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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分析師選擇觀望，分析師日缺乏驚喜
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.
  • 亞歷克斯·亨德森來自李約瑟在以下方面保持保持評級維亞維解決方案公司(納斯達克：viv)。
  • Viavi重申了其財年第一季度/第三季度的指引，並提出了23財年的初步指引，收入為12.65億-13.35億美元，每股收益為0.9-1.00美元，而22財年為0.95美元，與華爾街預測的12.97億-13.28億美元和0.90-1.00美元的每股收益預期一致，在經濟充滿挑戰的情況下，每股收益的平均值為0.96美元。
  • 從長遠來看，Viavi預計將實現5%的收入、10%的每股收益和15%的運營增長現金流。
  • 在第一年持平之後，這意味着在接下來的兩年裏，收入增長將加速至7%-8%。
  • 基於0.95美元的開始基數，Viavi提出了25財年每股收益1.20-1.30美元的目標，略高於華爾街基於2014財年公佈的10%-15%的增長預期而得出的1.10-1.15美元的隱含預期。
  • 他發現，這是一個相對平衡、總體樂觀的分析師日，與預期大體一致。
  • 維亞維認為，5G的逐步推出處於有利地位，但宏觀條件可能會減緩這一進程，使增長保持相對温和。
  • 維亞維管理層展示了戰略智慧、卓越的運營能力以及發現和執行增值收購的能力。
  • 他認為Viavi在3D傳感、T&M和OSP領域擁有穩定的增長機會，是一頭出色的現金牛。
  • 然而，對國際市場的高敞口，特別是歐洲、中東和非洲地區，導致他降低了預期。
  • VIAV的股票並不便宜，他更喜歡離場觀望。
  • 價格行動：在週三的最後一次檢查中，VIAV的股價上漲了0.39%，至14.195美元。
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