Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

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Equity Bottom-Up

<ul>
<li>NTGR is beginning to experience stability in demand and inventory within its connected home segment suggesting growth could be around the corner</li>
<li>The lower inventory levels at retail partners should result in fewer promotion activity as NTGR is now projecting the return of seasonal strength in the third quarter</li>
<li>NTGR reported second quarter revenue ahead of expectations with connected home revenue being the factor for the outperformance</li>
</ul>


NTGR is beginning to experience stability in demand and inventory within its connected home segment suggesting growth could be around the corner
The lower inventory levels at retail partners should result in fewer promotion activity as NTGR is now projecting the return of seasonal strength in the third quarter
NTGR reported second quarter revenue ahead of expectations with connected home revenue being the factor for the outperformance


<ul>
<li>NTGR has spent the last two years adjusting to a consumer spending environment post pandemic and should begin to show greater benefits of the new business strategy </li>
<li>The inventory rebalancing at NTGR’s main retailers is mostly sorted out and NTGR has been putting greater emphasis on its super premium wireless systems</li>
<li>NTGR’s ability to generate free cash flow this year should improve investor sentiment in owning the stock.</li>
</ul>


NTGR has spent the last two years adjusting to a consumer spending environment post pandemic and should begin to show greater benefits of the new business strategy 
The inventory rebalancing at NTGR’s main retailers is mostly sorted out and NTGR has been putting greater emphasis on its super premium wireless systems
NTGR’s ability to generate free cash flow this year should improve investor sentiment in owning the stock.


<ul>
<li>NTGR reported first quarter results asserting sell through was healthy but channel partners were not replenishing their inventory</li>
<li>Heading into the results, we had cited the lack of deep discounts in the quarter as a sign that inventory had stabilized. </li>
<li>NTGR is entering the second quarter with no expectation of channel partners coming back with increased order flow</li>
</ul>


NTGR reported first quarter results asserting sell through was healthy but channel partners were not replenishing their inventory
Heading into the results, we had cited the lack of deep discounts in the quarter as a sign that inventory had stabilized. 
NTGR is entering the second quarter with no expectation of channel partners coming back with increased order flow


<ul>
<li>NTGR has been going through a product transition cycle in a soft demand environment for more than a year, but recent promotion activity suggests an end could be near</li>
<li>The scale of promotions seems to have abated in the first quarter of 2023 even though demand has yet to return.</li>
<li>NTGR had been projecting the first quarter would be the low point of the year with sequential revenue growth in the second quarter. </li>
</ul>


NTGR has been going through a product transition cycle in a soft demand environment for more than a year, but recent promotion activity suggests an end could be near
The scale of promotions seems to have abated in the first quarter of 2023 even though demand has yet to return.
NTGR had been projecting the first quarter would be the low point of the year with sequential revenue growth in the second quarter. 


<ul>
<li>NTGR continues to face the challenges of retailers reducing shelf inventory while the Company shifts to in-demand product lines</li>
<li>NTGR reported fourth quarter revenue of $249.1 million, exceeding our estimate of $242.8 million due to more product shipments to service provider customers</li>
<li>NTGR’s inability to source enough components is hampering the growth potential of the Company’s ProAV switch</li>
</ul>


NTGR continues to face the challenges of retailers reducing shelf inventory while the Company shifts to in-demand product lines
NTGR reported fourth quarter revenue of $249.1 million, exceeding our estimate of $242.8 million due to more product shipments to service provider customers
NTGR’s inability to source enough components is hampering the growth potential of the Company’s ProAV switch


United States

NETGEAR, Inc. provides networking products designed for small businesses and homes.  The Company's suite of products enables small businesses and homes to share Internet access, peripherals, digital content, and applications among multiple personal computers and other Internet-enabled devices.  NETGEAR markets and sells its products through distributors to a network of resellers.

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