Aviat Networks - 500 Beiträge pro Seite
eröffnet am 04.02.19 11:40:29 von
neuester Beitrag 03.12.20 07:05:22 von
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ID: 1.297.524
ID: 1.297.524
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ISIN: US05366Y2019 · WKN: A2AL39 · Symbol: HSD1
27,80
EUR
+4,51 %
+1,20 EUR
Letzter Kurs 03.05.24 Tradegate
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Werte aus der Branche Netzwerktechnik
| Wertpapier | Kurs | Perf. % |
|---|---|---|
| 2,8400 | +5,97 | |
| 0,6290 | +4,83 | |
| 27,80 | +4,51 | |
| 254,90 | +4,38 | |
| 82,50 | +2,48 |
| Wertpapier | Kurs | Perf. % |
|---|---|---|
| 3,8400 | -2,54 | |
| 2,6100 | -3,33 | |
| 0,9200 | -5,64 | |
| 54,72 | -9,99 | |
| 1,6200 | -12,43 |
Feedback
ist eine Beteiligung von Thread: Steel Partners;
außerdem eine Position von Mark Spiegels Stanphyl Capital.
Aus dessen Q4-2108 letter:
"We continue to own Aviat Networks, Inc. (NASDAQ:AVNW),
a designer and manufacturer of point-to-point microwave systems for telecom companies, which in November reported a weak Q1 for FY 2019, with revenue up 7.7% year-over-year but, as was pointed out to me by one of our eagle-eyed LPs, that was entirely due to a new GAAP-mandated change in revenue recognition practices from ASC 605 to ASC 606; under the old standard revenue would have been down by 11%.
Nevertheless, for FY 2019 the company guided to $255 million of revenue and non-GAAP EBITDA of at least $12.5 million, and because of its approximately $332 million of U.S. NOLs, $10 million of U.S. tax credit carryforwards, $214 million in foreign NOLs and $4 million of foreign tax credit carryforwards, Aviat's income will be tax-free for many years; thus, GAAP EBITDA less capex essentially equals "earnings." So if the non-GAAP number will be $12.5 million and we take out $1.7 million in stock comp and $6 million in capex we get $4.8 million in earnings multiplied by, say, 16 = approximately $77 million; if we then add in at least $30 million of expected year-end net cash and divide by 5.43 million shares we get an earnings-based valuation of just under $20/share.
However, the real play here is as a buyout candidate; Aviat's closest pure-play competitor, Ceragon (NASDAQ:CRNT) sells at an EV of approximately 0.9x revenue, which for AVNW (based on 2019 guidance) would be around $230 million. If we value Aviat's massive NOLs at a modest $10 million (due to change-in-control diminution in their value), the company would be worth $240 million divided by 5.43 million shares = around $44/share."
außerdem eine Position von Mark Spiegels Stanphyl Capital.
Aus dessen Q4-2108 letter:
"We continue to own Aviat Networks, Inc. (NASDAQ:AVNW),
a designer and manufacturer of point-to-point microwave systems for telecom companies, which in November reported a weak Q1 for FY 2019, with revenue up 7.7% year-over-year but, as was pointed out to me by one of our eagle-eyed LPs, that was entirely due to a new GAAP-mandated change in revenue recognition practices from ASC 605 to ASC 606; under the old standard revenue would have been down by 11%.
Nevertheless, for FY 2019 the company guided to $255 million of revenue and non-GAAP EBITDA of at least $12.5 million, and because of its approximately $332 million of U.S. NOLs, $10 million of U.S. tax credit carryforwards, $214 million in foreign NOLs and $4 million of foreign tax credit carryforwards, Aviat's income will be tax-free for many years; thus, GAAP EBITDA less capex essentially equals "earnings." So if the non-GAAP number will be $12.5 million and we take out $1.7 million in stock comp and $6 million in capex we get $4.8 million in earnings multiplied by, say, 16 = approximately $77 million; if we then add in at least $30 million of expected year-end net cash and divide by 5.43 million shares we get an earnings-based valuation of just under $20/share.
However, the real play here is as a buyout candidate; Aviat's closest pure-play competitor, Ceragon (NASDAQ:CRNT) sells at an EV of approximately 0.9x revenue, which for AVNW (based on 2019 guidance) would be around $230 million. If we value Aviat's massive NOLs at a modest $10 million (due to change-in-control diminution in their value), the company would be worth $240 million divided by 5.43 million shares = around $44/share."
Antwort auf Beitrag Nr.: 59.784.726 von R-BgO am 04.02.19 11:40:29Thread: Ceragon Networks - Die Afrikaner kaufen zu
Aviat Networks und Netronics schließen Vertriebspartnerschaft - Aktie von Aviat legt deutlich zu
https://investors.aviatnetworks.com/news-releases/news-rele… Aviat Networks added to membership of Russell Microcap® Index
https://seekingalpha.com/pr/17917610-aviat-networks-added-t… Trading Spotlight
Aviat Networks kratzt an der 20 USD-Marke und markiert Mehrjahreshoch
Einfaches Einfügen von wallstreetONLINE Charts: So funktionierts.
Die Aktie ist aktuell im wikifolio Distressed Value enthalten:
https://www.wikifolio.com/de/de/w/wf0livv7dv
Thread: wikifolio: Typ Distressed Value
Aviat Networks mit neuem Auftrag für 5G Backhaul in Kenya von Safaricom
https://investors.aviatnetworks.com/news-releases/news-rele…Die Aktie von Aviat Networks ist aktuell im wikifolio Distressed Value enthalten
Thread: wikifolio: Typ Distressed Value
Schafft Aviat nachhaltig den Sprung über den Bereich 21,20 bis 21,30? Dann wäre der Weg frei....
Aviat Networks Launches New Hosted Offering for Interference Analysis on Microwave Spectrum
https://investors.aviatnetworks.com/news-releases/news-rele…
Aviat Networks meldet Millionenauftrag von Nextlink Internet - einem regionalen Internetanbieter aus den USA - für Equipment für rurale Breitbandverbindungen. Aktie von Aviat legt nachbörslich zu.
https://investors.aviatnetworks.com/news-releases/news-relea…
https://investors.aviatnetworks.com/news-releases/news-relea…
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