Zoonic Posted september 29, 2006 Report Share Posted september 29, 2006 First om TAT idag: TAT; Alt for lavt priset Kursutviklingen blant TATs konkurrenter, systemintegratorer, kunder og øvrige aktører i markedet, indikerer fortsatt tro på vekst i industrien. TAT er priset til 11x 2007 EPS estimatet og ca 7 på EV/EBIT 2007. Disse multiplene er godt under historiske prisingsnivåer, og aksjen er den klart billigste av alle aksjene i hele verdikjeden fra videosignalene er produsert til de treffer sluttbrukeren. Begge encoding peers prises på P/E ca 35 basert på 2007 estimater, mens gjennomsnittet for hele verdikjeden ligger rundt 16x. Vi mener våre reviderte estimater etter resultatvarslet tidligere denne måneden er realistiske. Vi ser en utvikling i netto resultatet fra USD 48 mill i 2005, ned til 41 i år, og opp igjen mot 53 i 2007. Dette virker ikke spesielt krevende da IBC- messen styrket vårt grunnsyn om at markedsveksten er intakt og at TAT har en sterk teknologisk posisjon. Vi registrerte i samtaler med alle aktørene forventinger om betydelig aktivitet innen IPTV, Satellitt og Digitalt Bakkenett og det er å vente betydelige ordre fremover. Teknologisk er selskapet fortsatt ledende og vinner tunge bransjepriser for produktene. Vi mener et kursmål på NOK 75 virker fornuftig da dette tilsvarer en PE på 16 på 2007-estimatene, men denne prisingen er ikke oppnåelig før markedet får tilbake tilliten. Vår oppfatning er at denne tilliten vil bli re-etablert. Vi gjentar derfor vår kjøpsanbefaling på aksjen. _________ Link to comment Share on other sites More sharing options...
tandy Posted oktober 25, 2006 Report Share Posted oktober 25, 2006 Nå går toget! Opp fra sumpen og nådd første mål = 70 NOk denne uka! Neste blir 90 og derfra er ikke veien langt til ATH igjen ;--))) Vi tar med denne for moro skyld: http://home.businesswire.com/portal/site/g...amp;newsLang=en Rochester Telephone Selects TANDBERG TELEVISION Video Head-end for IPTV over FTTP TANDBERG Television Awarded Its 9th IPTV Deployment in Indiana ATLANTA--(BUSINESS WIRE)--Rochester Telephone, an Indiana-based communications provider, has selected TANDBERG Television (TAT.OL) as its video head-end provider for a new IPTV service over Fiber-to-the-Premise (FTTP) that will serve its Indiana ILEC footprint. By leveraging TANDBERG Television products, Rochester Telephone is now able to deliver triple play services and high definition programming to subscribers. The Rochester Telephone agreement marks the 9th TANDBERG Television IPTV deployment in the state of Indiana. The TANDBERG Mediaplex-20™ system is the super video head-end platform for the Indiana Video Network (IVN), a consortium of eight independent rural telephone service providers that provide video services. The TANDBERG iPlex™ platform is the edge video head-end for local program encoding and channel addition for some IVN members. “Rochester Telephone has built a state-of-the-art video head-end, which gives the company complete flexibility and control to offer high definition television (HDTV), personal video recorder (PVR) service and an extensive channel line-up that provides tremendous choice for subscribers,” said Jim Olson, executive vice president of corporate development, TANDBERG Television, Inc. “We’re very proud to support independent telephone companies like Rochester Telephone, who are leading the IPTV revolution in the US.” “We’ve been providing telephone service for 110 years to this region and have very loyal customers who are thrilled to get their video programming from us,” said Ron Riggle, vice president of operations, Rochester Telephone. “We want to offer them a state-of-the-art triple play service, including voice, long-distance, 150 channels of standard definition national and local programming, 8 channels of HDTV premium and local programming, PVR and Caller ID on the television. With affordable, high-quality video compression from TANDBERG Television, we will truly leverage the power of our new FTTP network to offer an exciting IPTV service with excellent customer care that meets or exceeds the experience that cable can offer.” Rochester Telephone has built an MPEG-2 video architecture with two Mediaplex-20 video head-ends because of the high-bandwidth capabilities of its fiber network. “We chose the Mediaplex head-end, after receiving several bids, because of its high-density, modular design, high quality of the HD and the experienced team approach between all of the suppliers to make interoperability work and give us all the services we wanted at an affordable price,” Mr. Riggle continued. Rochester today provides voice and data to nearly 6,000 households over 250 square miles and has installed fiber to the premise to 80% of its subscriber base. About 20% of Rochester’s subscribers are dispersed in rural areas, and the company is extending its fiber build to them over the next three years. Rochester is preparing for commercial launch of the IPTV service during the fourth quarter, 2006. About TANDBERG Television Whether it's advanced compression systems, on-demand or interactive television, TANDBERG Television (TAT.OL) delivers the technology and expertise that is moving digital video forward. The company's award-winning solutions are used by the world's leading network operators, broadcasters and content owners to deliver new viewer experiences and advertising opportunities. With a broad suite of open, standards-based products, TANDBERG Television offers the highest quality digital TV solutions, including IPTV, HDTV, video-on-demand, advertising-on-demand, and interactive TV applications to customers in the Americas, Asia Pacific, Europe, Middle East and Africa. For more information, please visit www.tandbergtv.com. About Rochester Telephone. Rochester Telephone Company was founded in 1895 to provide voice services in Rochester and surrounding Fulton County, IN. The company has grown from those first bold customers and a single operator, hand-crank telephones and 100 shares of common stock, into one of the primary leaders in telecommunications in Indiana. Rochester Telephone is committed to providing customers with the latest products and superior service through state-of-the-art technology and at affordable rates. First we take....;-)) Link to comment Share on other sites More sharing options...
Zoonic Posted oktober 25, 2006 Report Share Posted oktober 25, 2006 Harmonic leverte en meget sterk Q3-rapport og stiger nesten 10% i etterhandelen ikveld: Harmonic Announces Third Quarter Results Strong Sequential Sales Growth; Profitability; Many New Customer Wins and Product Introductions Sunnyvale, Calif. - October 25, 2006 - Harmonic Inc. (Nasdaq: HLIT), a leading provider of digital video, broadband optical networking and IP delivery systems, today announced its results for the quarter ended September 29, 2006. For the third quarter of 2006, the Company reported net sales of $62.9 million, up from $53.3 million in the previous quarter and up from $61.0 million in the third quarter of 2005. The 18% sequential sales growth reflected increased shipments of a broad range of new video delivery solutions to domestic cable customers and new international telco and satellite customers. During the quarter, supply chain constraints continued to have some impact on the timing of shipments. The Company expects these supply issues to be resolved in the fourth quarter. The Company continued to expand its customer base worldwide. International sales represented 53% of net sales for the third quarter of 2006, compared to 49% for the previous quarter and 44% in the third quarter of 2005. During the third quarter of 2006, the Company continued to improve its gross margins. This improvement was due to an increase in the proportion of net sales from video processing and software and services, more favorable gross margins from new products and a margin benefit associated with favorable progress on a major project. http://www.harmonicinc.com/ah_press_release_text.cfm?ID=640 ___________ Link to comment Share on other sites More sharing options...
Zoonic Posted oktober 26, 2006 Report Share Posted oktober 26, 2006 First om TAT etter rapporten til Harmonic igår: Key Issues: TAT Harmonic’s progress positive for the industry Harmonic yesterday reported 3Q results roughly in line with analyst estimates. The report was, however, evidence of strong progress. At the conference call, the company gave bullish signals regarding the potential within the US satellite segment, where contracts will probably be awarded during 4Q. We judge Harmonic’s progress to be positive for the industry, and reiterate our Buy recommendation and NOK 80 target price for Tandberg TV. · Harmonic reported 3Q net sales of USD 62.9m, in line with analyst estimates. The progress was, however, significant with 18% sequential growth. According to the company, supply chain issues may have limited the growth somewhat in the quarter. · Harmonic’s EBIT margin of 4.5% implies that the company has returned to profitability after a challenging period. The company’s gross margin was 47.4%, also significantly up vs previous quarters. The gross margin was, however, 2pp positively impacted by technicalities related to a European IPTV contract. The company expects the gross margin to fall back to the mid 40’s in 4Q. The 3Q non-GAAP EPS was 5 cents, compared to consensus estimates of 4cents. · Harmonic is judging the US satellite segment to represent the main growth potential going forward. The company expects contracts from Echostar/ DirecTV to be awarded during 4Q, with main potential deliveries in 1H 2007. The company acknowledges, however, that it has made no significant deliveries of its newly released MPEG 4 HD encoder. · Management expects revenues of USD 67-72m in 4Q, meaning that the company will probably report in the lower half of the previous revenue guidance for 2H of USD 130-140m. Delays in orders from IPTV customers are according to management the main reasons for the slight downward revision of guidance. · The tone at the conference call was optimistic and the share price added 8% after hours. __________________ Link to comment Share on other sites More sharing options...
Zoonic Posted november 10, 2006 Report Share Posted november 10, 2006 First om TAT idag: TAT; Tunge drivere for langsiktig vekst Vi ser 5 tunge drivere for den langsiktige veksten i industrien; digitalisering av analoge og digitale nettverk, utskifting av eldre utstyr, IPTV, Video on Demand og High Defintion TV. Våre hovedprognoser tilsier at disse trendene vil drive veksten i minst en 5 års periode til. Kombinert med selskapets etablerte strategiske situasjon venter vi, med konservative anslag, noe under 20% årlig topplinjevekst fremover som gir ca 20% EPS vekst. Vår nåverdiberegning peker mot en verdi på NOK 99 pr aksje. Med et noe mer aggressivt case med 23% årlig topplinjevekst, hvilket er vel innen rekkevidde, peker verdien pr aksje mot NOK 120. Vi ser også at aksjekursen til hovedkonkurrenten Harmonic har steget 85% de siste 4 månedene. TAT er etter vår oppfatning moderat priset på P/E 14 på 2007 estimatet, og 12x på 2008 estimatet. Med den underliggende veksten i sektoren og TATs gode konkurranseposisjon mener vi aksjen fortjener en prising opp mot P/E 20. Vårt kursmål på NOK 80 er basert på P/E 16 på 2007 estimatet. ___________ Link to comment Share on other sites More sharing options...
Zoonic Posted november 22, 2006 Report Share Posted november 22, 2006 DnBNOR hever Tandberg TV __________ Link to comment Share on other sites More sharing options...
Zoonic Posted januar 16, 2007 Report Share Posted januar 16, 2007 DNM oppdaterer TAT _____ Link to comment Share on other sites More sharing options...
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