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.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

Equity Bottom-Up

<ul>
<li>XPER starts 2022 with a baseline free cash flow that is receiving little investor attention after the Company spent 2021 investing in its product offering</li>
<li>XPER has multiple shots to achieve greater free cash flow in 2022. From AutoStage and AutoSense to hybrid bonding and content streaming intellectual property</li>
<li>The steps XPER took in 2021 did not achieve triumphant revenue and free cash flow events to garner investor attention in the same year, but sets up 2022 for growth</li>
</ul>


XPER starts 2022 with a baseline free cash flow that is receiving little investor attention after the Company spent 2021 investing in its product offering
XPER has multiple shots to achieve greater free cash flow in 2022. From AutoStage and AutoSense to hybrid bonding and content streaming intellectual property
The steps XPER took in 2021 did not achieve triumphant revenue and free cash flow events to garner investor attention in the same year, but sets up 2022 for growth


XPER: Multiple Shots on Goal, Upgrading to Top Pick

<ul type="disc"><li>
Xperi (XPER) managed its expenses in the third quarter while getting ready for broader deployment of its DTS AutoStage and DTS AutoSense solutions. The lower operating expenses resulted in XPER’s earnings exceeding our forecasts.</li></ul> <ul type="disc"><li>XPER’s high-margin business model can be hampered by higher spending, especially as the Company invests in splitting the business into two separate entities. The brakes on spending came during a period when XPER is not immune to the global supply chain bottlenecks.</li></ul> <ul type="disc"><li>In prior years the third quarter was seasonally a lower period for TiVo. COVID-19 might have played a role in hiding such seasonality in last year’s performance, and it was only compounded this year due to global supply chain bottlenecks.</li></ul> <ul type="disc"><li>XPER’s stock continues to discount the free cash flow capabilities of the business. XPER’s free cash flow should increase next year with the new announced design wins, which is also not depicted in the stock price trading below our target of $26.</li></ul>


Xperi (XPER) managed its expenses in the third quarter while getting ready for broader deployment of its DTS AutoStage and DTS AutoSense solutions. The lower operating expenses resulted in XPER’s earnings exceeding our forecasts. XPER’s high-margin business model can be hampered by higher spending, especially as the Company invests in splitting the business into two separate entities. The brakes on spending came during a period when XPER is not immune to the global supply chain bottlenecks. In prior years the third quarter was seasonally a lower period for TiVo. COVID-19 might have played a role in hiding such seasonality in last year’s performance, and it was only compounded this year due to global supply chain bottlenecks. XPER’s stock continues to discount the free cash flow capabilities of the business. XPER’s free cash flow should increase next year with the new announced design wins, which is also not depicted in the stock price trading below our target of $26.

<ul type="disc"><li>
Xperi (XPER) was successful in signing license agreements earlier than expected resulting in second quarter results beating our forecasts. XPER highlighted its biggest licensing wins during the quarterly call. We had referenced the YouTube TV license renewal in early July.</li></ul> <ul type="disc"><li>XPER has more over the top (“OTT”) licenses coming up for renewal and management asserted there are many more new OTT participants XPER is targeting. OTT is a larger revenue opportunity now with consumers signed up on multiple services.</li></ul> <ul type="disc"><li>XPER disclosed it is engaged with 20 automobile OEMs for its DTS AutoStage product and 14 OEMs for its DTS AutoSense product.</li></ul> <ul type="disc"><li>The expanded availability of TiVo Stream 4K at multiple retailers in the second quarter is resulting in greater number of units sold. The Company also undertook aggressive pricing promotion in the second quarter to push more devices into the market.</li></ul>


Xperi (XPER) was successful in signing license agreements earlier than expected resulting in second quarter results beating our forecasts. XPER highlighted its biggest licensing wins during the quarterly call. We had referenced the YouTube TV license renewal in early July. XPER has more over the top (“OTT”) licenses coming up for renewal and management asserted there are many more new OTT participants XPER is targeting. OTT is a larger revenue opportunity now with consumers signed up on multiple services. XPER disclosed it is engaged with 20 automobile OEMs for its DTS AutoStage product and 14 OEMs for its DTS AutoSense product. The expanded availability of TiVo Stream 4K at multiple retailers in the second quarter is resulting in greater number of units sold. The Company also undertook aggressive pricing promotion in the second quarter to push more devices into the market.

<ul type="disc"><li>
Xperi (XPER) announced the renewal of its license agreement with Alphabet (GOOGL) for XPER’s entire patent portfolio. This is the first over the top (“OTT”) license renewal since XPER and TiVo merged. It marks a change in the business model and to how TiVo used to charge OTT operators.</li></ul> <ul type="disc"><li>We have been highlighting the forthcoming change in revenue structure from this segment of XPER’s business for several quarters. The GOOGL news is not enough to move the needle on a standalone basis, but it does describe how the patent license business is changing and could still grow when pay TV operators are experiencing a decline in subscribers.</li></ul> <ul type="disc"><li>The license with GOOGL was the first to renew, but there are a handful more that should come up for renewal soon.</li></ul> <ul type="disc"><li>We have updated our earnings model to include the benefits and impact from the MobiTV acquisition completed in the second quarter.</li></ul>


Xperi (XPER) announced the renewal of its license agreement with Alphabet (GOOGL) for XPER’s entire patent portfolio. This is the first over the top (“OTT”) license renewal since XPER and TiVo merged. It marks a change in the business model and to how TiVo used to charge OTT operators. We have been highlighting the forthcoming change in revenue structure from this segment of XPER’s business for several quarters. The GOOGL news is not enough to move the needle on a standalone basis, but it does describe how the patent license business is changing and could still grow when pay TV operators are experiencing a decline in subscribers. The license with GOOGL was the first to renew, but there are a handful more that should come up for renewal soon. We have updated our earnings model to include the benefits and impact from the MobiTV acquisition completed in the second quarter.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Our outlook remains status quo: we are bullish and we believe the path of least resistance remains higher. In today’s report we highlight attractive Groups and stocks within Technology: Semiconductor, Mid-Cap, Semiconductor Equip., Large/Mid-Cap, Semiconductor Equip., Small-Cap, and Software, Internet.

Our outlook remains status quo: we are bullish and we believe the path of least resistance remains higher. In today’s report we highlight attractive Groups and stocks within Technology: Semiconductor, Mid-Cap, Semiconductor Equip., Large/Mid-Cap, Semiconductor Equip., Small-Cap, and Software, Internet.

U. S. Equity Strategy: Status Quo: Bullish Outlook Intact

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Xperi (XPER US)

XPER: Multiple Shots on Goal, Upgrading to Top Pick

XPER enters 2022 with multiple shots on goal from different products and solutions. While XPER was making inroads in 2021 they were not enough for...

BWS Financial Inc

XPER: Expressing Free Cash Flow Growth

. XPER’s stock continues to discount the free cash flow capabilities of the business. XPER’s free cash flow should increase next year with the new...

BWS Financial Inc

XPER: Progressing Thru the Year

The progress XPER has made seems to be going unnoticed in the market with a stock price continuing to lag achievements. XPER is pursuing OTT...

BWS Financial Inc

XPER: OTT Streaming New Revenue

Xperi (XPER) announced the renewal of its license agreement with Alphabet (GOOGL) for XPER’s entire patent portfolio. This OTT license renewal...

BWS Financial Inc

U. S. Equity Strategy: Status Quo: Bullish Outlook Intact

Our outlook remains status quo: we are bullish and we believe the path of least resistance remains higher. In today’s report we highlight...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)