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Netgear (NTGR). Bharath Chandrashekhar Daniel Kleeman Shalini Sivarajah Presented: April 10, 2014. Agenda. Company Profile Business Model SWOT Analysis Macroeconomic Overview Stock Performance Porter’s Analysis Comps Analysis Financial Analysis Valuation Recommendation.

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Netgear ntgr

Netgear (NTGR)

BharathChandrashekhar

Daniel Kleeman

Shalini Sivarajah

Presented: April 10, 2014


Agenda
Agenda

  • Company Profile

  • Business Model

  • SWOT Analysis

  • Macroeconomic Overview

  • Stock Performance

  • Porter’s Analysis

  • Comps Analysis

  • Financial Analysis

  • Valuation

  • Recommendation


Company profile
Company Profile

  • Netgear is a global networking company, engaged in providing a range of networking products to consumers, businesses and service providers

  • The company operates in US, EMEA (Europe, Middle-East and Africa) and Asia

  • Incorporated: January 1996

  • HQ: San Jose, CA

  • IPO: July 2003, raised $98m

  • Market Cap: $1.2bn

  • Current Share Price(4/8/14): $33.45


Business model
Business Model

  • Outsource manufacturing, warehousing and distribution

  • Focus mainly on sales & marketing and R&D

  • Distribution is mainly through traditional retailers, online retailers, wholesale distributors, DMR and VARs

  • Three business segments:

    • Retail

    • Commercial

    • Service Provider

  • Little to no debt

  • 150 issued United States and 80 foreign patents that expire between 2014 and 2030

  • Approximately 125 pending United States and foreign patent applications


Business segmentation
Business Segmentation

  • WiFi Internet Routers

  • WiFiNetwork Adapters WiFiRange Extenders Network PowerlineProducts

  • Home Monitoring Cameras

  • Multimedia Streaming Devices

  • Home Use Network Storage

  • Switches and Access Points

  • Mobile Broadband Routers

  • DSL and Cable Gateways

  • Unified Network Storage Systems

  • WiFiNetworking Products

  • Network Management Tools

  • Network Security

  • Mobile Broadband Devices

  • WiFi Routers

  • DOCSIS 3.0 Gateways

  • xDSL and Fiber Gateways

  • Powerline and MoCA Adapters

  • WiFi Adapters

  • Storage

  • Switches

  • Home Security

  • Network Security


Retail
Retail

Networking Retail Share

Source: Analyst Day 2013 Presentation

Wifi Router

USB Mini Adapter

Wifi Range Extender

DSL Modem Router


Commercial
Commercial

Switches

Backup Storage

Wifi Networking Router




Geographic segments
Geographic Segments

Revenue Breakdown



Macroeconomic overview
Macroeconomic Overview

  • Key Drivers

    • Demand from wired Telecommunications operators

    • Number of broadband connections

    • Corporate profit

    • Aggregate private investments- expected to increase by 5.1% in the above period


Stock performance
Stock Performance

NASD

NTGR

Source: Yahoo Finance











Recommendation
Recommendation

  • Current Price – $34.04

  • DCF Value – $17.44

  • Comps Value – $20.54 - $34.34

  • Recommendation:No change, keep on watch list


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