Echelon - neue WKN - 500 Beiträge pro Seite

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...nach reverse-split;

alter Thread: Echelon - Aktie der Zukunft?

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notieren ungefähr bei netto-Cash,

haben aber negative burn-rate

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Präsentation zum "Geschäftsmodell"

http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9M…

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habe mir mal ein paar Ansichtsstücke geholt

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von Valuewalk:

http://www.valuewalk.com/2015/12/tesla-motors-tsla-the-short…

So check out Spiegel's full letter below. It's an excellent read:

In a seemingly shocking move, in November we got long Elon.

No, not Elon MUSK—we’re still very short him.

Instead we bought Echelon Corp. (Ticker: ELON; basis: $0.628; November close: $0.637). This is an “industrial internet of things” networking company (now primarily focused on “smart” commercial LED lighting) that has been in a long decline, with a slowly eroding fab-less chip business and a stock price down roughly 98% (!) from its 2007 peak.

We bought this $40 million revenue, 56% gross margin company for almost nothing, as its roughly $25 million in net cash is only a couple of million dollars below its market cap.

The catch of course is that it’s burning that cash-- currently at a rate of around $4 million a year-- but with extensive restructuring and extremely fast growth in its nascent LED networking business, it looks as if it’s on a path to being cash-flow break in perhaps two years.

If it gets there on $48 million of revenue with $19 million of remaining cash, at a strategic acquisition price of 1.5x revenue plus a reasonable value for its nearly $240 million of NOLs it would be worth over $2/share. If it doesn’t get there but cuts the burn enough to be profitable for a strategic acquirer (say, down to $1 million a year but with an additional $4 million of potential cost eliminations), it should still be worth around $1/share, as I think there would be some buyer out there who would pay 0.5x-0.75x revenue plus the remaining cash plus something for the NOLs for a $40 million/year, high gross margin business.

I know there are some big “ifs” behind these numbers but considering that the cash in the bank gives the company at least six years to get to break-even, I think it’s an interesting proposition. (The stock is reverse-splitting 1:10 in December, so if you happen to punch up a quote mid-month don’t get too excited—we will not have made a 1000% return in just 30 days!)

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Antwort auf Beitrag Nr.: 51.326.031 von R-BgO am 17.12.15 14:29:00

follow-up:

Echelon Corp. (Ticker: ELON)

I added a bit this month to our position in Echelon Corp. (Ticker: ELON; basis: $5.41; November close: $5.16), an “industrial internet of things” networking company with a zero enterprise value. Echelon is now focusing its growth on “smart” commercial & municipal LED lighting, as its fab-less chip business has long been in gradual decline.

Thanks to growth in the lighting business, in November the company reported a slight sequential uptick in Q3 revenue despite continued erosion in its legacy embedded products business. If this trend in lighting accelerates (and it should, due to recent sales force hires),

I think there’s a chance Echelon can hit a break-even annualized revenue run-rate of $40 million by Q1 2018 at which point—assuming $20 million of remaining net cash (vs. $23.7 million today) and 4.43 million shares outstanding, an enterprise value of 1x revenue on this 55% gross margin company would put the stock at over $13/share.

Additionally, Echelon has $255 million in federal NOLs and $127 million in state NOLs, worth tens of millions of dollars if it can utilize them. So if it can pull this off (and theoretically, the market for the networking of commercial and municipal LED lighting should be huge between the U.S. and Europe), this stock can be a home run for us. Although this position is clearly somewhat speculative, the company’s flush balance sheet gives it a long runway to succeed.

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Antwort auf Beitrag Nr.: 53.897.112 von R-BgO am 15.12.16 19:24:29

in 2017

bisher kein Wachstum

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weiter kein Fortschritt

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Adesto Announces Agreement to Acquire Echelon

Further Extends Leadership in Semiconductor-Based Solutions for the Industrial IoT


SANTA CLARA, CA – June 29, 2018 –

Adesto Technologies (NASDAQ: IOTS), a leading provider of innovative application-specific semiconductors for the IoT era, and Echelon Corporation (NASDAQ: ELON) today announced a definitive agreement under which Adesto will acquire Echelon for $8.50 per share.

Echelon is a pioneer in the development of open-standard networking platforms for connecting, monitoring and controlling devices in commercial and industrial applications. The acquisition price represents a total equity value of approximately $45 million, and a total enterprise value of about $30 million, after accounting for Echelon’s cash and investments on its balance sheet at March 31, 2018, as well as expected transaction expenses of approximately $4 million.


Benefits to Adesto of completing the transaction include:

-Increases revenue and accelerates margin expansion opportunities

-Expected to be accretive to EBITDA and non-GAAP earnings within the first 12 months

-Significantly increases Served Available Market (SAM)

-Enhances technology assets and capabilities to include broad range of semiconductors, software and systems solutions for Industrial IoT (IIoT)

“With the acquisition of Echelon, we are continuing to advance toward our vision of becoming a significant player in semiconductor and communication systems for IoT markets, in particular industrial IoT,” said Narbeh Derhacobian, CEO of Adesto. “Adesto started out providing application specific non-volatile memories for IoT, and we’ve continued to expand our memory portfolio with a wide range of differentiated devices. Through S3 Semiconductors, we added strong mixed-signal and RF ASIC capabilities. Following the acquisition of Echelon, we will be able to provide not only semiconductors, but also powerful software and deep systems and solutions expertise for industrial systems and enterprise automation, with a loyal customer base. We’re excited about the potential this acquisition presents as Adesto enters its next phase of growth.”

Ronald Sege, Chairman and CEO, Echelon Corp., said, “This transaction provides immediate and significant value to our stockholders. Our customers have become particularly excited about our strategy of helping them embrace our estimated 140 million installed LON-powered devices, extend them with new technologies and enhance them with cloud-based analytics to achieve better business outcomes across a variety of applications including smart buildings, smart manufacturing and smart lighting. The combination of Adesto and Echelon promises to accelerate this growth strategy through expected synergies in product, engineering, sales, marketing and service. We look forward to working closely with the Adesto team to ensure a smooth transition and complete the transaction as quickly as possible.”

The transaction is subject to customary closing conditions, including approval by Echelon’s stockholders. Adesto expects the transaction to close in the third calendar quarter of 2018, after which time Echelon will become a business unit within Adesto.

Adesto expects to finance the transaction through a combination of existing cash and equity and/or debt. Adesto today issued a separate announcement regarding its financing plans.

Canaccord Genuity is serving as financial advisor to Adesto, and Fenwick and West LLP is serving as legal counsel to Adesto. Piper Jaffray & Co is serving as financial advisor to Echelon and Wilson Sonsini Goodrich & Rosati, Professional Corporation is serving as legal counsel to Echelon.

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Stücke wurden gestern ausgebucht

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