Vizio
As we noted previously, TV brand Vizio (VZIO) began trading yesterday, offering 12.25m shares at $21/share, with a shoe of 1.837m. The stock took a bit of a fall on its first day of trading, dropping a bit over 9% to $19.10. If we remember correctly, the original offer was for 15.1m shares @ between $21 and $23, so even with the shoe, the deal size was reduced, with $257.25m being raised initially rather than the $332m original ‘expected’.
Revenue estimates we have seen range from $2.15b to $2.19b for this year and $0.13 proforma, with next year sales estimates ranging from $2.175b to $2.249b and $0.19. Gross margins look between 11.5% and 11.7% this year and between 14.8% and 14.9% next year as high margin advertising and license revenue has an increasing effect. 2023 revenue estimates range from $2.35b to $2.46b and eps of $0.43 with GMs getting close to 15%, but at more than 2 ½ years out, we put little faith in estimates for the TV space. We have no stake in Vizio but we do own two Vizio TVs, which have been trouble free.
Revenue estimates we have seen range from $2.15b to $2.19b for this year and $0.13 proforma, with next year sales estimates ranging from $2.175b to $2.249b and $0.19. Gross margins look between 11.5% and 11.7% this year and between 14.8% and 14.9% next year as high margin advertising and license revenue has an increasing effect. 2023 revenue estimates range from $2.35b to $2.46b and eps of $0.43 with GMs getting close to 15%, but at more than 2 ½ years out, we put little faith in estimates for the TV space. We have no stake in Vizio but we do own two Vizio TVs, which have been trouble free.
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