Founder, BWS Financial Inc

Hamed Khorsand

Founder

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BWS Financial Inc

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Equity Bottom-Up

<ul>
<li>UI reported fiscal first quarter (September) results in line with our expectations as strength in enterprise continues to more than offset stalled service provider segment revenue.   </li>
<li>Ubiquiti reported fiscal first quarter revenue of $550.3 million compared to our estimate of $553.0 million. The miss was related to the service provider segment that continues to stagnant.   </li>
<li>We are adjusting our fiscal 2025 estimates and introducing fiscal 2026 forecast. The gross margin reported for Q1 is the biggest contributor to our estimate change for this year. </li>
</ul>


UI reported fiscal first quarter (September) results in line with our expectations as strength in enterprise continues to more than offset stalled service provider segment revenue.   
Ubiquiti reported fiscal first quarter revenue of $550.3 million compared to our estimate of $553.0 million. The miss was related to the service provider segment that continues to stagnant.   
We are adjusting our fiscal 2025 estimates and introducing fiscal 2026 forecast. The gross margin reported for Q1 is the biggest contributor to our estimate change for this year. 


<ul>
<li>Ubiquiti delivered its first quarterly revenue of more than $500 million as the Company generated free cash flow to further reduce its debt balance.   </li>
<li>Ubiquiti reported fiscal fourth quarter (June) results that were lower than we were forecasting as we assumed service provider segment would continue to trend higher sequentially. </li>
<li>Ubiquiti is now on a revenue trajectory of achieving over $500 million in quarterly revenue along with gross margin of over 40 percent. </li>
</ul>


Ubiquiti delivered its first quarterly revenue of more than $500 million as the Company generated free cash flow to further reduce its debt balance.   
Ubiquiti reported fiscal fourth quarter (June) results that were lower than we were forecasting as we assumed service provider segment would continue to trend higher sequentially. 
Ubiquiti is now on a revenue trajectory of achieving over $500 million in quarterly revenue along with gross margin of over 40 percent. 


<ul>
<li>A series of new product introductions earlier this year should contribute to Ubiquiti  experiencing follow through sales momentum in the June quarter. </li>
<li>In the June quarter we are anticipating both enterprise and service provider revenue to increase sequentially.</li>
<li>The March 2024 quarter included a charge. We are not expecting Ubiquiti to incur a similar expense in the June quarter. </li>
</ul>


A series of new product introductions earlier this year should contribute to Ubiquiti  experiencing follow through sales momentum in the June quarter. 
In the June quarter we are anticipating both enterprise and service provider revenue to increase sequentially.
The March 2024 quarter included a charge. We are not expecting Ubiquiti to incur a similar expense in the June quarter. 


<ul>
<li>UI reported fiscal third quarter (March) results in line with our revenue forecasts suggesting the business could be on the rebound after two years in a challenging environment</li>
<li>The performance in the June quarter comes even though peers have been reporting a tough selling environment with extended sales process as customers took time to make their decision</li>
<li>The increase in product availability did backfire in the quarter with Ubiquiti taking a charge for obsolete inventory. Nevertheless, Ubiquiti’s results show a business that is improving</li>
</ul>


UI reported fiscal third quarter (March) results in line with our revenue forecasts suggesting the business could be on the rebound after two years in a challenging environment
The performance in the June quarter comes even though peers have been reporting a tough selling environment with extended sales process as customers took time to make their decision
The increase in product availability did backfire in the quarter with Ubiquiti taking a charge for obsolete inventory. Nevertheless, Ubiquiti’s results show a business that is improving


<ul>
<li>Product introductions remained a core part of Ubiquiti’s (UI) business in calendar first quarter with more product rollouts in the period</li>
<li>The new products come at a time when Ubiquiti has ample inventory, which should bode well for revenue growth as VARs, Ubiquiti’s primary customers</li>
<li>Ubiquiti has managed to offset the slowdown in service provider from enterprise customers and we continue to believe this trend continued to be the case in the March quarter.</li>
</ul>


Product introductions remained a core part of Ubiquiti’s (UI) business in calendar first quarter with more product rollouts in the period
The new products come at a time when Ubiquiti has ample inventory, which should bode well for revenue growth as VARs, Ubiquiti’s primary customers
Ubiquiti has managed to offset the slowdown in service provider from enterprise customers and we continue to believe this trend continued to be the case in the March quarter.


United States

Ubiquiti Inc. provides wireless networking products and solutions. The Company offers radios, antennas, and management tools that have been designed to deliver carrier class performance for wireless networking and other applications in the unlicensed radio frequency. Ubiquiti operates in the State of New York.

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Ubiquiti Inc. (UI US)

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Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

UI: Better than 2021, PT to $385

The increase in gross margin sets the course for earnings rising further this fiscal year. UI introducing more enterprise related products this...

BWS Financial Inc

UI: Revenue Trending Higher, PT to $240

We were slightly aggressive with our estimates, but UI performed better than the rest of the Street's estimates and sets up a trend of delivering...

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UI: New Product Momentum

The risk/reward is appealing given any performance near our estimate for June quarter could signal our fiscal 2025 estimates are attainable for the...

BWS Financial Inc

UI: Signs of a Rebound

UI reported fiscal Q3 (March) revenue in line with our forecasts highlighting its second consecutive quarter of sequential improvement even though...

BWS Financial Inc

UI: Product Rollouts Fuel for Optimism

UI has continued rolling out new products for enterprise customers, which should fuel sequential revenue growth from the segment while service...

BWS Financial Inc