al n rte n I- d e tc i tr s Re CORE IT Hardware and Communications Equipment 2020 Outlook and Themes INDUSTRY UPDATE Equity Research 17 January 2020 We maintain our Neutral Industry view on the group. 2019 was a mixed year for fundamentals, although multiples expanded as they did for the overall market. We believe 2020 will be more linked to fundamental performance, so we prefer names with a story or product cycle that have not seen valuations expand too much. 2019 Recap: The group was mixed in
