Equity Research - NICE Systems Ltd Update Report

<p>Since our initial coverage in June 2011, NICE has sustained healthy revenue growth rates fuelled by several&nbsp;acquisitions as well as moderate organic growth, which in turn is driven by increasing demand for analytics-&nbsp;based solutions. The acquisitions have enabled the company to strengthen its market position and enhance the&nbsp;product portfolio, which are critical factors for the highly competitive technology market. Additionally, NICE has&nbsp;continued to receive industry awards for its solutions, which reiterate its technological and marketing strengths.&nbsp;Overall, management remains optimistic and targets double-digit organic growth rates in the near future.</p>

<p>Although since the beginning of 2011 NICE has committed significant amounts to acquisitions and stock&nbsp;repurchases, its financial position remains solid, with no debt and a large balance of cash and marketable&nbsp;securities.</p>

<p>Our updated valuation, based on a combination of intrinsic DCF-based method and relative valuation&nbsp;techniques, suggests that NICE’s share is currently undervalued, with about one-quarter upside potential. We&nbsp;therefore rate the company as a Buy.</p>

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