Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

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Equity Bottom-Up

<ul>
<li>XPER used the CES event this year to make several news announcements, but the biggest news for XPER was the one released by Roku Inc. (ROKU).</li>
<li>The ROKU announcement causes TiVo being the only independent TV operating system. We believe this could result in XPER establishing greater market share for its TVOS than originally expected</li>
<li>During CES Verstel introduced a series of TVs under multiple brands that would use TiVo TVOS. Additionally, XPER revealed more automakers that are releasing car models with AutoSense and AutoStage</li>
</ul>


XPER used the CES event this year to make several news announcements, but the biggest news for XPER was the one released by Roku Inc. (ROKU).
The ROKU announcement causes TiVo being the only independent TV operating system. We believe this could result in XPER establishing greater market share for its TVOS than originally expected
During CES Verstel introduced a series of TVs under multiple brands that would use TiVo TVOS. Additionally, XPER revealed more automakers that are releasing car models with AutoSense and AutoStage


<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


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: CES and a New Catalyst

The biggest news from CES was Roku (ROKU) launching its own line of TVs, which could lead to some of ROKU's current customers looking for other...

BWS Financial Inc

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

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