Weak Growth Resumes for Axis (Q3 2012)

Author: John Honovich, Published on Oct 17, 2012

Bad news for Axis alone or bad sign for the entire market? Now, for three of the last four quarters, Axis has turned in weak growth. In this note, we dig into the trend, the issues and Axis's plan for the future.

Background

**** ******* (** ****) *** *********, ****% ******. ***** ** **** (** ****) ** ****%*** *** **** ******* ** **** *****%.

***, *** ** ****, ****** ****%. *******, *** **** ** ****, ****** ** **%. [****: all ******** ** ***** ******** ***** ** ***** ******** **** fluctuations.]

*** ** ******/****** *******, **** **** ***** ** ****** (****** unsteady). *** ****, ** ** *** ***** ***** ********** ****, and ************* ***** **** ***** *** ******** *** ******* ****** projections.

Drivers / *** ******

****'* ** **** ********* ****** *** ********** ************ ** ****** **** *********** **********:

  • *****************: ****** ******* **** ** *% *** *** ****** ****** was *** ******** ******* ** **** *% (*** ***** ***** historical ****). **** **** *** **** ** **% *** ****'* on * **** ***** **** *** ** * ****** **** is ******** ** ******* **** ******.
  • ******: **** ***** '******** ***********' *** ****** '**** ******* ***** our ********' *** **** '***** ****** **** ********'. ** *** same ****, *** ******* ** ***** ******* '**** **** ****** potential ** ** ******* *** ****'.
  • ********* ********: **** *&* *** ***** & ********* *************** ************** **** ******* *** *** ***** **** ** * *****.
  • *******: **** *** *** ***** ******* **** ********** ********* **** the *** ******** ********.
  • ****** *****: **** ************** *** ***** *** ******: ******** ******* *** ***** *************.
  • *******: ******* *** **** **** ** ~$*** ******* ***

******

**** ** ******* ** ****** ******* ** ****** *** ***** America ** ***** *** *********. ***** **** **** *********** *** the ****** ***** ************ ****** ******* **.*% ****** **** **** to ****, **** ** **** ********** ** ***** ** ******** markets **** ******* *********. *** **** **** ** ** *********** ** *** ** those ********* *** ******* ***** ******* *********** *** ** **** also ** ** ************** ** **** *** ****** * ***** player ***** (*****, *.*., **** **% ** ****'* ******* ** from **** *** *** ****** **** ** **** ****** *** been ******).

*** ******* ***** *************, **** ******* "********* ************ *** *** customers" *** "****** *********** ******* **** ****** ***********" ****** **** is **** ****** *** ******* ***** ***** **** *****. *** they ******* ** ***** ***** **** ** ********* *** ***** watching.

*******

**** ******'* ******* ******** ********** ********* ** ****, ** ** a **** ** ****** *** ****** ******** ** *** ******** who ******** ***** (*** ********** *** **** *** ***** ******** generated ~**% ** ***** ******* *****).

** *******, ** *** *** ********* ******:

  • ********** ** ****** ******: ** ** *** ****** ** **** ******** *** ************ use, *** **** ****** ** ********* ****** ** ******** ****** to **** **. **** *** **** *** *****, *** ****** rate ** *** ** ****** **** ****** ******** ** *** lower **** ** *** ******* ************ ******.
  • *******: **** ** ** *** *** ** *** ******** (**** $300 ******* *** ** ******* **** ****) **** ** ** likely ******** **** *** **** ** **** ** ***** ********** 30-35% **** (** ** ** ***** ** *** ********** ** acquiring ** ******** **** ****).

*** *** ***** ** ******* *** ** ****'* ***** ** their ********* *** ******* ***********. **** ******** ** ******* ****, high *******, ********** ******** **** ****** ** *** ******. ********** of ***** ****** ******, ***** ****** *********** ******** ****** ****** until *** ****** **** ****** *&*.

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