| Over a week ago | ||||
UBS analyst Chris Snyder… UBS analyst Chris Snyder lowered the firm's price target on Snap One to $19 from $24 but keeps a Buy rating on the shares. The company reported a "healthy" Q1 earnings beat and a slight Q2 guidance raise, but his price target cut reflects the valuations among its peer group having "de-rated considerably", the analyst tells investors in a research note. Snyder adds that he continues to see a healthy growth outlook for Snap One behind elevated backlogs and secular tailwind for Smart Home and Building penetration, | ||||
Truist analyst Keith… Truist analyst Keith Hughes lowered the firm's price target on Snap One to $18 from $21 to reflect the impact of higher interest rates but keeps a Buy rating on the shares. The company's Q1 results were above expectations with "outstanding" organic growth and a "particularly solid" unit gain despite supply chain headwinds, the analyst tells investors in a research note. Hughes adds however that while Snap One margins disappointed as cost was not fully covered, another increase in selling prices in June "should make them whole". | ||||
FY22 revenue consensus… FY22 revenue consensus $1.15B. "Demand for our products and services remains high," Heyman continued. "Despite uncertainty in the macro environment, we have strong conviction in both the short- and long-term growth outlook for our business. Our fiscal 2022 revised guidance considers our fiscal first quarter performance, our most recent price adjustment, effective June 6, 2022, and our anticipation of continued supply chain challenges and uncertainty. Taking these factors into consideration, we expect net sales in the fiscal year ending December 30, 2022 to range between $1.16 billion and $1.18 billion, which would represent an increase of 15% to 17% compared to the prior fiscal year on an as-reported basis, and 17% to 19% after adjusting fiscal 2021 to remove the impact of a 53rd week. This represents an increase of $20 million and $10 million to the low and high end, respectively, of our initial guidance range communicated in March in conjunction with our fiscal 2021 earnings. For fiscal 2022, we now expect adjusted EBITDA to range between $116 million and $121 million, which would represent an increase of 5% to 9% compared to the prior fiscal year on an as-reported basis. Presenting 2021 on a 52-week adjusted basis and annualizing for a full year of public company costs, our 2022 adjusted EBITDA guidance would represent a year-over-year increase of 10% to 15%. This adjusted EBITDA guidance represents an increase of $2 million and $1 million to the low and high end, respectively, of our initial guidance range communicated in March in conjunction with our fiscal 2021 earnings. Overall, we are committed to revolutionizing smart living and helping lead overall industry progress. We remain focused on delivering strong growth and margin expansion over the long-term and reinvesting in the success of Snap One." | ||||
Reports Q1 revenue… Reports Q1 revenue $277.4M, consensus $252.19M. "Robust, secular demand for smart living experiences continues to propel our business forward as our team delivered yet another strong performance in the first quarter," said Snap One CEO John Heyman. "While market pressures and supply chain challenges from the last few quarters have persisted, we are pushing forward with our strategic objectives to position Snap One and our integrators to capitalize on the long-term market opportunity. So far this year, we've expanded our international presence through our acquisition of Staub Electronics, opened an additional local branch domestically, improved our technology and service offerings through several new product releases, and delivered a unified, award-winning loyalty program for our Partners. Financially, our team's commitment to our Partners positioned us to serve strong integrator demand and deliver $277.4 million in net sales in the first quarter, representing 25.8% year-over-year growth on an as-reported basis, with a net loss of $2.3 million and adjusted EBITDA of $23.6 million. While we expect supply chain challenges to remain for the foreseeable future, we continue to observe favorable demand trends and believe we are well positioned to build on our established market leadership position." | ||||
| Over a month ago | ||||
Virtual Meeting to be… Virtual Meeting to be held on March 31 hosted by Truist. | ||||
Truist analyst Keith… Truist analyst Keith Hughes lowered the firm's price target on Snap One to $21 from $25 and keeps a Buy rating on the shares. The "substantial" decline in the stock since its Q4 earnings beat reflects the pessimism surrounding building products names more so than Snap One performance, the analyst tells investors in a research note. Hughes adds that he remains constructive overall on the longer-term demand outlook for high-end home automation. | |
Virtual Meeting to be… Virtual Meeting to be held on March 31 hosted by Truist. | |
JPMorgan analyst Paul… JPMorgan analyst Paul Chung lowered the firm's price target on Snap One to $24 from $25 and keeps an Overweight rating on the shares following the Q4 results. Strong demand trends, wallet share gains, and expanding integrator networks drove the beat despite lingering supply chain costs, Chung tells investors in a research note. The analyst sees "solid execution" with Snap One exceeding $1B in annual revenues for the first time despite tough macro backdrop. | |
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"Demand for our… "Demand for our products and services remains high as we enter 2022," Heyman continued. "Despite supply chain uncertainty, we have strong conviction in both the short and long-term growth outlook for our business. We expect net sales in the fiscal year ending December 30, 2022, to range between $1.14B and $1.17B, which would represent an increase of 13% to 16% compared to the prior fiscal year on an as reported basis, and 15% to 18% after adjusting fiscal 2021 to remove the impact of a 53rd week."For fiscal 2022, we expect adjusted EBITDA to range between $114M and $120M, which would represent an increase of 3% to 8% compared to the prior fiscal year on an as reported basis. Presenting 2021 on a 52-week adjusted basis and normalizing for a full year of public company costs, our 2022 adjusted EBITDA guidance would represent a year over year increase of 8% to 14%. Our adjusted EBITDA guidance considers long-term growth investments as well as ongoing supply chain cost pressures partially offset by our historical pricing actions. "We enter 2022 in a robust demand environment and continue to take a leadership position in growing the industry. We are focused on delivering strong growth and margin expansion over the long-term, while also reinvesting in the success of Snap One and revolutionizing smart living." |
