...HP Inc. maintains strong global market positions in its core PC and printer markets, but also invests in new printer strategies like A3 printers through its acquisition of Samsung's printer business and 3D and digital printing to advance its market leadership over the long term. We believe HP has a strong position in the A4 printer market, while smaller than A3, has better growth prospects. While we believe the company may face challenges ramping new printer technologies and experience competitive threats from ongoing document digitalization and alternative printer supplies, HP's substantial cash flow generation and more conservative financial policy provide greater operational flexibility than competitors in this area. In PC markets, HP maintains solid no. 2 global share and has improved its position (about 23.6%) over the past few years despite intense competition from Lenovo and Dell. While we expect mature PC market conditions to persist (flat to slightly down in 2019), HP has been...
