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Viavi Analyst Chooses To Be On Sidelines As Analyst Day Lacks Surprises

Viavi Analyst Chooses To Be On Sidelines As Analyst Day Lacks Surprises

Viavi分析师选择观望，分析师日缺乏惊喜
Benzinga Real-time News ·  2022/09/14 13:58
  • Alex Henderson from Needham maintained a Hold rating on Viavi Solutions Inc (NASDAQ:VIAV).
  • Viavi reiterated its FY1Q/CY3Q guidance and offered initial guidance for FY23 with Revenue of $1.265 billion - $1.335 billion and EPS of $0.90-$1.00 versus $0.95 in FY22 and consistent with the Street's Revenue estimate of $1.297 billion -$1.328 billion and EPS estimate of $0.90-$1.00 and mean of $0.96 amid a challenging economy.
  • Longer-term, Viavi expects to deliver 5% Revenue, 10% EPS, and 15% Cash Flow from Operations growth.
  • After a flat first year, this implies acceleration to 7%-8% Revenue growth in the two-year out period.
  • Based on the $0.95 start base, Viavi offered an FY25 EPS target of $1.20-$1.30, modestly above the implied Street estimate of $1.10-$1.15 based on 10%-15% growth off the FY24 published estimates.
  • He found it a relatively well-balanced and generally upbeat analyst day that was broadly in line with expectations.
  • Viavi is well positioned for the gradual rollout of 5G, as he sees it, but the macro conditions could slow the process and keep growth relatively modest.
  • Viavi management has exhibited strategic wisdom, operational excellence, and the ability to find and execute accretive acquisitions.
  • He thinks Viavi has solid growth opportunities in 3D Sensing, T&M, and a superb Cash Cow in OSP.
  • However, high exposure to international markets, particularly EMEA, leads him to decrease estimates.
  • VIAV shares are not inexpensive, and he prefers to be on the sidelines.
  • Price Action: VIAV shares traded higher by 0.39% at $14.195 on the last check Wednesday.
  • 亚历克斯·亨德森来自李约瑟在以下方面保持保持评级维亚维解决方案公司(纳斯达克：viv)。
  • Viavi重申了其财年第一季度/第三季度的指引，并提出了23财年的初步指引，收入为12.65亿-13.35亿美元，每股收益为0.9-1.00美元，而22财年为0.95美元，与华尔街预测的12.97亿-13.28亿美元和0.90-1.00美元的每股收益预期一致，在经济充满挑战的情况下，每股收益的平均值为0.96美元。
  • 从长远来看，Viavi预计将实现5%的收入、10%的每股收益和15%的运营增长现金流。
  • 在第一年持平之后，这意味着在接下来的两年里，收入增长将加速至7%-8%。
  • 基于0.95美元的开始基数，Viavi提出了25财年每股收益1.20-1.30美元的目标，略高于华尔街基于2014财年公布的10%-15%的增长预期而得出的1.10-1.15美元的隐含预期。
  • 他发现，这是一个相对平衡、总体乐观的分析师日，与预期大体一致。
  • 维亚维认为，5G的逐步推出处于有利地位，但宏观条件可能会减缓这一进程，使增长保持相对温和。
  • 维亚维管理层展示了战略智慧、卓越的运营能力以及发现和执行增值收购的能力。
  • 他认为Viavi在3D传感、T&M和OSP领域拥有稳定的增长机会，是一头出色的现金牛。
  • 然而，对国际市场的高敞口，特别是欧洲、中东和非洲地区，导致他降低了预期。
  • VIAV的股票并不便宜，他更喜欢离场观望。
  • 价格行动：在周三的最后一次检查中，VIAV的股价上涨了0.39%，至14.195美元。
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