Julian Yoon

Equity Bottom-Up

<p>On Friday, company resoundingly beat 4Q16 consensus estimates with revenue and EPS beat of 9% and 31%, respectively.  Following the earnings announcement, <strong>stock was up 20% on Friday</strong>, to close at $81 per share, which is close to my base case target price of $86. </p><p><strong> Figure 1.  4Q16 results vs. consensus</strong></p><table class="table table-striped"><tbody>
<tr>
<td colspan="2"><strong>($ in millions)</strong></td>
</tr>
<tr>
<td><strong>4Q16</strong></td>
<td><strong>Revenue</strong></td>
<td><strong>EPS</strong></td>
</tr>
<tr>
<td>Consenus</td>
<td>68.6</td>
<td>0.42</td>
</tr>
<tr>
<td>Actual</td>
<td>74.6</td>
<td>0.55</td>
</tr>
<tr>
<td>% difference</td>
<td>8.7%</td>
<td>31.0%</td>
</tr>
</tbody></table><p>In 4Q16, the company saw a significant uptick in materials revenue with total emitter revenue up 25% QoQ despite…</p>

On Friday, company resoundingly beat 4Q16 consensus estimates with revenue and EPS beat of 9% and 31%, respectively.  Following the earnings announcement, stock was up 20% on Friday, to close at $81 per share, which is close to my base case target price of $86.  Figure 1.  4Q16 results vs. consensus

($ in millions)


4Q16
Revenue
EPS


Consenus
68.6
0.42


Actual
74.6
0.55


% difference
8.7%
31.0%

In 4Q16, the company saw a significant uptick in materials revenue with total emitter revenue up 25% QoQ despite…

Universal Display Q4 Results -  Investment Thesis Playing Out.