Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

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Equity Bottom-Up

<ul>
<li>XPER reported third quarter results after becoming a separate operating business at the beginning of October</li>
<li>XPER is progressing in adding new customers for its different product lines with revenue expected to ramp in subsequent quarters</li>
<li>The third quarter did not have much in the form of surprises with XPER maintaining its full year guidance. </li>
</ul>


XPER reported third quarter results after becoming a separate operating business at the beginning of October
XPER is progressing in adding new customers for its different product lines with revenue expected to ramp in subsequent quarters
The third quarter did not have much in the form of surprises with XPER maintaining its full year guidance. 


<ul>
<li>Adeia (ADEA) spun out Xperi Inc. (XPER) to shareholders. We are updating our coverage by downgrading ADEA to Buy Rating from Top Pick, initiating coverage of XPER with Top Pick.</li>
<li>The separation of the two businesses should allow the markets to appropriately price each stock. This should lead to a higher overall valuation compared to when the companies were together.</li>
<li>XPER is our Top Pick due to the multiple revenue opportunities from new products over the next 12 months.</li>
</ul>


Adeia (ADEA) spun out Xperi Inc. (XPER) to shareholders. We are updating our coverage by downgrading ADEA to Buy Rating from Top Pick, initiating coverage of XPER with Top Pick.
The separation of the two businesses should allow the markets to appropriately price each stock. This should lead to a higher overall valuation compared to when the companies were together.
XPER is our Top Pick due to the multiple revenue opportunities from new products over the next 12 months.


<ul>
<li>XPER is in the final stages of separating its IP business from its product business.</li>
<li>The Company reported second quarter results in line with our updated estimates after announcing the purchase of Vewd Software and an IP license agreement</li>
<li>XPER’s multiple revenue streams gives the Company the ability to grow free cash flow even though one segment could be lagging</li>
</ul>


XPER is in the final stages of separating its IP business from its product business.
The Company reported second quarter results in line with our updated estimates after announcing the purchase of Vewd Software and an IP license agreement
XPER’s multiple revenue streams gives the Company the ability to grow free cash flow even though one segment could be lagging


<ul>
<li>XPER is accelerating its presence within connected TVs with the acquisition of Vewd Software</li>
<li>Vewd Software is a middleware developer that has been installed in more than 450 million connected TVs and devices.</li>
<li>The synergistic value of Vewd could be revealed to shareholders in the next 12 to 18 months when XPER begins to monetize Vewd’s install base</li>
</ul>


XPER is accelerating its presence within connected TVs with the acquisition of Vewd Software
Vewd Software is a middleware developer that has been installed in more than 450 million connected TVs and devices.
The synergistic value of Vewd could be revealed to shareholders in the next 12 to 18 months when XPER begins to monetize Vewd’s install base


<ul>
<li>XPER is setting the course for revenue growth after reporting fourth quarter 2021 results. Aiding the process to revenue growth is an increase in baseline IP license revenue for 2022</li>
<li>XPER disclosed it has signed a hybrid bonding IP licensing agreement with Micron Technologies (MU)</li>
<li>XPER is broadening its presence in the automobile space. During the fourth quarter earnings call, XPER disclosed Toyota Motor (TM) will include HDRadio in all its car models</li>
</ul>


XPER is setting the course for revenue growth after reporting fourth quarter 2021 results. Aiding the process to revenue growth is an increase in baseline IP license revenue for 2022
XPER disclosed it has signed a hybrid bonding IP licensing agreement with Micron Technologies (MU)
XPER is broadening its presence in the automobile space. During the fourth quarter earnings call, XPER disclosed Toyota Motor (TM) will include HDRadio in all its car models


United States

Xperi Holding Corp creates, develops, and licenses audio, computational imaging, computer vision and semiconductor packaging and interconnect technologies. The Company offers its products and solutions to mobile, home, datacenter, and automotive industries.

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Xperi (XPER US)

XPER: New Launches Reduce Execution Risk

XPER reiterated its full year financial guidance and announced a series of new customer launches and design wins. We view the product placement...

BWS Financial Inc

ADEA & XPER: The Spin and Price Targets

The separation of IP and product leads us to make changes to our coverage universe. ADEA is a Buy and XPER is the Top Pick

BWS Financial Inc

XPER: Ready for a Split

XPER is expecting to split its product and IP segments later this year, which we think could be timed with more customer win announcements.

BWS Financial Inc

XPER: Positive Catalyst to Growth Story

XPER is buying Vewd. The purchase price is higher than what the current market environment would appreciate but accelerates XPER's TVOS development...

BWS Financial Inc

XPER: Growth Year on Track

XPER set guidance showing mid-single digit revenue growth in 2022, which does not take into consideration automobile production growing and...

BWS Financial Inc

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