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
厄斯特的慘痛 4Q，Velodyne 集成的前景和保證金壓縮導致 40％ 的價格目標削減
- 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.
- 康托·菲茨杰拉德 分析師安德烈斯謝潑德維持 推進者公司 紐約證券交易所代碼：OUST）超重，將目標價格從 5 美元降低到 3 美元。
- 3 月 23 日，下台 據報告，第四季收入同比下降 8% 至 1094 萬美元，缺少 15.84 億美元的共識。每股盈餘損失美元（0.23）錯過了美元（0.18）的共識損失。
- Sheppard 認為，OUST 受益於靈活的產品線、多市場業務策略以及強大且多元化的客戶群。
- 該分析師預計 Ouster 與 Velodyne 的合併將長期改善資產負債表，並使合併後的公司能夠繼續在其四個目標垂直領域贏得短期和長期勝利。
- 合併的現金餘額約為 3.15 億美元，假設 2023E-25E 的年度現金燒傷約為 1.07 億美元，這意味著推進者不需要籌集額外的資本，直到 2H24E 最早。現金狀況是行業中重要的差異化因素，因為 LiDAR 領域的其他公司在未來 3-18 個月內可能需要籌集額外資金，謝帕德認為目前的市場狀況並不利於這樣做。
- 價格目標變化反映了 4Q 收入低於 Factset 共識，毛利率低於預期，並且引導了 1Q23 收入低於謝潑德的初步估計。
- 該分析師還預計與 Velodyne 進行的整合速度比預期緩慢，這可能會在短期內壓縮毛利率。
- 但是，由於該公司在 4Q 報告了大約 90 個垂直行業的新客戶，OUST 強大而多元化的客戶群鼓勵了分析師。其總客戶群現在包括超過 50 個國家/地區的 850 家客戶。
- 推進者在第四季度呼籲中宣布，該公司已經獲得了 70 萬美元的具有約束力的合同訂單，這些訂單將在「多年」中識別收入。
- 此外，必須注意的是，2022 年的預訂號僅包括 Ouster 產品（自從 REV7 開始銷售以來，絕大多數來自 REV6 傳感器，29 位客戶首次出貨）。
- 未來，該公司預計預訂將納入 Velodyne 產品線。
- 最後，該公司宣布打算在未來提供季度營收指引，而不是年度指導。
- 價格行動： 上次檢查星期五，歐斯特股價下跌 12.7%，報 0.79 美元。