google states, "Xerox Holdings Corp. has set its sights on a takeover of personal-computer and printer maker HP Inc., an audacious move that would unite two fading stars of technology. Xerox is considering making a cash-and-stock offer for HP which has a market value of about $27 billion, according to people familiar with the matter."

Involved in this are some activist investors, some promoting the deal such as Carl Ichan, because it would be good for him, and others despising it as they think it would be bad for Xerox. When one sees a lot of activist activity, it does suggest poor management of the corporation, and possible management changes which may or may not be for the better of the corporation itself.

Xerox has sought to beef up its fading status before, especially with an attempted merger with Fuji Film, the company that brought down Eastman Kodak, which failed to adapt to digital technology in time, and spun off its chemical (film-making) division in a really poor management decision. Fuji later sued XRX and won.

Analysts are neutral to negative on the stock, and researchers have mixed opinions, although leaning toward optimism. The company has a low Zenith Index indicating fundamentals problems, but appears to have acceptable financial ratios. We note some disturbing signs, one of which is the yield on some Xerox bonds which jumped dramatically suggesting a collapse in bond prices. We think this suggests XRX has over-extended itself on the HP takeover attempt, which will likely not be successful as opposed vigorously be HP after considering it. But American office machine products have suffered with poor quality issues (in our opinion) when compared to Japanese and Chinese products, like those of Canon, Lenova, or even Brother, not to mention Toshiba, Epson, and a host of others.

Institutions have been net sellers, and XRX stock appears to be a candidate for a channeling or range trading mode, recently breaking out of the top of a long-standing range on speculation regarding the "story" associated with the stock.

Xerox recently restructured itself as a subsidiary of a new holding company. The idea of this "Stategic Transformation" program was to reduce costs, increase productivity, and open up new market opportunities through acquisitions. Xerox faces recent unfavorable currency movements in international dealings. It has maintained high profit margins compared to some competition, but with higher prices comes reduced demand.

We think this large company is a "sell" that will drive its stock back into a recent trading range. The HP deal may never come off. like the Fuji deal, alhtough at one point HP was seriously considering it. 



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Zenith Index

Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

XRX   Xerox Corporation
   Exchange: NYSE       Group: Sector              Industry: Industry
   Rank of Industry:   2                   Rank within Industry: 4 out of 25

      Shares Out:  216.19 (mil.)   Market Capitalization:$  7,679.00 (mil.)
      Sales (12 mo.): $      0.00 (mil.)              Sales Growth:  -6.46%
      Avg Broker Recommend (1=Strong Buy): 3.00   Consensus Target:  38.00
      Dividend:$ 0.00  Yield: 2.82%  Payout Ratio: 0.24  Payout Chg:  0.00%

      Founded in 1906 and headquartered in Norwalk, Connecticut, Xerox is a
      print technology and intelligent work solutions provider. The company
      designs, develops, and sells document management systems and solutions.
      XeroxGs intelligent workplace service offerings include managed print
      services; digitization services; and digital solutions including
      workflow automation, personalization and communication software, and
      The company also offers desktop monochrome and color printers,
      multifunction printers, graphic communications and commercial printers,
      digital printing presses, light production devices,  copiers, inkjet
      presses and FreeFlow portfolio of software solutions for automation and
      In addition, Xerox offers paper products, wide-format systems, and
      network integration solutions. Products and services are sold directly

   Recent Price:   1.00     52-Week High:  39.47     52-Week Low:  24.02

   20-Day Avg. Daily Volume =  1,424,378                    Beta:   1.80

Earnings per Share (EPS) Estimates:

                        This        Next        This        Next
                       Quarter     Quarter      Year        Year
                      12/2019     03/2020     12/2019     12/2020

    Average Estimate      0.00        0.00        0.00        0.00
 Number of Estimates         1           0           1           1
        Low Estimate      1.02        0.00        3.37        0.00
       High Estimate      1.02        0.00        3.37        0.00
        Year Ago EPS      1.14        0.91        3.46        3.33
          EPS Growth    -10.53%       0.00%       1.20%       0.00%

P/E Ratio Related Data:                                    EPS       Sales
  Current FY Estimate:   8.62                              Growth    Growth
   Trailing 12 Months:  10.54       vs. Previous Quarter:    9.09%    -3.89%
     P/E Growth Ratio:   0.00          vs. Previous Year:    0.00%    -6.46%

Price/Sales Ratio:  0.00    Price/Book Ratio:  1.63    Price/Cash Flow:  5.96

Other Fundamental Data:
                                NA          06/30/19
Return on Investment         0.00        18.78          0.00
Return on Assets             6.64         6.39          0.00
Current Ratio                0.00         1.11          1.33
Quick Ratio                  0.91         0.91          1.09
Operating Margin             0.00        10.62         10.17
Net Margin                   0.00         7.28          5.76
Pre-Tax Margin               0.00         0.00          0.00
Book Value                   0.00         0.00          0.00
Inventory Turnover           0.00         6.89          6.59
Debt-to-Equity Ratio         0.66         0.79          0.00
Debt-to-Capital Ratio        0.00        38.78         43.22

Reported and Estimated Quarterly Earnings:
Reported                                09/2019   06/2019   03/2019   12/2018
                                           1.08      0.99      0.91      1.14
Estimated                              12/2019   03/2020   12/2019   12/2020
  Consensus 7 Days Ago                     1.02      0.00      3.33      3.37
  Upward Revisions                            0         0         0         0
  Downward Revisions                          0         0         0         0
  Consensus 30 Days Ago                    1.02      0.00      3.33      3.37
  Upward Revisions                            0         0         0         0
  Downward Revisions                          0         0         0         0

Annual Income Statements ($mil except EPS data):

                                   12/31/19 12/31/18 12/31/17 12/31/16 12/31/15

Sales                                  0.00  9830.00 10265.00 10771.00 18045.00
Cost of Goods                          0.00  5903.00  6204.00  6510.00 12782.00
Gross Profit                           0.00  3927.00  4061.00  4261.00  5263.00
Selling, Deprec, Amort Expense         0.00  2855.00  3077.00  3171.00  4122.00
Income After Deprec + Amortization     0.00  1072.00   984.00  1090.00  1141.00
Non-Operating Income                   0.00  -474.00  -414.00  -522.00  -729.00
Interest Expense                       0.00     0.00     0.00     0.00     0.00
Pretax Income                          0.00   598.00   570.00   568.00   412.00
Income Taxes                           0.00   257.00   481.00    62.00   -23.00
Minority Interest                      0.00    13.00    12.00    11.00    18.00
Investment Gains/Losses                0.00    33.00   115.00   121.00   135.00
Other Income/Charges                   0.00     0.00     0.00     0.00     0.00
Income from Continuing Operations      0.00   374.00   204.00   627.00   570.00
Extras + Discontined Operations        0.00     0.00     3.00 -1093.00   -78.00
Net Income                             0.00   361.00   195.00  -477.00   474.00
Income before Depr. + Amortization     0.00  1598.00  1511.00  1653.00  2331.00
Depreciation + Amort. (Cash Flow)      0.00     0.00     0.00     0.00     0.00
Average Shares                         0.00   258.00   274.65   256.00   269.00
Diluted EPS bf Non-Recurring Items     0.00     3.46     3.48     3.52     3.92
Diluted Net EPS                        0.00     1.38     0.71    -1.96     1.68


Balance Sheets ($mil. except per share data):

                                   12/31/19 12/31/18 12/31/17 12/31/16 12/31/15
Assets:

Cash + Equivalents                     0.00     1.00     1.00     2.00     1.00
Receivables                            0.00  2599.00  2786.00  2307.00  3731.00
Notes Receivable                       0.00     0.00     0.00     0.00     0.00
Inventories                            0.00   818.00   915.00   841.00   942.00
Other Current Assets                   0.00   194.00   236.00  1621.00   644.00
Total Current Assets                   0.00  4695.00  5230.00  6992.00  6685.00
Property, Plant & Equipment            0.00   499.00   629.00   660.00   996.00
Investments + Advances                 0.00  1403.00  1404.00  1388.00  1389.00
Other Non-Current Assets               0.00  2149.00  2323.00  2398.00  2576.00
Deferred Charges                       0.00   740.00  1026.00     0.00     0.00
Intangibles                            0.00  4087.00  4198.00  4077.00 10588.00
Deposits + Other Assets                0.00  1301.00  1136.00  2630.00  2583.00
Total Assets                           0.00    14.00    15.00    18.00    24.00

                                   12/31/19 12/31/18 12/31/17 12/31/16 12/31/15
Liabilities:

Notes Payable                          0.00     0.00     0.00     0.00     0.00
Accounts Payable                       0.00  1091.00  1108.00  1126.00  1614.00
Current Portion Long-Term Debt         0.00   961.00   282.00  1011.00   985.00
Current Portion Capital Leases         0.00     0.00     0.00     0.00     0.00
Accrued Expenses                       0.00   349.00   444.00   420.00   651.00
Income Taxes Payable                   0.00     0.00     0.00     0.00     0.00
Other Current Liabilities              0.00   850.00   907.00  2097.00  2004.00
Total Current Liabilities              0.00  3251.00  2741.00  4654.00  5254.00
Mortgages                              0.00     0.00     0.00     0.00     0.00
Deferred Income Taxes                  0.00     0.00     0.00     0.00     0.00
Convertible Debt                       0.00     0.00     0.00     0.00     0.00
Long-Term Debt                         0.00  4269.00  5235.00  5305.00  6382.00
Non-Current Capital Leases             0.00     0.00     0.00     0.00     0.00
Other Non-Current Liabilities          0.00  2101.00  2463.00  3131.00  3715.00
Minority Interest                      0.00     0.00     0.00     0.00     0.00
Total Liabilities                      0.00     9.00    10.00    13.00    15.00

                                   12/31/19 12/31/18 12/31/17 12/31/16 12/31/15
Shareholder Equity:

Preferred Stock                        0.00   214.00   214.00   214.00   349.00
Common Sock                            0.00   232.00   255.00  1014.00  1013.00
Capital Surplus                        0.00  3321.00  3893.00  3098.00  3017.00
Retained Earnings                      0.00  5072.00  4856.00  5039.00  9686.00
Other Equity                           0.00 -3531.00 -3711.00 -4310.00 -4599.00
Treasury Stock                         0.00    55.00     0.00     0.00     0.00
Total Shareholder Equity               0.00  5039.00  5293.00  4841.00  9117.00
Total Liabilities+ Owners' Equity      0.00 14874.00 15946.00 18145.00 24817.00
Total Common Equity                    0.00     0.00     0.00     0.00     0.00
Shares Outstanding                   216.10   238.20   254.50   253.40   253.10
Book Value per Share                   0.00     0.00     0.00     0.00     0.00



Cash Flow Statement:

    Operations, Investments, & Financial Activities

                                   12/31/19 12/31/18 12/31/17 12/31/16 12/31/15

Net Income                             0.00   374.00   207.00  -466.00   492.00
Depreciation/Amortization + Deplet     0.00   526.00   527.00   563.00  1190.00
Net Change in Assets/Liab.             0.00   -40.00  -620.00  -687.00   -93.00
Net Cash f Discontinued Operations     0.00     0.00   -91.00  1170.00     0.00
Other Operating Activities             0.00   280.00    11.00   515.00    22.00
Net Cash f Operating Activities        0.00     1.00    34.00     1.00     1.00
Property + Equipment                   0.00   -90.00   -66.00   -68.00  -158.00
Acquisition/Disp. of Subsidiaries      0.00    59.00   -67.00   -30.00   729.00
Investments                            0.00     0.00     0.00     0.00     0.00
Other Investing Activity               0.00     2.00   102.00  -299.00   -63.00
Net Cash from Investing                0.00   -29.00   -31.00  -397.00   508.00

    Use of Funds

                                   12/31/19 12/31/18 12/31/17 12/31/16 12/31/15

Issue (Repurchase) Capital Stock       0.00  -700.00   -15.00     8.00 -1334.00
Issuance (Repayment) of Debt           0.00  -302.00  -824.00  -963.00  -223.00
Increase/Decrease Short-Term Debt      0.00    -5.00     2.00  1888.00  -147.00
Dividends + Distributions              0.00     0.00     0.00     0.00     0.00
Other Financing Acitivies              0.00   -25.00   143.00   -18.00    18.00
Net Cash from Financing                0.00 -1301.00  -985.00   584.00 -2074.00
Effect of Exchange Rate Changes        0.00   -30.00    52.00  -287.00   -88.00

Net Change in Cash + Equivalents       0.00  -220.00  -930.00   995.00   -43.00

    Net Change in Cash & Equivalents

                                   12/31/19 12/31/18 12/31/17 12/31/16 12/31/15

Cash at Beginning of Per.              0.00  1368.00  2223.00  1228.00  1411.00
Cash at End of Period                  0.00  1148.00  1293.00  2223.00  1368.00
Net Change in Cash + Equivalents       0.00  -220.00  -930.00   995.00   -43.00


Zenith Indices:                      [Indices near +3.0, or near zero,
                                     or < zero bear special attention.]
P/E Ratio Tests:
Current P/E Ratio < 28?    2.6565     P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  0.1139     Forward P/E Ratio < 28?    3.0000

Sales Tests:
Sales < $500 mil.?         0.0509     Sales incr. 25% Yearly?   -0.2584
Sales > $340 million?      3.0000     Inventory/Sales < 5%?      0.6009

Balance Sheet Tests:
Debt/Equity Ratio < 0.40?  0.5063     LTD/Net Assets:            0.0033
Debt Reduction:            1.2427     Intangibles/Assets < 10%?  0.0003
Current Ratio > 2?         1.1100     Return on Equity > 9.8%?   1.9163

Earnings Tests:
EPS 5-Yr. Growth > 18%?    0.9921     Operating Margin > 5%?     0.4708
EPS Annual Growth > 0%?    0.9090     Dividend Rate cp 2.7%:     1.0444
Earnings Consistent?       1.3333     Payout Ratio Decreasing?  -0.0800
Net Income Increasing 25%? 1.4810     Price<15% below 52-wk Hi?  0.0291
Positive Cash Flow?        0.8879     Price/Book X PE < 22?      1.2805
Profit Margin > 7.5%?      0.9707     Price/Book < 1.6?          0.9816
Profit Margin Increasing?  1.2639     Stock Compared to S+P 500:-3.0000

Price & Float Tests:
Return on Investment>12%?  1.1047     Shares Out > 50 mil.?      3.0000
Return on Assets > 10%?    0.0000     Beta > 1.25?:              1.8000
Price/Sales Ratio < 2.3?   0.0000     Liquidity > 2%?            3.0000

Ownership Tests:
Analyst Following > 2.0?   1.0000     Market Capital'n > 300M?   3.0000
Owner's Equity Increasing? 0.5527     Shares Out Decreasing?     1.0626

XRX                                    Overall Zenith Index:     1.1038


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Financial Statements

XEROX HOLDINGS CORP  (XRX)                  INCOME STATEMENT

Fiscal year ends in December. USD in thousand        2014-12         2015-12         2016-12         2017-12         2018-12             TTM           

Revenue                                           19,540,000      18,045,000      10,771,000      10,265,000       9,830,000       9,228,000
Cost of revenue                                   13,294,000      12,782,000       6,510,000       6,204,000       5,903,000       5,548,000
Gross profit                                       6,246,000       5,263,000       4,261,000       4,061,000       3,927,000       3,680,000


Operating expenses
Research and development                             577,000         563,000         476,000         446,000         397,000         374,000
Sales, General and administrative                  3,788,000       3,559,000       2,695,000       2,631,000       2,458,000       2,148,000
Restructuring, merger and acquisition                128,000         186,000         264,000         220,000         158,000         243,000
Other operating expenses                             187,000         124,000        -206,000        -167,000        -110,000        -196,000
Total operating expenses                           4,680,000       4,432,000       3,229,000       3,130,000       2,903,000       2,569,000

Operating income                                   1,566,000         831,000       1,032,000         931,000       1,024,000       1,111,000
Interest Expense                                     237,000         223,000         181,000         119,000         112,000         108,000
Other income (expense)                              -123,000        -196,000        -283,000        -242,000        -314,000        -351,000
Income before taxes                                1,206,000         412,000         568,000         570,000         598,000         652,000
Provision for income taxes                           259,000         -23,000          62,000         481,000         257,000         145,000
Other income                                         160,000         135,000         121,000         115,000          33,000         176,000
Net income from continuing operations              1,107,000         570,000         627,000         204,000         374,000         683,000
Net income from discontinuing ops                   -115,000         -78,000      -1,093,000           3,000               0               0
Other                                                -23,000         -18,000         -11,000         -12,000         -13,000         -11,000
Net income                                           969,000         474,000        -477,000         195,000         361,000         672,000
Preferred dividend                                    24,000          24,000          24,000          14,000          14,000          14,000
Net income available to common shareholders          945,000         450,000        -501,000         181,000         347,000         658,000

Earnings per share
Basic                                                   3.28            1.68           -1.96            0.71            1.40            2.90 
Diluted                                                 3.24            1.68           -1.96            0.71            1.38            2.82 

Weighted average shares outstanding
Basic                                                288,591         266,132         253,391         254,341         248,707         226,880
Diluted                                              299,641         269,056         255,995         256,570         251,660         229,833

____________________________________________________________________________________________________________________________________________


XEROX HOLDINGS CORP  (XRX)                  BALANCE SHEET

Fiscal year ends in December. USD in thousand        2014-12         2015-12         2016-12         2017-12         2018-12             

Assets

Current assets

Cash

Total cash                                         1,411,000       1,368,000       2,223,000       1,293,000       1,084,000

Receivables                                        2,762,000       2,207,000         741,000       1,160,000       1,104,000
Inventories                                          934,000         942,000         841,000         915,000         818,000
Prepaid expenses                                           0         135,000               0               0          59,000
Other current assets                               3,767,000       2,033,000       3,187,000       1,862,000       1,630,000
Total current assets                               8,874,000       6,685,000       6,992,000       5,230,000       4,695,000

Non-current assets

Property, plant and equipment
Gross property, plant and equipment                2,654,000       5,690,000       4,603,000       4,618,000       4,328,000
Accumulated Depreciation                          -1,006,000      -4,199,000      -3,468,000      -3,535,000      -3,387,000
Net property, plant and equipment                  1,648,000       1,491,000       1,135,000       1,083,000         941,000

Equity and other investments                       1,338,000       1,389,000       1,388,000       1,404,000       1,403,000
Goodwill                                           8,805,000       8,823,000       3,787,000       3,930,000       3,867,000
Intangible assets                                  2,031,000       2,443,000         290,000         268,000         558,000
Deferred income taxes                                      0         714,000               0       1,026,000         740,000
Other long-term assets                             4,962,000       3,272,000       4,553,000       3,005,000       2,670,000
Total non-current assets                          18,784,000      18,132,000      11,153,000      10,716,000      10,179,000

Total assets                                      27,658,000      24,817,000      18,145,000      15,946,000      14,874,000 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Short-term debt                                    1,427,000         985,000       1,011,000         282,000         961,000
Accounts payable                                   1,584,000       1,614,000       1,126,000       1,108,000       1,091,000
Taxes payable                                              0         133,000               0               0         110,000
Accrued liabilities                                        0          73,000               0               0         263,000
Deferred revenues                                    431,000         428,000         187,000               0         156,000
Other current liabilities                          2,634,000       2,021,000       2,330,000       1,351,000         670,000
Total current liabilities                          6,076,000       5,254,000       4,654,000       2,741,000       3,251,000

Non-current liabilities
Long-term debt                                     6,314,000       6,382,000       5,305,000       5,235,000       4,269,000
Deferred taxes liabilities                                 0          60,000               0               0          51,000
Deferred revenues                                          0         100,000               0               0               0
Pensions and other benefits                        3,712,000       3,298,000       2,938,000       2,257,000       1,832,000
Minority interest                                     75,000          43,000          38,000          37,000          34,000
Other long-term liabilities                          498,000         257,000         193,000         206,000         218,000
Total non-current liabilities                     10,599,000      10,140,000       8,474,000       7,735,000       6,404,000

Total liabilities                                 16,675,000      15,394,000      13,128,000      10,476,000       9,655,000 

Stockholders' equity

Preferred stock                                      349,000         349,000         214,000         214,000         214,000
Common stock                                       1,124,000       1,013,000       1,014,000         255,000         232,000
Additional paid-in capital                         4,283,000       3,017,000       3,098,000       3,893,000       3,321,000
Retained earnings                                  9,491,000       9,686,000       5,039,000       4,856,000       5,072,000
Treasury stock                                      -105,000               0               0               0         -55,000
Accumulated other comprehensive income            -4,159,000      -4,642,000      -4,348,000      -3,748,000      -3,565,000
Total stockholders' equity                        10,983,000       9,423,000       5,017,000       5,470,000       5,219,000
Total liabilities and stockholders' equity        27,658,000      24,817,000      18,145,000      15,946,000      14,874,000

____________________________________________________________________________________________________________________________________________


XEROX HOLDINGS CORP  (XRX)                  Statement of CASH FLOW

Fiscal year ends in December. USD in thousand        2014-12         2015-12         2016-12         2017-12         2018-12             TTM           

Cash Flows From Operating Activities
Net income                                           992,000         492,000         627,000         204,000         374,000         683,000
Depreciation & amortization                        1,426,000       1,190,000         563,000         527,000         526,000         460,000
Deferred income taxes                                113,000          32,000          -9,000         399,000         135,000               0
Stock based compensation                              91,000          46,000          50,000          52,000          57,000          54,000
Change in working capital                           -831,000        -139,000        -711,000        -641,000         -40,000         -56,000
Accounts receivable                                 -436,000         111,000        -151,000        -529,000          30,000          55,000
Inventory                                            -22,000        -101,000           7,000         -69,000          35,000         159,000
Accounts payable                                           0               0               0               0         -18,000         -64,000
Other working capital                               -373,000        -149,000        -567,000         -43,000         -87,000        -206,000
Other non-cash items                                 272,000         -10,000         575,000        -507,000          88,000         169,000
Net cash provided by operating activities          2,063,000       1,611,000       1,095,000          34,000       1,140,000       1,310,000

Cash Flows From Investing Activities
Investments in property, plant, and equipmen        -368,000        -251,000         -93,000         -69,000         -90,000         -65,000
Property, plant, and equipment reductions             54,000          93,000          25,000           3,000               0               0
Acquisitions, net                                   -314,000         729,000         -30,000         -67,000          59,000           6,000
Purchases of intangibles                             -84,000         -91,000         -45,000         -36,000               0               0
Other investing activities                             9,000          28,000        -254,000         138,000           2,000           2,000
Net cash used for investing activities              -703,000         508,000        -397,000         -31,000         -29,000         -57,000

Cash Flows From Financing Activities
Debt issued                                                0       1,079,000          25,000       1,008,000           9,000           9,000
Debt repayment                                      -175,000      -1,302,000        -988,000      -1,832,000        -311,000        -406,000
Common stock issued                                   55,000          19,000           9,000               0               0               0
Common stock repurchased                          -1,112,000      -1,353,000          -1,000         -15,000        -700,000        -784,000
Dividend paid                                       -313,000        -326,000        -331,000        -291,000        -269,000        -248,000
Other financing activities                           -79,000        -191,000       1,870,000         145,000         -30,000         -40,000
Net cash provided by (used for) financing         -1,624,000      -2,074,000         584,000        -985,000      -1,301,000      -1,469,000

Effect of exchange rate changes                      -89,000         -88,000         -30,000          52,000         -30,000         -23,000
Net change in cash                                  -353,000         -43,000       1,252,000        -930,000        -220,000        -239,000
Cash at beginning of period                        1,764,000       1,411,000       1,228,000       2,223,000       1,368,000       1,218,000
Cash at end of period                              1,411,000       1,368,000       2,480,000       1,293,000       1,148,000         979,000

Free Cash Flow
Operating cash flow                                2,063,000       1,611,000       1,095,000          34,000       1,140,000       1,310,000
Capital expenditure                                 -452,000        -342,000        -138,000        -105,000         -90,000         -65,000
Free cash flow                                     1,611,000       1,269,000         957,000         -71,000       1,050,000       1,245,000
____________________________________________________________________________________________________________________________________________





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Average to Current P/E Ratios
              (XRX)     Xerox Holdings Corp.

                               2015    2016    2017    2018    2019

          Annual Earnings:     3.99    1.30   -1.95    0.71    1.38
Average Price During Year:    30.64   25.96   29.42   28.55   30.92

                P/E Ratio:     7.68   19.97   15.09   40.21   22.41

 Average 5-Year P/E Ratio  =  21.07
             Current Price =  35.23

Previous 5 Quarter Earnings:   0.33    0.56    0.54    0.77    0.96

          Current Annualized (Last Four Quarters) Earnings =   2.27
                                                           ________
                                 Average PE / Current PE =     1.36
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Financial Ratios

. . . . . . . . . . . . Lowest to Highest, Compared to Industry



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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Fair Value Estimator

Fair Value Estimate:

Fair Value



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Projected Earnings

Earnings Estimates



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Research Reports

Click Here for Research Reports



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Analysts' Opinions

Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 2



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Insider Activity

Insiders Chart Insider Trades
Insider Trades
Executive Compensation



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Institutional Activity

Institutional Ownership:

institutions 1
Mutual Fund Ownership:

institutions 2


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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment sentiment



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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for XEROX HOLDINGS CORP.:
Symbol? XRX
Total Months Available:  25
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
  35.18   23.52     36.58   27.25     39.47   28.29

RANGE   =  39.47  TO   23.52            Close =  35.52
CHANNEL =  35.18  TO   28.29           Degree =   4
Volatility =  19.40%                    Index =   7
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

3 out of 9 favorable, (negative opinion.)

Val Idea
Val Idea


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Stock Consultant

Stock Consultant Stock Consultant


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Point & Figure Chart

P & F Chart


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Wall Street Analyzer



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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

3 out of 3 of the ultimate systems favor a downmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News - 1
Comparison - 1
Industry - 1
Bond Issue + 1
Zenith Index - 1
Non-GAAP vs. GAAP Earnings - 1
Cash Flow - 1
Average to Current P/E + 1
Ratios + 1
Intrinsic Value DCF - 1
Fair Value Estimator + 1
Projected Earnings + 1
Research Reports + 1
Analysts - 1
Executive Perquisites - 1
Insider Activity - 1
Institutional Activity - 1
Management Reporting + 1
Short Interest + 1
Sentiment - 1
Standard & Poor's - 1
MACD Histogram Divergence + 1
Val Idea - 1
Stock Consultant + 1
Point & Figure + 1
Wall Street Analyzer + 1
Marketspace Chart + 1
Time Series Chart - 1
Neural Network - 1
Stock Options + 1
Ultimate Trading Systems - 1
Total - 3
Place 855 shares of Xerox Corporation (XRX) on the Active List.