Ouster's Dismal 4Q, Outlook And Margin Compression From Velodyne Integration Leads To 40% Price Target Cut
Ouster's Dismal 4Q, Outlook And Margin Compression From Velodyne Integration Leads To 40% Price Target Cut
Ouster的第四季度令人沮丧、展望和Velodyne整合带来的利润压缩导致目标价格下调40％
- Cantor Fitzgerald analyst Andres Sheppard maintains Ouster, Inc (NYSE:OUST) with an Overweight, lowering the price target from $5 to $3.
- On March 23, Ouster reported a fourth-quarter revenue decline of 8% year-on-year to $10.94 million, missing the consensus of $15.84 million. EPS loss of $(0.23) missed the consensus loss of $(0.18).
- Sheppard believes that OUST benefits from a flexible product line, a multi-market business strategy, and a robust and diversified customer base.
- The analyst expects Ouster's merger with Velodyne to improve the balance sheet over the long term and also to enable the combined company to continue to secure short- and long-term wins in its four target verticals.
- The combined cash balance of ~$315 million and assuming an annual cash burn of ~$107 million for 2023E-25E imply that Ouster will not need to raise additional capital until 2H24E at the earliest. The cash position is an essential differentiator in the industry, as other companies in the LiDAR space will likely need to raise additional capital over the next 3-18 months, and Sheppard believes the current market conditions are not favorable to do so.
- The price target change reflects 4Q revenues below Factset consensus, a lower gross margin than anticipated, and guided 1Q23 revenues below Sheppard's preliminary estimates.
- The analyst also expects a slower-than-anticipated integration with Velodyne, which will likely compress gross margins in the short term.
- However, OUST's robust and diversified customer base encouraged the analyst, given that the company reported ~90 new customers across its verticals in 4Q. Its total customer base now includes >850 customers in >50 countries.
- Ouster announced in its 4Q call that the company has secured $70 million in binding contract orders that will recognize revenue over "multiple years."
- Furthermore, it is essential to note that the bookings number for 2022 only included Ouster products (with the vast majority coming from REV6 sensors since REV7 sales began in 4Q with 29 customers taking the first shipments).
- In the future, the company expects bookings to incorporate the Velodyne product lines.
- Finally, the company announced that it intends to provide quarterly revenue guidance rather than annual guidance in the future.
- Price Action: OUST shares traded lower by 12.7% at $0.79 on the last check Friday.
- 坎托·菲茨杰拉德 分析师安德烈斯·谢泼德坚持认为 Ouster, Inc 纽约证券交易所代码：OUST）增持，将目标价格从5美元降至3美元。
- 3 月 23 日，下台 报告称，第四季度收入同比下降8％，至1,094万美元，未达到共识的1,584万美元。每股收益亏损美元（0.23）未达到共识亏损美元（0.18）。
- Sheppard 认为，OUST 受益于灵活的产品线、多市场业务战略以及强大而多元化的客户群。
- 分析师预计，Ouster与Velodyne的合并将长期改善资产负债表，也将使合并后的公司能够继续在其四个目标垂直领域取得短期和长期胜利。
- 总现金余额约为3.15亿美元，假设2023E-25E的年度现金消耗约为1.07亿美元，这意味着Ouster最早要等到 2H24E 才需要筹集额外资金。现金状况是该行业的重要差异化因素，因为激光雷达领域的其他公司可能需要在未来3-18个月内筹集额外资金，谢泼德认为当前的市场状况不利于这样做。
- 目标价格变动反映了第四季度收入低于Factset的共识，毛利率低于预期，并引导23年第一季度的收入低于谢泼德的初步预期。
- 分析师还预计，与Velodyne的整合将比预期的要慢，这可能会在短期内压缩毛利率。
- 但是，OUST强大而多元化的客户群鼓励了分析师，因为该公司在第四季度报告了其垂直行业约90名新客户。现在，其总客户群包括来自50多个国家的850多名客户。
- Ouster在第四季度电话会议上宣布，该公司已获得7,000万美元的具有约束力的合同订单，这些订单将在 “多年” 内确认收入。
- 此外，值得注意的是，2022年的预订数量仅包括Ouster产品（自REV7于第四季度开始销售以来，其中绝大多数来自REV6传感器，有29名客户首次出货）。
- 该公司预计，未来的预订将包括Velodyne产品线。
- 最后，该公司宣布打算在未来提供季度收入指导，而不是年度指导。
- 价格走势： 在周五的最后一次支票中，OUST股价下跌了12.7％，至0.79美元。