| From: Cooters | 5/3/2024 7:36:00 AM | | | | | | CFRA Maintains Hold Rating On Shares Of Dolby Laboratories, Inc.
We lower our price target by $6 to $83, 22.5x our '24 EPS estimate, near DLB's 5-year average (~22.5x). We lower our '24 EPS view by $0.07 to $3.70 and raise our '25 estimate by $0.08 to $4.03. DLB reports Mar-Q sales of $365M (-3% Y/Y) and EPS of $1.27 (+1%), near consensus, while leaving its full-year guide unchanged. Dolby Atmos (DA) and Dolby Vision (DV) are gaining momentum in mobile, with the company announcing their adoption across an impressive number of new phones, including new releases by Xiaomi, Transsion, and Oppo. We also positively view the continued rollout of content supporting DA/DV, primarily in sports, with Max becoming the first streamer to adopt DA/DV across all of its live sports offerings, which we think will become more popular as consumers increasingly move away from cable. Still, more material growth numbers are unlikely until overall device sales rebound, which we do not expect this year, with unit volumes in automotive, mobile, and TV all projected to be relatively flat in CY 24. |
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| From: Cooters | 5/22/2024 11:48:30 AM | | | | | | DLB @ JPM - 5/21/24
Fireside chat with Kevin. Great overall info but not a lot new. I did manage to get a question in about DV at Samsung, He didn't really offer anything new or encouraging.
- DA/DV/Imaging Patents now represent 1/3 of licensing revenue.
- DA now on 15 Mercedes models.
- 300 DC screens now. They've been adding 20-25/yr since the pandemic, down from 50-60/yr prior. They hope to get back to that 50-60 level.
Coot |
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| From: Cooters | 6/6/2024 9:35:55 AM | | | | | | Dolby Laboratories Announces Agreement to Acquire GE Licensing from GE Aerospace
Dolby Laboratories Announces Agreement to Acquire GE Licensing from GE Aerospace (yahoo.com)
<snip>
Dolby Laboratories has agreed to acquire GE Licensing, an intellectual property licensing business primarily targeting the consumer digital media and electronics sectors, in a $429 million all cash transaction. This deal is expected to close by the end of fiscal year 2024, subject to regulatory approval and other customary closing conditions, and is not expected to have a material impact on Dolby's fiscal year 2024 results. This transaction includes attractive complementary assets that strengthen and expand Dolby's patent portfolios, and represents a compelling financial profile of durable, high-margin revenue. Dolby expects the deal to be accretive on a non GAAP basis to operating margins and EPS in fiscal 2025.
This transaction is not expected to affect Dolby's practice of returning capital to stockholders through its quarterly dividend and through stock repurchases to offset dilution from stock-based compensation. |
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| To: Cooters who wrote (304) | 8/4/2024 8:14:46 AM | | From: Cooters | | | | Dolby just upgraded at Barrington
06/03 DLB Barrington upgraded Dolby to Outperform from Market Perform with a $100 price target after meeting with management. Two thirds of the company's revenues come from what it terms foundational revenues, which consists of the primary audio codecs in digital audio, the analyst tells investors in a research note. The firm says that while those revenues have been pressured in recent years, there are some encouraging signs of stabilization in devices, which may be approaching a device refresh cycle, and a more encouraging inventory environment which would support increased production and shipments. With an improved environment for device shipments, Dolby would be positioned to drive faster growth in profitability, contends Barrington. |
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| From: Cooters | 8/9/2024 6:39:31 AM | | | | | | August 07, 2024 23:25 pm ET.. CFRA Maintains Hold Rating on Shares of Dolby Laboratories, Inc. (DLB 73.22***)
We lower our price target by $7 to $76, 20x our FY 25 (Sep.) EPS view, below DLB’s 5-year average (~21x) on lingering softness in device sales. We lower our FY 24 EPS view by $0.01 to $3.69 and FY 25’s by $0.23 to $3.80. DLB prints Jun-Q sales of $289M (-3% Y/Y) and EPS of $0.71 (+29%), above consensus, with a weaker-than-expected Sep-Q guide. Licensing sales (92% of Q2 total) fell 2% Y/ Y, with mobile (24% of licensing) growing 25% on new smartphone releases, offset by a 7% decline in broadcast (36%). Products and Services (8%) fell 14% Y/Y on weak box office receipts, though we expect a rebound in ‘25 as new titles are released. Dolby Atmos and Dolby Vision continue to gain momentum, including in automotive applications (DLB now partners with 20 OEMs) and supportive broadcast content (especially sports, including many high-profile broadcasts like the Olympics), but we expect this strength to be offset by continued weakness in foundational audio technologies (and overall device sales) in the near term |
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| From: Cooters | 8/12/2024 7:52:03 AM | | | | | | Barrington Research Maintains Outperform on Dolby Laboratories, Maintains $100 Price Target
5:14 PM ET Aug-09-2024
James Goss has given his Buy rating due to a combination of factors including Dolby Laboratories’ strategic growth initiatives and the potential stabilization of its core market. The company’s foundational technologies, while facing a challenging environment, appear to be stabilizing, and revenues from these technologies are expected to decline only in the low-to-mid-single digits. Additionally, Dolby’s growth sectors such as Atmos, Vision, and Imaging patents are anticipated to accelerate, having already increased their revenue share since the previous year. Goss’s optimism is further buoyed by the broad adoption of these technologies among content creators, which is likely to drive their inclusion on devices with larger volumes.
Moreover, James Goss underscores the expansion of Dolby’s technologies into new devices and markets, including smartphones and automobiles. The acquisition of a patent pool related to video compression and conferencing is viewed as a move that will contribute a stable revenue stream. Financially, Dolby’s recent quarterly results have been positive, with both revenue and earnings surpassing estimates. The reaffirmation of an Outperform rating and a $100 price target is supported by the company’s sound financial health, underscored by a conservative balance sheet and a robust cash position that enables ongoing stock repurchase programs and a reliable dividend yield. |
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| From: Cooters | 8/21/2024 3:39:33 PM | | | | | | DLB @ Rosenblatt - 8/20/24
Fireside chat with the CFO. This is the first time I've listened to Robert at length and he was very impressive. I expect the C Suite execs to be sharp and he was!
- DC is at 280 now with 100 in the US at AMC. Over 8,000 screens worldwide have DA. Very interesting offering coming in 2025, a DA/DV install that does not require the capex or re-design to the level of DC. This will be a % of box office model too.
- Interesting discussion on buybacks, Robert pushed back that they are only offsetting stock options, and specifically mentioned how they've taken advantage of share price weakness to reduce the share count.
- Two really funny quotes. He said their name is Dolby Labs not Dolby Save Money, highlighting they are an innovation company. But they have focused on expenses and have taken small restructurings in 6 of the last 10 quarters. The point was they take action when they see opportunities and don't wait for larger restructurings. He also said they have a team that still does basic research with PhD's with more degrees than a thermometer.
- Highlighted two instances where ultra-low latency is essential. One is while attending a live event with not great seats or a view, if you want to see a different view on your phone, it has to appear "live" since your surroundings are reacting in realtime. The other is in game betting, where a prop bet can be the next pitch or some other near term action.
Cooters |
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| From: Cooters | 9/12/2024 1:14:51 PM | | | | | | DLB at Goldman - 9/12/24
CEO in fireside chat
Not a lot new, just a few things of note.
- MAX has adopted DA/DV across all their sports programming. He expects many more streamers will do the same.
- Most of the major mobile OEMs in China are adopting DV.
- No market has developed as quickly as DA in the car. Important to note in the car we are leapfrogging Surround and going straight from stereo to DA. 20 OEM wins to date.
Cooters |
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