The response to the International Business Machines (NYSE:IBM) Investor Day presentation has been muted: nothing was said that moved the needle. Shortly thereafter, CFO Martin Schroeter did another presentation at the Morgan Stanley Technology, Media and Telecom Conference. After reviewing the transcript, I developed the following spreadsheet, which projects the company's performance out through the year 2018 consistent with management's planned trajectory. If the company resumes top line growth and maintains margins, buybacks will drive respectable growth in EPS, with the PE edging upward toward a historical market standard of 15. Read more