reports
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Growth Surging Relative to Value Note: This report is presented in an abbreviated format, as we are in production of our January US Macro Vision book. As we head into Q4 earnings season we remain bullish on the broad market. Our bullish outlook is supported by the themes highlighted below: • Price Trends Remain Bullish. Price trends for major indexes in the US (large-, mid-, and small-caps) and abroad (MSCI EM and EAFE) remain on bullish trajectories. • Internals are Healthy. Advance/dec...
STMICROELECTRONICS N.V. ADS
WYNN WYNN RESORTS LIMITED
SNPS SYNOPSYS INC.
SLAB SILICON LABORATORIES INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
RMBS RAMBUS INC.
POWI POWER INTEGRATIONS INC.
ON ON SEMICONDUCTOR CORPORATION
MPWR MONOLITHIC POWER SYSTEMS INC.
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
MCHP MICROCHIP TECHNOLOGY INCORPORATED
LVS LAS VEGAS SANDS CORP.
IPHI INPHI CORPORATION
HIMX HIMAX TECHNOLOGIES INC. SPONSORED ADR
DIOD DIODES INCORPORATED
CREE CREE INC.
CDNS CADENCE DESIGN SYSTEMS INC.
ASX ASE TECHNOLOGY HOLDING
ANSS ANSYS INC.
AMBA AMBARELLA INC.
ADSK AUTODESK INC.
MRVL MARVELL TECHNOLOGY GROUP LTD.
SWKS SKYWORKS SOLUTIONS INC.
CRUS CIRRUS LOGIC INC.
LSCC LATTICE SEMICONDUCTOR CORPORATION
MGM MGM RESORTS INTERNATIONAL
SMI SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORP. ADS (REP 50 ORD SHS)
MTSI MACOM TECHNOLOGY SOLUTIONS HOLDINGS INC.
UMCB UNITED MICROELECTRONICS CORP (ADR)
DASTY DASSAULT SYSTEMES SA
SGH SMART GLOBAL HOLDINGS INC.
AMD ADVANCED MICRO DEVICES INC.
TSEM TOWER SEMICONDUCTOR LTD
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Global growth synchronization, round two? The S&P 500 is working through 2,817 resistance and our technical work continues to support an overall positive outlook. Below we highlight a number of recent developments, including improving markets in Europe which may give rise to a global growth synchronization theme. As markets improve in Europe and in EM countries, U.S. markets in turn should get a tailwind from improved conditions overseas under the idea that a rising tide lifts all boats. • T...
NOW SERVICENOW INC.
ADI ANALOG DEVICES INC.
XLNX XILINX INC.
WDAY WORKDAY INC. CLASS A
TXN TEXAS INSTRUMENTS INCORPORATED
TER TERADYNE INC.
SNPS SYNOPSYS INC.
ORCL ORACLE CORPORATION
ON ON SEMICONDUCTOR CORPORATION
MPWR MONOLITHIC POWER SYSTEMS INC.
MKSI MKS INSTRUMENTS INC.
MCHP MICROCHIP TECHNOLOGY INCORPORATED
LRCX LAM RESEARCH CORPORATION
INTC INTEL CORPORATION
FARO FARO TECHNOLOGIES INC.
CDNS CADENCE DESIGN SYSTEMS INC.
AMAT APPLIED MATERIALS INC.
ADSK AUTODESK INC.
MRVL MARVELL TECHNOLOGY GROUP LTD.
SWKS SKYWORKS SOLUTIONS INC.
KLAC KLA CORPORATION
DASTY DASSAULT SYSTEMES SA
ASML ASML HOLDING N.V.
AMD ADVANCED MICRO DEVICES INC.
MSFT MICROSOFT CORPORATION
SAP... SAP SE
- Dave Nicoski
- Ross LaDuke
Vermilion Macro Vision: Sector Synopsis
Investors continue to prefer the stability of the U.S. relative to emerging markets. The decline in emerging markets and their currencies suggest global risk aversion. U.S. equity markets are, by contrast, not showing any significant signs of coming unhinged as a result of this rout in emerging markets. We continue to monitor the following to assess the health of the U.S. market: • U.S. Dollar: The U.S. dollar remains the de-facto world currency and has aided the U.S. equity markets in sta...
WIX WIX.COM LTD.
WDAY WORKDAY INC. CLASS A
SSYS STRATASYS LTD.
SNE. SONY CORP. (ADS)
RMD RESMED INC.
QIA QIAGEN NV
QDEL QUIDEL CORPORATION
PRAH PRA HEALTH SCIENCES INC.
PACB PACIFIC BIOSCIENCES OF CALIFORNIA INC.
MTLS MATERIALISE ADS
MANH MANHATTAN ASSOCIATES INC.
LPSN LIVEPERSON INC.
IDXX IDEXX LABORATORIES INC.
ICPT INTERCEPT PHARMACEUTICALS INC.
ICLR ICON PLC
GCO GENESCO INC.
DNKN DUNKIN' BRANDS GROUP INC.
DECK DECKERS OUTDOOR CORPORATION
CTRL CONTROL4 CORPORATION
CDXS CODEXIS
CAL CALERES INC.
AZO AUTOZONE INC.
ADSK AUTODESK INC.
AAP ADVANCE AUTO PARTS INC.
JOUT JOHNSON OUTDOORS INC. CLASS A
DSG. DESCARTES SYSTEMS GROUP INC.
CMG CHIPOTLE MEXICAN GRILL INC.
HRC HILL-ROM HOLDINGS INC.
VSTO VISTA OUTDOOR INC
DASTY DASSAULT SYSTEMES SA
NKE NIKE INC. CLASS B
CTXS CITRIX SYSTEMS INC.
- Daniel Großjohann
- Thomas J. Schiessle
Autodesk braking effect tapered off, profitability at record high
Q1/18 confirmed a development which had already been suggested in Q4/17: The braking effect which had affected the VAR (value added reseller) business of MuM through the transformation of Autodesk (into a subscription-based business model) has tapered off. In Q1/18, both segments contributed to revenue growth in the group (+6.8%), whereby the higher-margin business with own software showed a higher dynamic (9.3%). We believe that the market inadequately takes into consideration both the momentum...
- Daniel Großjohann
- Thomas J. Schiessle
Autodesk-Bremseffekt ausgelaufen, Profitabilität auf Rekordhoch
Q1/18 bestätigte eine Entwicklung die sich bereits in Q4/17 angedeutet hatte: Der Bremseffekt, der sich durch die Autodesk-Transformation (von einem Lizenz- hin zu einem Subscription-Geschäftsmodell) auf das Systemhausgeschäft der MuM ausgewirkt hatte, ist ausgelaufen. Beide Segmente trugen in Q1/18 zum Konzernumsatzwachstum (+6,8%) bei, wobei das margenstärkere Geschäft mit eigener Software eine höhere Dynamik zeigte (+9,3%). Wir denken, dass der Markt beim „hybriden“ Geschäftsmodell (Systemhau...
- Andrew Lange
Dassault Reports Good New License Sales, but Foreign Exchange and Serv...
Dassault’s third-quarter results represented another good quarter for the firm, with healthy new licenses growth and broad-based demand across most of its geographic regions. However, China was weaker than expected, with lower spending by the country’s state-owned enterprises. While Dassault reiterated its full-year new license sales growth target of 8%-10% and recurring software growth of 6%, it did marginally lower its full-year total revenue growth range, operating margin, and EPS. The de...
- Andrew Lange
Dassault Posts Solid 2Q; Boeing Deal Big Seal of Approval; Shares Mode...
Dassault Systemes reported a solid second-quarter result, delivering software revenue and EPS toward the high end of its guidance. However, the firm announced that the strengthening of the euro would have an impact on its full-year guidance and lowered the midpoint of its fiscal 2017 revenue by EUR 50 million to EUR 3.252 billion and its EPS by EUR 0.06 to EUR 2.64. Notably, Dassault signed a partnership extension with Boeing in the quarter. We think the agreement, which covers multiple industry...
- Andrew Lange
Dassault's industry-leading products solidify its market leadership in...
Dassault reported a good end to fiscal 2016 with healthy sales across the firm’s major brands. Although CATIA’s performance was the weakest of the major brands, the result reflected users shifting from V5 to Dassault’s newer V6, or 3DExperience platform, and doesn’t reflect any structural weakness for the firm’s flagship product. In fact, we very much like Dassault’s industry position and believe it’s wide economic rating remains as relevant as ever. Management provided a new fisca...
- Andrew Lange
Dassault's industry-leading products solidify its market leadership in...
Dassault reported a good end to fiscal 2016 with healthy sales across the firm’s major brands. Although CATIA’s performance was the weakest of the major brands, the result reflected users shifting from V5 to Dassault’s newer V6, or 3DExperience platform, and doesn’t reflect any structural weakness for the firm’s flagship product. In fact, we very much like Dassault’s industry position and believe it’s wide economic rating remains as relevant as ever. Management provided a new fisca...
- Andrew Lange
Dassault Reports Good End to Fiscal 2016; Healthy Midterm EPS Growth E...
Dassault reported a good end to fiscal 2016 with healthy sales across the firm’s major brands. Although CATIA’s performance was the weakest of the major brands, the result reflected users shifting from V5 to Dassault’s newer V6, or 3DExperience platform, and doesn’t reflect any structural weakness for the firm’s flagship product. In fact, we very much like Dassault’s industry position and believe it’s wide economic rating remains as relevant as ever. Management provided a new fisca...
- Andrew Lange
Dassault Reports Decent 3Q, but New License Sales Weaker Than Expected...
Dassault Systemes’ third-quarter results were mostly in line with our expectations, although new licensing revenue growth was a little weaker than management’s forecast as a result of clients delaying their purchasing decisions. Our fair value estimate remains unchanged at EUR 63, and we reiterate our wide economic moat rating. Even with the stock pulling back on the quarter, we still think investors should wait for a larger margin of safety. From a macro standpoint, weakness in Latin Americ...
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