| From: Cooters | 1/7/2022 9:31:26 AM | | | | | | | Collier out with a report and a price target of 110(not sure what it was), but don't see any details |
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| From: Cooters | 2/3/2022 5:37:53 PM | | | | | | Dolby Q1 2022 earnings call notes - 2/3/22
The revenue and EPS numbers were within the range but closer to the low end, There was a negative $6M trueup in the quarter that would have made up most of it. They started the call 30 minutes earlier than normal. resulting in only 2 analysts joining Q&A. There also was a new guy named Robert that did the CFO part.
- A few really big and important customer additions recently. Dell and ASUS will be supporting DA and DV in their PCs. Samsung will be adding DA in their TV lineup. More on that later. Mercedes Benz and NIO will be including DA in some car models.
- Added 250M to their buyback auth. bringing it to 506M. They bought back 400K shares in Q1 and ended the Q with 1.26B in cash. In the Q&A they said there will be a meaningful step-up in buybacks in the next few quarters.
- They acquired privately held Millicast to enhance their dolby.io offering, and later said we may see more of that. Millicast customers include NBC, NFL, and Disney, I think in the sports area.
- Though only 2 guys called in, they both asked about DA at Samsung TVs for the first time. Samsung does use DA already in sound bars and phones. They feel this is a natural progression of Samsung adopting Dolby products. The watershed event would be Samsung adopting DV
- DC revenue continues to grow but they didn't provide any metrics, probably cause they weren't asked.
Cooters |
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| From: Cooters | 2/4/2022 8:43:06 AM | | | | | | | No comments yet, but Barrington maintains Outperform and 115 target, Colliers maintains Buy but looks like target to 100 from 110. |
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| From: Cooters | 2/7/2022 3:41:03 PM | | | | | | CFRA MAINTAINS HOLD OPINION ON SHARES OF DOLBY LABORATORIES INC.
12:05 am ET February 7, 2022
We trim our 12-month target price to $90 from $94, on a P/E of 24x, below its peer average on a less positive outlook, using our FY 22 (Sep.) EPS estimate. We lower our '22 EPS forecast to $3.76 from $3.92 and our '23 EPS view to $4.30 from $4.40. DLB posted sales of $352M, a miss of $10.6M, while non-GAAP EPS was $1.01, below consensus of $1.06. Revenue fell 10% Y/Y from lower licensing fees and shipment volumes for its foundational audio technologies in the gaming and consumer electronic markets (negative $6M true-up). Supply chain issues are casting significant uncertainty for the industry, and we expect DLB's licensing performance to be at risk in the short term. This is offset partially by DLB making in-roads in expanding partnerships with major brands to incorporate Dolby Vision and Atmos in more electronic products, and benefitting from higher adoption of these technologies. Guidance for Q2 signals conservative expectations, and DLB is likely to see pressures on both its top and bottom line in FY 22. |
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