BRIGANTINE ADVISORS 3PAR Inc.
|
|
- Katherine Dickerson
- 5 years ago
- Views:
Transcription
1 3PAR Inc. Buy (PAR, $6.68) Initiating Coverage $8.30 Target April 2, 2009 Analyst: Mark Kelleher (508) Senior Associate: Aron Honig (978) Conclusion Storage Virtualization Platform. One of the key drivers in data center design is the ability to virtualize IT environments to drive higher efficiencies from storage and server resources. 3PAR s products provide a comprehensive virtualized storage platform, with key abilities such as thin provisioning. 3PAR s platform is well suited as the foundation for managed service providers which are offering shared computing environments to their service clients. Outsourcing key computational functions to service providers is referred to as Cloud Computing, an architecture gaining rapid adoption, for which 3PAR s systems are the natural storage element. Gaining market share. The company grew revenue 73% in fiscal 2007, 78% in fiscal 2008, and we project will achieve 53% growth in fiscal 2009 (ending March). The company has grown at a much higher rate over this time period than all of its competitors in the enterprise storage market. By comparison, leading competitor EMC grew product revenue 15% in 2006, 11% in 2007, and 13% in Network Appliance grew revenue 33% in calendar 2006, 22% in calendar 2007, and just 9% in calendar Recommendation. We believe 3PAR s unique architecture, built from the ground up to incorporate storage virtualization concepts such as dynamic provisioning of storage capacity, positions the company well to take advantage of new computing architectures such as Cloud Computing. We believe the company can maintain at least a 30% growth rate over the next several years. Based on a P/E/G ratio of one and a calendar 2010 EPS estimate of $0.28, we calculate a 12-month price target of $8.30. We are therefore initiating coverage of 3PAR with a Buy recommendation. PAR $6.68 EPS 2009E 2010E 2011E Mkt. Cap $M $422 1Q FYE Mar 2Q DIL Shr M 63 3Q hi-lo $11-$4 4Q (0.01) P/S FY09 2.1x Year P/Book 3.5x P/E 101.7x 46.4x 19.9x FCF/Share $0.06 Revenue $M FCF Yield 1% 1Q EV/EBITDA 39.9x 2Q Source: MSN Money Note: EPS excludes one-time items Debt to Cap NA 3Q BV/Share $1.94 4Q Please see addendum for disclosures. Net Debt/Sh NA Year April 2,
2 Company Description 3PAR provides utility storage solutions to enterprises, service providers, government entities and Internet companies. It utility storage solutions offer scalable tiered storage arrays which are efficient and simple to increase performance and return on investment of storage. 3PAR markets its products through the InServ Storage Server array and licenses from the InForm Suite as well as other software applications and support. The InServe Storage Server is powered by its own proprietary software suite labeled InForm which provides benefits including simplicity, efficiency, scalability, availability, and faster storage provisioning. Investment Thesis 3PAR offers a comprehensive storage platform that virtualizes storage management, masking the complexity of storage management from applications. 3PAR designed its architecture from the ground up to incorporate storage virtualization capabilities, which provides a significant competitive advantage versus legacy storage providers. With PAR s storage systems, virtual pools of storage can be created from physical storage assets, and capacity added and removed in real time (dynamic provisioning), as the application requires. Two areas of virtualization that have achieved a significant amount of adoption include server virtualization, in which virtual processors and clusters are allocated to match applications requirements; and storage virtualization, in which complex storage architectures allocate storage resources as needed by applications. With the adoption of server virtualization, pooling of storage resources becomes a necessity, and we believe the massive deployment of hypervisors into the X86 server environment is beginning to force IT managers to align storage resources to the new server architecture. 3PAR is uniquely positioned to take advantage in this shift in data center design. A second dynamic occurring within the datacenter closely linked with the virtualization dynamic is the outsourcing of management of IT resources. A number of companies are emerging that offer enterprises the ability to outsource the entire IT infrastructure to a third party, and pay for those resources on a utility basis. 3Par s architecture, with its ability to share applications and dynamically allocate resources, is particularly well suited for utility computing environments. Given the company s strong market position and rapid growth rate, we believe the stock can achieve our 12-month price target of $8.30 per share, a considerable increase from the current valuation. We are therefore initiating coverage on 3PAR with a Buy recommendation. Financials Recent Results 3PAR s recently reported results for its December 2008 quarter (PAR s third quarter). Revenue of $48.2 million was a 56.6% increase over the prior year. Guidance for the quarter was $43 - $45 million, with consensus at $44 million. 80% of revenue was derived from existing customers, and the company has now sold over 1000 systems to over 400 customers. The business-to-business customer segment, which includes service providers, accounted for mid 30% of revenue for the quarter, and was the company s largest vertical segment. Gross margin was 64.7%, a slight decrease sequentially from 65.4% in the September quarter. Operating margin was 4.9%, up from 0.6% in the September quarter. Pro-forma EPS was $0.04, compared to consensus of $0.01. At the end of December, the company has 48 productive account executives in sales, up from 46 April 2,
3 the previous quarter. Total employees at the end of the quarter were 572, up from 503 in the September quarter. Although the company did see some fluctuations in its bookings stream due to macro economic factors in the December quarter, the pipeline of orders remains strong as PAR continues to take market share from larger competitors. For fiscal 2009 (ending March 2009, the current quarter), PAR increased its revenue guidance from $171 - $179 million to $178 - $184 million. We believe the economic uncertainty helps vendors such as PAR which offer solutions to improve efficiency and save costs, as customers are more open to new approaches. Balance Sheet The company has just over $100 million in cash at the end of December ($1.59 per share) and no debt. Estimates For Q4, which we expect 3PAR to report in early May, we project $44.5 million in revenue, a 25% year-over-year growth rate. Guidance for the March quarter stands at $42 - $48 million. We are expecting gross margins of 63.8% and Pro Forma EPS of ($0.01). We would note that PAR benefited somewhat in gross margins and operating margins by shutting a factory at the end of December, as a precaution given economic uncertainty. That cost leverage will not repeat in the March quarter. For fiscal 2010 (ending March 2010), we are projecting revenue $205.5 million, a 13.7% yearover-year growth rate. Given the economic uncertainty, we believe this is a prudent forecast. For EPS, we are projecting $0.14. For calendar 2010, we are estimating $247.5 million of revenue and $0.28 of EPS. Valuation We believe PAR can maintain a 30% earnings growth rate for the foreseeable future. Based on our $0.28 EPS estimate for calendar 2010 and a P/E/G ratio of 1, we determine a 12-month price target for 3PAR of $8.30. Recommendation We believe 3PAR s storage virtualization software, built from the ground up to maximize capacity utilization within server systems, is well positioned for rapid growth. Cloud Computing is just one important architecture that requires intelligent storage solutions. Legacy architectures from large competitors such as EMC, IBM, and HP simply cannot be retro-fitted to include functionality such as thin provisioning. As a result, there is a significant opportunity for PAR to gain market share. We believe 3PAR can continue a growth trajectory over the next several years of at least 30%. Based on this growth rate assumption and our calendar 2010 EPS estimate, we calculate a 12- month price target for 3PAR of $8.30, considerably higher than the current valuation. We are therefore initiating coverage of 3PAR with a Buy recommendation. Risks Competition. 3Par competes against such tier-one vendors as EMC, IBM, Hitachi Data Systems, Sun Microsystems, Hewlett Packard as well as potential new and emerging vendors and various competing technologies. With such competition, there exists the potential for significant pricing pressure. Market concentration. The managed services (utility computing) market segment is the largest April 2,
4 contributor to revenue (high 30% range of revenue). If this segment should encounter macro economic difficulties, PAR revenues may deteriorate. Product risk. PAR operates under a single product family, InServ. If the storage market declines or 3Par s products fails to maintain or achieve market acceptance, then future losses could be imminent. Valuation assumption. In our valuation determination, we have made several assumptions as to earnings estimates, company growth rate, and market earnings multiples. If any of these assumptions should be less than accurate, our price target could be inaccurate. For additional operational risks, see 3PAR s 10-K filing with the Securities and Exchange Commission. April 2,
5 BRIGANTINE ADVISORS Source: Company Reports and Brigantine Advisors Estimates April 2,
6 Source: Company Reports and Brigantine Advisors Estimates April 2,
7 Analyst Certification The research analyst(s) primarily responsible for the preparation of this research report hereby certify that all of the views expressed in this research report accurately reflect their personal views about any and all of the subject securities or issuers. The research analyst(s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report. Stock Rating 1-Buy - The stock is expected to deliver a total return of 15% over a 12-month investment horizon. 2-Hold - The stock is expected to deliver less than a 15% positive return or less than a 10% negative return, over a 12-month investment horizon. 3-Sell - The stock is expected to deliver a negative total return of 10% over a 12-month investment horizon. Important Disclosures This report has been prepared by Brigantine Advisors LLC. This publication does not constitute an offer or solicitation of any transaction in any securities referred to herein. Any recommendation contained herein may not be suitable for all investors. Although the information contained in the subject report (not including disclosures contained herein) has been obtained from sources we believe to be reliable, the accuracy and completeness of such information and the opinions expressed herein cannot be guaranteed. This publication and any recommendation contained herein speak only as of the date hereof and are subject to change without notice. Brigantine Advisors and its employees shall have no obligation to update or amend any information or opinion contained herein. This publication is being furnished to you for informational purposes only and on the condition that it will not form the sole basis for any investment decision. Each investor must make their own determination of the appropriateness of an investment in any securities referred to herein based on the tax, or other considerations applicable to such investor and its own investment strategy. By virtue of this publication, neither Brigantine Advisors nor any of its employees, nor any data provider or any of its employees shall be responsible for any investment decision. This report may not be reproduced, distributed, or published without the prior consent of Brigantine Advisors. All rights reserved by Brigantine Advisors. Brigantine Advisors and its logo are registered trademarks of Brigantine Advisors LLC. This report may discuss numerous securities, some of which may not be qualified for sale in certain states and may therefore not be offered to investors in such states. This document should not be construed as providing investment services. Investing in non-u.s. securities including ADRs involves significant risks such as fluctuation of exchange rates that may have adverse effects on the value or price of income derived from the security. Securities of some foreign companies may be less liquid and prices more volatile than securities of U.S. companies. Securities of non-u.s. issuers may not be registered with or subject to Securities and Exchange Commission reporting requirements; therefore, information regarding such issuers may be limited. April 2,
Small-Cap Research (SILC-NASDAQ) SILC: Growth Eludes Silicom for the Next Few Quarters- Downgrading to Hold OUTLOOK SUMMARY DATA ZACKS ESTIMATES
Small-Cap Research July 23, 2014 Lisa Thompson 312-265-9154 lthompson@zacks.com scr.zacks.com 10 S. Riverside Plaza, Chicago, IL 60606 Silicom Limited (SILC-NASDAQ) SILC: Growth Eludes Silicom for the
More informationSUMMARY. Risk Level *
February 13, 2015 NetApp, Inc. Current Recommendation Earnings Update: NetApp Reports Q3 Results SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 08/19/2013 Current Price (02/12/15)
More informationEMC Q FINANCIAL RESULTS
EMC Q3 2012 FINANCIAL RESULTS Tony Takazawa Vice President, Global Investor Relations October 24, 2012 1 Forward-Looking Statements This presentation contains forward-looking statements as defined under
More informationWe Raise Our Price Target To $4 (From $3); Think Strong Outlook For Revenue And EBITDA Growth Warrants Higher Valuation
July 13, 2018 Company Sponsored Research Morning Meeting Note Raise Price Target Sify Technologies Limited Sponsored ADR (SIFY) Equity Research We Raise Our Price Target To $4 (From $3); Think Strong Outlook
More informationEMC Q FINANCIAL RESULTS
EMC Q4 2010 FINANCIAL RESULTS Tony Takazawa Vice President, Global Investor Relations January 25, 2011 1 Forward-Looking Statements and GAAP Reconciliation This presentation contains forward-looking statements
More informationAnalyst's Notes. Argus Recommendations
Report created Jan 17, 2018 Page 1 OF 5 Citigroup is one of world's largest banks, with global consumer banking, corporate banking, and investment banking operations. Of the largest U.S. banks, Citigroup
More informationHewlett Packard company
February 25, 2015 Hewlett Packard company Current Recommendation Earnings Update: Hewlett-Packard Reports Q1 Results SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 09/01/2013
More informationHDFC Bank. BUY CMP (Rs.) 1,807 Target (Rs.) 2,000 Potential Upside 11%
Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17. Volume No.. I Issue No. 147 HDFC Bank Oct. 31, 2017 BSE Code: 500180 NSE Code: HDFCBANK Reuters Code: HDBK.NS
More informationSmall-Cap Research. Auxilio Inc. (AUXO-OTCQB) AUXO: Slow Start to the Year Creates Buying Opportunity OUTPERFORM OUTLOOK SUMMARY DATA ZACKS ESTIMATES
Small-Cap Research May 15, 2014 Lisa Thompson 312-265-9154 lthompson@zacks.com scr.zacks.com 10 S. Riverside Plaza, Chicago, IL 60606 Auxilio Inc. (AUXO-OTCQB) AUXO: Slow Start to the Year Creates Buying
More informationIndustry Overview February 16, 2010
Industry Overview February 16, 2010 Enterprise Software Brendan Barnicle 503.727.0624 bbarnicle@pacific-crest.com Matthew Coss 503.727.0622 mcoss@pacific-crest.com With Expectations Reset, Time to Add
More informationACI Worldwide (ACIW) BAML 2014 Leveraged Finance Conference
ACI Worldwide (ACIW) BAML 2014 Leveraged Finance Conference December 2014 Private Securities Litigation Reform Act of 1995 Safe Harbor For Forward-Looking Statements This presentation contains forward-looking
More informationZacks Small-Cap Research
Zacks Small-Cap Research Sponsored Impartial - Comprehensive August 21, 2018 M. Marin 312-265-9211 mmarin@zacks.com scr.zacks.com 10 S. Riverside Plaza, Chicago, IL 60606 Legacy Education Alliance, Inc.
More informationACI Worldwide (ACIW) May/June 2015
ACI Worldwide (ACIW) May/June 2015 Private Securities Litigation Reform Act of 1995 Safe Harbor For Forward-Looking Statements This presentation contains forward-looking statements based on current expectations
More informationACI Worldwide (ACIW) Investor Conferences
ACI Worldwide (ACIW) Investor Conferences Spring/Summer 2014 Private Securities Litigation Reform Act of 1995 Safe Harbor For Forward-Looking Statements This presentation contains forward-looking statements
More informationscr.zacks.com 10 S. Riverside Plaza, Chicago, IL (STVI-OTC) OUTLOOK ZACKS ESTIMATES Earnings Per Share
Small-Cap Research September 15, 2017 M. Marin 312-265-9211 mmarin@zacks.com scr.zacks.com 10 S. Riverside Plaza, Chicago, IL 60606 Snap Interactive (STVI-OTC) STVI: LiveXLive Offer Represents More Than
More informationALPHA SELECT LIST CAS Medical Systems, Inc.
A Matt G. Hewitt Senior Research Analyst 612-334-6314 matthew.hewitt@craig-hallum.com Lucas Baranowski Research Analyst 612-334-8224 lucas.baranowski@craig-hallum.com Charlie Eidson, CPA Research Analyst
More informationTata Consultancy Services
Tata Consultancy Services SALES NOTE 19 th May 2017 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 India Equity Institutional Research II Sales Note II 19th May, 2017 CMP INR 2536 Target INR 2833 Potential
More informationCitrix Systems Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (CTXS-NASDAQ) SUMMARY
January 13, 2015 Citrix Systems Inc. Current Recommendation Prior Recommendation Outperform Date of Last Change 7/09/2014 Current Price (01/12/15) $61.15 Target Price $64.00 NEUTRAL SUMMARY (CTXS-NASDAQ)
More informationConditions Green, HDD Stocks Red Why a Decline in Valuation Immediately Followed One of the Decade s Most Profitable Quarters.
Conditions Green, HDD Stocks Red Why a Decline in Valuation Immediately Followed One of the Decade s Most Profitable Quarters. Asia Pacific, March 2010 1 Important Disclosures Analyst Certification - The
More informationState Bank of India (SBI)
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17. Volume No.. II Issue No. 126 State Bank of India (SBI) June 23, 217 BSE Code: 5112 NSE Code: SBIN Reuters Code:
More informationKBRO KAUFMAN BROS. MORNING EXCHANGE. July 10, In Today's Morning Exchange:
In Today's Morning Exchange: Initiation of Coverage American Superconductor Corp. Earnings Previews Google Company/Industry Comments IT Services & Software CHINA WIND TURBINE MARKET AT 10GW NOW THOUGHTS
More informationReduce. Punjab National Bank Banking RETAIL EQUITY RESEARCH. Not out of the woods. GEOJIT BNP PARIBAS Research. 10 th August 2016 Q1FY17 RESULT UPDATE
Q1FY17 RESULT UPDATE Aug-15 Sep-15 Oct-15 GEOJIT BNP PARIBAS Research Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 RETAIL EQUITY RESEARCH Punjab National Bank Banking BSE CODE:
More informationBUY CMP (Rs.) 297 Target (Rs.) 385 Potential Upside 30%
Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May- Jun-16 Jul-16 Aug-16 Aug-16 Sep-16 Oct-16. Volume No.. I Issue No. 95 Dewan Housing Finance Corporation (DHFL) Nov. 4, 2016 BSE Code: 511072 NSE Code: DHFL
More informationCOMPANY UPDATE. May 16, ROE (%) Dividend yield (%)
Summary. Man Wah s relatively weak FY2018 results were somewhat anticipated, given rising commodity prices and RMB appreciation. On the positive side, the China business performed well and will be the
More informationEMC Q FINANCIAL RESULTS
EMC Q3 2011 FINANCIAL RESULTS Tony Takazawa Vice President, Global Investor Relations October 18, 2011 1 Forward-Looking Statements This presentation contains forward-looking statements as defined under
More informationSUMMARY. Risk Level *
February 02, 2015 Xerox Corporation Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 10/18/2012 Current Price (01/30/15) $13.17 Target Price $14.00 52-Week
More informationONE- YEAR PRICE AND VOLUME HISTORY. Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 volume close
NEW YORK SÃO PAULO SHANGHAI () Electronic Technology - INVESTMENT HIGHLIGHTS Arkados Group, Inc. recently acquired SolBright Renewable Energy and expanded its service offerings to include solar power generation
More informationZacks Small-Cap Research
Zacks Small-Cap Research Sponsored Impartial - Comprehensive March 1, 2018 Brian Marckx, CFA bmarckx@zacks.com Ph (312) 265-9474 scr.zacks.com 10 S. Riverside Plaza, Chicago, IL 60606 Semler Scientific
More informationTAV Airports EARNINGS REVIEW 4Q17. Bottom-line below consensus BUY TRY22.90
EARNINGS REVIEW 4Q17 Turkey Aviation 22 February 2018 TAV Airports Bottom-line below consensus We reduce our recommendation to Hold, while keeping our target price unchanged at TRY22.90/shr. We believe
More informationRelease Date Conference Call Time (Eastern) Contact Co. Guidance Consensus TBD TBD TBD TBD N/A $0.02
October 9, 2018 Company Sponsored Research Morning Meeting Note Earnings Preview Sify Technologies Limited Sponsored ADR (SIFY) Equity Research Expect 2Q:F19 EPS Will Be Flat Year Over Year On 15% Higher
More informationManappuram Finance (MGFL IN) Growth picks up in gold loan; Microfinance drive profitability
INSTITUTIONAL EQUITY RESEARCH Manappuram Finance (MGFL IN) Growth picks up in gold loan; Microfinance drive profitability INDIA BFSI Quarterly Update Top takeaways from Q1FY19 Operating results inline
More informationCIF Stock Recommendation Report (Fall 2012)
Date: Saturday, November 10, 2012 Analyst Name: Fausto Guillén Aguilar Jr. CIF Stock Recommendation Report (Fall 2012) Company Name and Ticker: International Business Machines Corp IBM Section (A) Summary
More informationLevel 3 Reports Fourth Quarter and Full Year 2010 Results
Level 3 Reports Fourth Quarter and Full Year 2010 Results Expects Growth in Core Network Services Revenue and Consolidated Adjusted EBITDA in 2011 Fourth Quarter Highlights Consolidated Revenue increased
More informationPersistent Systems Ltd
Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16. Volume No.. I Issue No. 102 Persistent Systems Ltd Dec. 23, 2016 BSE Code: 533179 NSE Code: PERSISTENT Reuters
More informationMGIC Investment Corporation
Upsi de 25.1% 09-Mar-2015, N/A, N/A, N/A, N/A, N/A, N/A, N/A, N/A, N/A, N/A, N/A, N/A, N/A, N/A, N/A, N/A, N/A, N/A, N/A Equity Research October 15, 2015 Mark Palmer (212) 588-6582 mpalmer@btig.com Giuliano
More informationAkamai Technologies Inc.
February 19, 2015 Akamai Technologies Inc. Current Recommendation Prior Recommendation Outperform Date of Last Change 12/22/2013 Current Price (02/18/15) $70.29 Target Price $74.00 NEUTRAL SUMMARY (AKAM-NASDAQ)
More informationKDDL (KDDL IN) In expansion mode
INSTITUTIONAL EQUITY RESEARCH KDDL (KDDL IN) In expansion mode INDIA MIDCAP Quarterly Update Top takeaways from 2QFY19 Results in line, recovery in manufacturing & strong growth in precision engineering.
More informationTCL Communication (2618 HK) Painful transition period. Buy (Maintain) Target Price HK$2.33 Up/downside +28.5% Current price HK$1.
Securities Analysis (Equity) TCL Communication (218 HK) Painful transition period 1H12 profit warning. TCL Com announced profit warning on 15 Jul and expected to record a significant drop in 2Q12 net profit
More informationCoway ( KS) Good start to China water-purifier market entry. Korea Research KRW121,000 KRW103,000. Event. Impact. Action and recommendation
Korea Research This research report is a product of (Korea) Flashnote Korea / Consumer 1 June 2016 BUY Target price Last price (31 May 2016) KRW121,000 KRW103,000 Upside/downside (%) 17.5 KOSPI 1,983.40
More informationHP Reports Second Quarter 2003 Results
HP Reports Second Quarter 2003 Results Non-GAAP EPS $0.29, $0.02 Higher Than Analyst Consensus Estimates; GAAP EPS $0.22 Revenue of $18.0 Billion, Up 1% Sequentially Enterprise Systems Grows Sequentially,
More informationInvestor Presentation November eplus inc.
Investor Presentation November 2016 2016 eplus inc. I 1 Safe Harbor Statement Statements in this presentation that are not historical facts may be deemed to be "forward-looking statements." Actual and
More informationPTC INC. FOURTH QUARTER FISCAL 2015 PREPARED REMARKS October 28, 2015
PTC INC. FOURTH QUARTER FISCAL 2015 PREPARED REMARKS October 28, 2015 Please refer to the Important Disclosures section of these prepared remarks for important information about our operating metrics,
More informationLarsen & Toubro Ltd.
Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Volume No.. III Issue No. 163. Larsen & Toubro Ltd. February 26, 2018 BSE Code: 500510 NSE Code: LT Reuters Code:
More informationZacks Small-Cap Research
Zacks Small-Cap Research Sponsored Impartial - Comprehensive May 16, 2018 Lisa Thompson 312-265-9154 lthompson@zacks.com scr.zacks.com 10 S. Riverside Plaza, Chicago, IL 60606 Net Element Inc. (NETE-NASDAQ)
More informationEMC Q FINANCIAL RESULTS
EMC Q2 2010 FINANCIAL RESULTS Tony Takazawa Vice President, Global Investor Relations July 21, 2010 1 Forward-Looking Statements and GAAP Reconciliation This presentation contains forward-looking statements
More informationCONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF EARNINGS (In millions, except per share amounts) Three months ended April 30, January 31, April 30, 2016 2016 2015 Net revenue $ 12,711 $ 12,724 $ 12,549
More informationICICI BANK Ltd. BUY CMP (Rs.) 334 Target (Rs.) 382 Potential Upside 15% Tide set to turn favourably... For private circulation only
Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Volume No.. III Issue No. 160. ICICI BANK Ltd. Feb. 08, 2018 BSE Code: 532174 NSE Code: ICICIBANK Reuters Code:
More informationCredit Opinion: Ascendas Real Estate Investment Trust
Credit Opinion: Ascendas Real Estate Investment Trust Global Credit Research - 28 May 2012 Singapore Ratings Category Outlook Corporate Family Rating Senior Unsecured Moody's Rating Stable A3 Baa1 Contacts
More informationBUY. State Bank of India (SBI) Banking RETAIL EQUITY RESEARCH. GEOJIT BNP PARIBAS Research. CMP Rs259 TARGET Rs284 RETURN 10% 22 nd August 2016
Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Q1FY17 RESULT UPDATE GEOJIT BNP PARIBAS Research RETAIL EQUITY RESEARCH State Bank of India (SBI) Banking BSE
More informationEVRY ASA Q4/FY 2017 PRESENTATION. CEO Björn Ivroth CFO Henrik Schibler
EVRY ASA Q4/FY 2017 PRESENTATION CEO Björn Ivroth CFO Henrik Schibler Agenda Q4/ Preliminary FY 2017 presentation Group highlights Business update & trends Financial highlights Business area performance
More informationManappuram Finance (MGFL IN) Healthy operating performance
INSTITUTIONAL EQUITY RESEARCH Manappuram Finance (MGFL IN) Healthy operating performance INDIA BFSI Quarterly Update Top takeaways from Q2FY19 Operating results ahead of expectations with NII/PAT at Rs
More informationONE- YEAR PRICE AND VOLUME HISTORY. Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17
NEW YORK SÃO PAULO SHANGHAI INVESTMENT HIGHLIGHTS () Technology Services - Internet Software/Services October 26, 2017 operates in a rapidly-growing industry; global demand for VoIP services was valued
More informationCFO Commentary on Fourth Quarter and Fiscal 2017 Results
Q4 Fiscal 2017 Summary CFO Commentary on Fourth Quarter and Fiscal 2017 Results ($ in millions except earnings per share) GAAP Q4 FY17 Q3 FY17 Q4 FY16 Q/Q Y/Y Revenue $2,173 $2,004 $1,401 up 8% up 55%
More informationAvnet, Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (AVT-NYSE) SUMMARY
January 30, 2015 Avnet, Inc. Current Recommendation Prior Recommendation SUMMARY DATA NEUTRAL Underperform Date of Last Change 04/02/2013 Current Price (01/29/15) $42.26 Target Price $44.00 52-Week High
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Paul Sham 26 th March 2010. ICBC (ASIA) LIMITED ( 工銀亞洲 ) Sector : Banking
More informationExchange Traded Fund Strategies
Exchange Traded Fund Strategies 221 W. 6 th Street, Suite 1210 Austin, Texas 78701 Phone 512.477.3110 Fax 512.472.1046 Teresa Finney Senior Vice President, Investments Richard A. Funk, CFP First Vice President,
More informationElectronic Arts Inc. EA NASDAQ Neutral-2 Good 2Q Results; Neutral Rating Based on Stock Valuation
COMPANY UPDATE / ESTIMATE CHANGE Key Metrics EA - NASDAQ (as of 10/31/17) $119.60 Two Year Price Target N/A 52-Week Range $73.74 - $122.79 Shares Outstanding (mil) 309 Market Cap. ($mil) $36,956 3-Mo.
More informationKingsoft (3888 HK) Buy (maintained) Target price: HK$20.77
Equity Research Information Technology May 24, 216 Kingsoft (3888 HK) Buy (maintained) Target price: HK$2.77 Full-year earnings forecast trimmed as 1Q16 results miss; maintain Buy but lower target price
More informationN U T A N I X F I L E S T E C H T A L K
2 3 App App App App Virtualization Virtualization Storage Controller Storage Controller Storage Controller Storage Controller Storage Controller Storage Controller Integrated, scale-out compute and storage
More informationBUY RETAIL EQUITY RESEARCH. HDFC Ltd. NBFC. Better placed among housing finance companies (HFCs) GEOJIT BNP PARIBAS Research
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Company Update GEOJIT BNP PARIBAS Research RETAIL EQUITY RESEARCH HDFC Ltd. NBFC BSE CODE: 500010 NSE CODE: HDFC
More informationEMC Q Financial Results
EMC Q3 2014 Financial Results Tony Takazawa Vice President, Global Investor Relations October 22, 2014 1 Forward-Looking Statements This presentation contains forward-looking statements as defined under
More informationRBL Bank Ltd. Banking. ACCUMULATE Rating as per Mid Cap 12 months investment period RETAIL EQUITY RESEARCH
Q1FY18 RESUL UPDATE Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 RETAIL EQUITY RESEARCH RBL Bank Ltd. Banking BSE CODE: 540065 NSE CODE: RBLBANK Bloomberg CODE: RBK:IN SENSEX:
More informationDELL 2Q FY10 PERFORMANCE REVIEW
DELL 2Q FY10 PERFORMANCE REVIEW Michael Dell Chairman and CEO Brian Gladden Senior Vice President and CFO August 27, 2009 1 SAFE HARBOR Statements in this webcast that relate to future results and events
More informationRent-A-Center today is
INVESTOR PRESENTATION FIRST QUARTER 2014 Safe Harbor This presentation contains forward-looking statements that involve risks and uncertainties. Such forward-looking statements generally can be identified
More informationEMC REPORTS RECORD FIRST-QUARTER RESULTS
FOR IMMEDIATE RELEASE Contact: Lesley Ogrodnick 508-293-6961 lesley.ogrodnick@emc.com EMC REPORTS RECORD FIRST-QUARTER RESULTS First-Quarter Highlights Record first-quarter consolidated revenue up 18%
More informationFIDELITY BANK PLC. Equity Research Report
Equity Research Report On FIDELITY BANK PLC October 27 This report is based upon information from various sources that we believe are reliable. However, no representation is made that is not accurate or
More informationSanghvi Movers Ltd. Results above estimates. Figure 1: Actual Vs Religare Estimates. Financial highlights. Valuations and Recommendation
Institutional Equity Research Key data 3 June 28 Sector Capital Goods Market Cap Rs9bn/US$.2bn 52 Wk H/L (Rs) 337/15.5 BSE Avg. daily vol. (6m) 4,437 BSE Code 5373 NSE Code SANGHVIMOV Bloomberg SGM IN
More informationBUY. State Bank of India (SBI) Banking RETAIL EQUITY RESEARCH. Outlook getting better. CMP Rs278 TARGET Rs310 RETURN 12% 17 th November 2016
Q2FY17 RESULT UPDATE GEOJIT BNP PARIBAS Research RETAIL EQUITY RESEARCH State Bank of India (SBI) Banking BSE CODE: 500112 NSE CODE: SBIN Bloomberg CODE: SBIN:IN SENSEX: 26,228 BUY Rating as per Large
More informationHelping Clients Win with Digital
First Quarter 2018 Earnings Supplement Helping Clients Win with Digital May 7, 2018 2017 Cognizant Forward Looking Statements and Non-GAAP Financial Measures This earnings supplement includes statements
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6113 HONG KONG RESEARCH Analyst: Paul Sham 25 th March 2011. BOC HONG KONG (HOLDINGS) LIMITED ( 中銀香港 )
More informationEVRY ASA Q PRESENTATION CEO BJÖRN IVROTH CFO HENRIK SCHIBLER
1 EVRY ASA Q3 2018 PRESENTATION CEO BJÖRN IVROTH CFO HENRIK SCHIBLER Agenda Group highlights Business update Financial highlights Business area performance Concluding remarks Q&A 2 Group highlights Q3
More informationPresentation to Arctic Energy Summit: Investment Decisions in the Arctic The Nexus of Energy, Climate and Business
Guggenheim Partners Presentation to Arctic Energy Summit: Investment Decisions in the Arctic The Nexus of Energy, Climate and Business September 18, 2017 Please see disclosures and legal notice Investment
More informationMellanox Technologies Announces Q4 and 2007 Financial Results
Mellanox Technologies Announces Q4 and 2007 Financial Results Sixth Consecutive Quarter of Record Revenue; 73% Year-over-Year Growth SANTA CLARA, CA. and YOKNEAM, ISRAEL January 30, 2008 Mellanox Technologies,
More informationBroadband Stakeholder Group
Sector Stance: Market Weightt European Telecommunication Services: Broadband Stakeholder Group July 9th 2007 Research Analysts Jonathan Dann U.S. investors contact your Bear, Stearns & Co. Inc. registered
More informationNews Release. Dell Technologies Reports Fiscal Year 2019 Third Quarter Financial Results
News Release Dell Technologies Reports Fiscal Year 2019 Third Quarter Financial Results ROUND ROCK, Texas Nov. 29, 2018 News summary GAAP revenue up 15 percent to $22.5 billion Third consecutive quarter
More informationINSTITUTIONAL RESEARCH Technology COMPANY UPDATE Member FINRA/SIPC
INSTITUTIONAL RESEARCH Technology COMPANY UPDATE Member FINRA/SIPC Toll Free: 561-391-5555 www.dawsonjames.com 1 North Federal Highway - Suite 500 Boca Raton, FL 33432 Pareteum (NYSE American/TEUM) BUY
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Vincent Leung 8 th August 2007. STANDARD CHARTERED PLC ( 渣打集團 ) Sector
More informationUjjivan Financial Services Ltd.: Q3FY18 Result Update
Edelweiss Investment Research Ujjivan Financial Services Ltd.: Q3FY18 Result Update Good show; Robust outlook Ujjivan Financial Services Ltd. (UFS) reported a mixed set of numbers in its Q3FY18 financial
More informationInvestor Presentation February eplus inc.
Investor Presentation February 2017 2017 eplus inc. I 1 Safe Harbor Statement Statements in this presentation that are not historical facts may be deemed to be "forward-looking statements." Actual and
More informationLuxoft Holding, Inc Q2 FY2018 Call
Luxoft Holding, Inc Q2 FY2018 Call November 17, 2017 Dmitry Loschinin, CEO & President Evgeny Fetisov, CFO Disclaimer Safe Harbor Forward-Looking Statements 2 Non-GAAP Financial Measures To supplement
More informationCIF Stock Recommendation Report (Fall 2012)
CIF Stock Recommendation Report (Fall 2012) Date: 10/16/2012 Analyst Name: Matt Leid Company Name and Ticker: Salesforce.com (CRM) Section (A) Summary Recommendation Buy: Yes No Target Price: NA Stop-Loss
More informationDICKER DATA LIMITED ANNUAL RESULTS
DICKER DATA LIMITED ANNUAL RESULTS ANOTHER YEAR OF GROWTH DESPITE SOFT MARKET CONDITIONS Newport Capital produced this report to provide Australian wholesale clients and sophisticated investors with an
More informationAxis Bank Ltd. For private circulation only. Volume No.. III Issue No October 08, 2018
Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Volume No.. III Issue No. 188. Axis Bank Ltd. October 08, 2018 BSE Code: 532215 NSE Code: AXISBANK Reuters Code:
More informationVMware Reports Fiscal 2018 Second Quarter Results. Year-over-year revenue growth of over 12% to $1.90 billion
VMware Reports Fiscal 2018 Second Quarter Results Year-over-year revenue growth of over 12% to $1.90 billion Strong results driven by broad-based performance across product portfolio and geographies PALO
More informationEMC Q FINANCIAL RESULTS
EMC Q1 2011 FINANCIAL RESULTS Tony Takazawa Vice President, Global Investor Relations April 20, 2011 1 Forward-Looking Statements and GAAP Reconciliation This presentation contains forward-looking statements
More informationGoldman Sachs 2012 Leveraged Finance Healthcare Conference MATTHEW WALSH SVP FINANCE & CFO
Goldman Sachs 2012 Leveraged Finance Healthcare Conference MATTHEW WALSH SVP FINANCE & CFO 05.01.2012 Forward Looking Statements This presentation contains both historical and forward-looking statements.
More informationOramed Pharmaceuticals Inc. (ORMP $7.21*)
Oramed Pharmaceuticals Inc. (ORMP $7.21*) Healthcare: Specialty Pharmaceuticals Buy; $20.00 PT; $104.2M Market Cap Company Update Tuesday, April 17, 2018 Revenue/EPS for 2Q18 in Line/Beat Estimates; Time
More informationZacks Small-Cap Research
Zacks Small-Cap Research Sponsored Impartial - Comprehensive November 15, 2018 Lisa Thompson 312-265-9154 lthompson@zacks.com scr.zacks.com 10 S. Riverside Plaza, Chicago, IL 60606 Net Element Inc. (NETE-NASDAQ)
More informationStryker Corp. Post-4Q15 Thoughts
EQUITY RESEARCH QUARTERLY UPDATE January 27, 2016 Stock Rating: PERFORM 12-18 mo. Price Target $104.00 SYK - NYSE $96.02 3-5 Yr. EPS Gr. Rate 9% 52-Wk Range $105.34-$86.68 Shares Outstanding 378.4M Float
More informationSmall-Cap Research. Net Element Inc. (NETE-NASDAQ) OUTLOOK. NETE: Russian Restructuring Should Reduces Losses SUMMARY DATA ZACKS ESTIMATES
Small-Cap Research August 17, 2017 Lisa Thompson 312-265-9154 lthompson@zacks.com scr.zacks.com 10 S. Riverside Plaza, Chicago, IL 60606 Net Element Inc. NETE: Russian Restructuring Should Reduces Losses
More informationWells Fargo & Company
March 04, 2015 Wells Fargo & Company Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation N/A Date of Last Change 04/07/2000 Current Price (03/03/15) $55.45 Target Price $58.00 52-Week High
More informationAn introduction. May 2018
An introduction May 2018 Our strategy To grow our specialist asset management activities 2 Invest selectively Grow assets under management Manage portfolios to maximise value Generate strong shareholder
More informationEQUITY RESEARCH. March 13, 2002 S&P Sector Information Tech Industry Software. Market Cap. (Million) (Billion) MSN.
M.A. W M.A. WRIGHT FUND EQUITY RESEARCH Jeanine Chen Mercury Interactive Corp NYSE: MERQ Buy chenjea@rice.edu March 13, 2002 S&P Sector Information Tech Industry Software MARKET DATA Price 3-13-02 Close
More informationHCL Technologies. Rating: Target price: EPS: Target CMP. Rating. Rs. 826 REDUCE. Rs.760
: price: EPS: How does our one year outlook change? HCLT registered a strong quarter with revenues growing at 6.5% qoq (4% qoq organic) including $40m contribution from Volvo, after a disappointing show
More informationBangkok Life Assurance BLA TB / BLA.BK
COMPANY UPDATE Bangkok Life Assurance BLA TB / BLA.BK Vital conclusions from road show Investment thesis We hosted a non-deal road show meeting last week with Investment Division EVP Sanor Thampipattanakul
More informationBajaj Finance Limited (BFL) NBFC. BUY Rating as per Large Cap 12 months investment period RETAIL EQUITY RESEARCH
COMPANY UPDATE Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 RETAIL EQUITY RESEARCH Bajaj Finance Limited (BFL) NBFC BSE CODE: 500034 NSE CODE: BAJFINANCE Bloomberg
More informationEddie Stobart Logistics
Eddie Stobart Logistics Interims show delivery on growth plans Interim results Industrial support services Eddie Stobart Logistics (ESL) H1 numbers, well trailed at the trading update in July, showed high
More informationKingsoft (3888 HK) Buy (maintained) Target price: HK$ Strong earnings recovery ahead amid continued revenue momentum; maintain Buy
Equity Research Information Technology Mar 29, 216 Kingsoft (3888 HK) Buy (maintained) Target price: HK$24.7 Strong earnings recovery ahead amid continued revenue momentum; maintain Buy FY1 results in
More informationPort Wren Capital, LLC "Finding Value Investments."
WSBF: A Mutual Bank Conversion 6/11/15 Summary: Waterstone Financial Inc. (WSBF) located in Wauwatosa, WI provides community banking & mortgage banking with eight branches with 731 employees. Completed
More informationThe Medicines Company Model Update; Busy Catalyst Calendar Ahead
EQUITY RESEARCH QUARTERLY UPDATE March 23, 2016 Stock Rating: PERFORM 12-18 mo. Price Target NA MDCO - NASDAQ $31.48 3-5 Yr. EPS Gr. Rate NA 52-Wk Range $43.79-$25.27 Shares Outstanding 68.9M Float 67.1M
More information