ADVA Optical Networking Investor Presentation

Transcription

ADVA Optical Networking
Investor Presentation
April/May 2014
Disclaimer
FORWARD-LOOKING STATEMENTS
This presentation contains forward-looking statements with words such as “believes”, “anticipates” and
“expects” to describe expected revenues and earnings, anticipated demand for optical networking solutions,
internal estimates and liquidity. These forward-looking statements involve a number of unknown risks,
uncertainties and other factors that could cause actual results to differ materially. Unknown risks, uncertainties
and other factors are discussed in the ‘risk report’ section of ADVA Optical Networking’s annual report 2013.
CONSOLIDATED PRO FORMA FINANCIAL RESULTS
ADVA Optical Networking provides consolidated pro forma financial results in this presentation solely as
supplemental financial information to help investors and the financial community make meaningful comparisons
of ADVA Optical Networking’s operating results from one financial period to another. ADVA Optical Networking
believes that these pro forma consolidated financial results are helpful because they exclude non-cash charges
related to the stock option programs and amortization and impairment of goodwill and acquisition-related
intangible assets, which are not reflective of the company’s operating results for the period presented. This pro
forma information is not prepared in accordance with IFRS and should not be considered a substitute for
historical information presented in accordance with IFRS.
2
© 2014 ADVA Optical Networking. All rights reserved. Confidential.
Contents
•
Who We Are
•
•
•
Markets and Applications
•
•
•
•
3
2013 supply chain management award
Operations strategy
Global distribution model and hybrid manufacturing strategy
Financial Performance
•
•
•
•
•
•
Product overview
Solutions and competitive landscape
Outlook
Operations
•
•
•
•
Market size and environment
Growth applications
Sales model and customer base
Products and Solutions
•
•
•
•
Mission
Historical development
Revenue and pro forma operating income development
Working capital and cash flow trends
Regional mix
Q2 2014 guidance
Investor relations overview
In Summary
Who We Are
4
ADVA Optical Networking
Key Facts
Mission
Our NUMBERS*
>1,400 employees
EUR 311m revenues
20 years of innovation
Our MISSION
is to be
the trusted partner
for innovative
connectivity solutions
that ADVANCE
next-generation
networks for cloud
and mobile services
Our CUSTOMERS
Hundreds of carriers
Thousands of enterprises
Our QUALITY
TL 9000, ISO 14001
Award-winning
supply chain
* 2013
We bring differentiation, quality and ease-of-use to next-generation networks
5
How We Continue to ADVAnce
300
Revenues (EUR million)
LEAD
150
BUILD
50
START
Solutions
Customers
0
100% enterprises
30% carriers
70% enterprises
60% carriers
40% enterprises
FSP 500
OCM 4
FSP-I
OCM 8 & 16
1994
FSP-II
FSP 2000
FSP
FSP 3000 Management
FSP 150
Suite
2001
2014
Enterprises and carriers drive innovation and sustainable profitability
6
Proven Thought Leadership
Data Center
Connectivity
1994
Scalable
Metro Networks
2000
2006
R&D facility, Meiningen, Germany
Intelligent
Service Delivery
Converged Transport
from Access to Core
2014
Software-Automated
Infrastructure
Two decades of history delivering
value-added solutions that support growth applications
7
ADVA Optical Networking Today
Revenues
Employees at year-end
+7%
+25%
+6%
Successful Acquisition Strategy
-6%
2009
2010
2011
2012
+3%
1,425
EUR 311 million
+6%
1,378
EUR 330 million
+8%
1,304
EUR 311 million
+9%
1,203
EUR 292 million
+6%
1,100
EUR 233 million
+7%
2000 – Cellware
2000 – First Fibre Ltd.
2000 – Siemens Norway
Telecom R&D
2004 – Metro Packet Systems
2006 – Covaro Networks
2006 – Movaz Networks
2014 – Oscilloquartz SA
2013
More than 1,400 team members driving growth,
innovation and operational excellence for sustainable profitability
8
Our Global Presence
Munich
Meiningen
Gdynia
York
Shenzhen
Atlanta
Singapore
Headquarter
Neuchâtel
Office
Representative
Application and technology expertise close to our customers
9
Markets and Applications
10
What Are We Trying To Solve?
Billions
of users
•
Consumers
•
Trillions
of things
Millions
of applications
•
Content
Enterprises
•
Services
•
Service
providers
•
Gaming
…
•
Commerce
•
•
…
Industry solutions
Mobility
Cloud services
Big data analytics
Social media
The New Network
Mobile devices and applications drive network requirements
11
Capitalizing on Next-Generation Networks
Single
application
Legacy networks
(static, narrowband,
purpose-built)
Interactive
multi-media
Approx. $200 billion
Global annual
infrastructure investment
$10 billion*
in optical transport
Apple iPad
Intelligent infrastructure
(dynamic, application-driven,
high-bandwidth, multi-purpose)
ADVA Optical Networking is focused on providing
the intelligent infrastructure for next-generation networks
* 2013 market size; Industry analyst estimates for metro WDM equipment (“Optical”) and Ethernet access devices (“Ethernet”) relevant for ADVA Optical Networking.
Sources: Infonetics Research Optical Network Hardware, Quarterly Market Share, Size, and Forecasts 3Q13, November 2013, and
Infonetics Research Ethernet Access Devices Biannual Market Share, Size and Forecasts, 2 nd Edition, September 2013.
12
Business Segment Overview
Revenues 2013:*
EUR 310.7 million
-5.9% vs. 2012
Addressable
market 2013:**
EUR 7.2 billion
35%
10%
ENTERPRISE
NETWORKS
30%
35%
8%
ETHERNET
ACCESS
82%
CARRIER
INFRASTRUCTURE
Well-balanced and diversified mix of market segments with
low overall dependency on macro-economic developments
*
**
13
Segmental distribution of ADVA Optical Networking revenues, rounded to full 5 per cent.
Industry analyst estimates for metro WDM equipment (“Optical”) and Ethernet access devices (“Ethernet”) relevant for ADVA Optical Networking.
Sources: Infonetics Research Optical Network Hardware, Quarterly Market Share, Size, and Forecasts 3Q13, November 2013, and
Infonetics Research Ethernet Access Devices Biannual Market Share, Size and Forecasts, 2 nd Edition, September 2013.
The split of the WDM equipment into carrier infrastructure and enterprise solutions is based on ADVA Optical Networking internal estimates.
2013 addressable market translated into EUR at average 2013 FX rate of 1 EUR = 1.3276 USD.
Mobile Broadband: Where Do We Add Value?
“Many of the folks who built fiber-optic backbones
are now trying to get fiber to the tower
as fast as possible to capture what they see as
their largest future market”
As
AnyCell Connectivity
Mobile Backhaul
Performance-assured service delivery
for macro and small cells
Carol Wilson, Lightreading, August 2013
Fiber to the cell tower**
CPRI* Fronthaul
Managed low-latency connectivity
for remote radio heads
Timing Excellence
Synchronization delivery and assurance
for LTE-Advanced
Intelligent packet-optical connectivity for wireless networks
*
Common Public Radio Interface
14
**
Infonetics Research, October 2013
Mobile Broadband: What is Hot?
Sync
As
AnyCell Connectivity
•
Macro and small cells
•
Base stations and RRH*
Evolved
Packet Core
Mini grandmaster
SyncjackTM timing
assurance
Macro Cell
(RRH*)
Small Cell
(RRH*)
Small Cell
(eNodeB**)
Macro Cell
(eNodeB**)
Macro Cell
Hub Site
Full and partial
assisted timing
support
Integrated front-/backhaul solution for data and timing delivery
*
Remote Radio Head
15
**
eNodeB is an LTE base station
Sync Drivers in Telecom
RAN Evolution
GNSS
TDM Replacement
GNSS
PRTC
• LTE-Advanced
• Carrier Ethernet
T-GM
• TD-LTE
• Interference
Coordination
Grandmaster
Assurance
Distribution
Source
• Packet-Optical
Transport
• IP Routing
• Multipoint
Transmission
End applications demand highly precise time and phase synchronization
16
Converged Access and Backhaul
FSP Service
Manager
Market
8% of our
addressable
market
Why ADVA?
Service assurance
FSP 150CC
FSP 150EG-X
Timing excellence
FSP 150CC
30% of our
revenues
Demarcation
Service intelligence
Aggregation
Service Edge
•
Performance-assured business Ethernet services
•
Scalable Carrier Ethernet wholesale infrastructure
•
Mobile backhaul with industry-leading timing delivery and assurance
FSP 150
Innovation for managed end-to-end Carrier Ethernet service delivery
17
Cloud Connectivity: Where Do We Add Value?
“Cloud data center traffic will grow 6-fold
from 2011 to 2016 reaching ca. 5 ZB”
Big Data Transport
Source: Global Cloud Index 2012, Cisco
Mega Data Center Connectivity
Cost-, space- and power-efficient
high-capacity transport
Cloud and traditional
data center growth
Business Continuity
Highest performance for synchronous
mirroring and disaster recovery
Cloud Access
Performance-assured and secure
high-speed connectivity
High-performance data center connectivity and cloud access
18
Cloud Connectivity: What Is Hot?
Key
Security
Facts
Big Data Transport
•
Big fat pipes
•
Data encryption
•
Transport SDN
Lowest latency
AES*-256 encryption
10G and 100G solutions
Trusted partner for inter data center connectivity and cloud access
*
Advanced Encryption Standard
19
Secure Data Center Connectivity
Why
KeyADVA?
Facts
Market
Mission
Highest
performance
10% of our
addressable
market
Lowest latency
Maximum security
35% of our
revenues
Primary Data Center
Backup Data Center
•
From cloud access to Terabit/s connectivity
•
First to market with partner qualifications (IBM, Brocade)
•
Differentiated feature set including 100G Metro & encryption
Innovation for high-performance data center connectivity
20
Scalable Optical Infrastructure
FSP Service Manager
Market
Why ADVA?
FSP 3000
82% of our
addressable
market
Any distance
Service management
Multi-layer transport
35% of our
revenues
Access
Metro
Core
•
From access to metro to long-haul
•
Market-leading control plane and transport SDN
•
Agile core solution with 100G coherent and flex-grid ROADMs
Packet-optical transport with best scalability and ease-of-use
21
New Verticals
Health
•
Connecting applications with
mega centralized data center
•
Immediate access to large amounts of
hi-definition files
•
Stringent security standards have to be met
Content Service Provider
•
Virtualization: one network for any application
•
Synchronizing high data volumes at the speed
of light
•
Dynamic alignment of network resources with
user demands
Regulatory pressure and cloud-based solutions create opportunities
22
New Verticals
Media
•
From SD- to HD- and 3G-SDI
•
Uncompressed transport provides
uncompromised quality
•
Resilient network delivers highest service
availability
Utilities
•
Transition from TDM to Carrier Ethernet
•
Critical infrastructures rely on secure
communication
•
Precise time-stamping for accurate network
analysis
Smart grid and video contribution networks create opportunities
23
We Continue to Invest in Innovation
Mobility
New Verticals
•
Sync architectures
•
Resiliency
Cloud & SDN
•
Fronthauling
•
•
Media
•
Health Care
Dynamic services
•
Utilities
•
Customer apps
•
Cloud Services
•
Full plug & play
We add value through differentiated, customer-focused innovation
24
Customer-Optimized Sales Model
Solutions integration
OEM
NMS integration
Long relationships
CUSTOMER
DIRECT
Regional focus
VAR
Vertical segments
Long relationships
e.g.
Three-pronged distribution model to flexibly address customer needs
25
Our Broad Customer Base
Service Providers
Enterprises
Internet & Cloud
Government & Education
Global success with innovative connectivity solutions
26
Oscilloquartz Customers
Mobile Network Operators
Wireline Carriers
Government
Longstanding relationship with hundreds of customers worldwide
27
Products and Solutions
28
Our Solutions Overview
Carrier Ethernet Access
Access
FSP Service Manager
Metro
Core
Mobile Backhaul
Business Ethernet
Ethernet Wholesale
FSP 150
FSP 3000
Carrier Infrastructure
Broadband Backhaul
Metro Networks
Long Haul
Private Enterprise Networks
Data Center Connectivity
Automated service delivery and assurance from access to core
29
FSP 150 Overview
Main Applications
•
Business Ethernet service delivery
•
Mobile backhaul solutions
•
Wholesale Ethernet access infrastructure
“ADVA Optical Networking has a deep,
long-term understanding of the Ethernet
market. Over the past decade, its team
has built some of the industry's largestinstalled bases of Ethernet Access Devices
(EAD), and in fact have more EADs
installed worldwide than any other
manufacturer.”
Michael Howard, co-founder and principal
analyst, Infonetics Research, January 2014
Key Features
FSP 150
•
CE 2.0 certified implementation
•
Performance assured Ethernet service delivery
•
Precise timing distribution and assurance
Intelligent Ethernet access and backhaul
30
FSP 3000 Overview
Main Applications
•
Agile core transport networks
•
Metro transport and broadband backhaul
•
Enterprise connectivity
“It's time for visionaries, companies that
have the skill to change the world and
drive our economies forward. This is
exactly what the team at ADVA Optical
Networking is doing. With their 100G
Metro, they clearly understood what the
market needed, what their customers
needed and innovated.”
Harald A Summa, CEO, eco – Association of
the German Internet Industry, July 2013
Key Features
FSP 3000
•
Low-latency, OTN and Ethernet aggregation
•
Flex-grid ROADM with GMPLS control plane
•
Highest density and lowest power consumption
Scalable optical transport for all applications
31
Oscilloquartz Synergies – It‘s About Time!
Precise Timing
Delivery and Assurance
FSP 150
FSP 3000
Intelligent Ethernet
Access and Aggregation
Scalable Optical Transport
OSA
ADVA
•
•
•
•
SyncE
PTP 1588
Mini-GM
Boundary Clock
•
•
SyncE
Sync OTN
We address all timing and synchronization areas of packet networks
32
Profitability
Competitive Landscape
Relative
technological
differentiation
Very few players have the critical R&D power to innovate (= scale)
with a lean enough overhead to be fast and profitable
33
Competitive Overview by Segment
Mobile Backhaul
Business Ethernet
Ethernet Wholesale
Key Competitors
Our ADVAntages
Timing excellence
Intelligent service definition and backhaul
Proven leadership in Ethernet Access Devices
Best scalability with ease-of-use
Broadband Backhaul
Intelligent control plane and service manager
Metro Networks
Multi-layer interworking with Juniper
Long Haul
Data Center Connectivity
First to market with innovation
(e.g. 16G FC, InfiniBand, 100G Metro)
Lowest latency and integrated security options
ADVA Optical Networking is a thought leader in developing
intelligent connectivity solutions for high-growth markets
34
The Future of Connectivity
Access
FSP Service Manager
Metro
Core
Sync & Timing
Aggregation
Network Functions Virtualization
FSP 150
FSP 3000
Multiplexing
Packet Intelligence
Automation
Encryption
Transport SDN
Value-added features converge into the optical transport layer,
delivering better performance at lower cost, space and power consumption
35
Where Do We Go From Here?
1
Network functions virtualization
Scalable, efficient capacity
7
Centralized intelligence
towards network apps
2
3
6
Dynamic cloud connectivity
Service assurance
5
4
High energy efficiency
Dynamic network infrastructure
The future has great potential for innovators that execute well
36
Development Approach
•
•
•
>500 engineers
>30 publications per year
>20 patents per year
•
•
•
Global IT landscape
Integrated tools
Centers of competence
•
•
•
Present in all regions
Proximity to customers
Trusted technology partner
(Optical+Ethernet+Control)
Platform concept (Optical+Ethernet+Control) for efficient technology creation
37
Why ADVA Optical Networking?
Trusted
Partner
Speed
for Customers
Optical+Ethernet
• High quality
Innovation
• Operational excellence
• Responsive team
• Financial stability
• Customized delivery
• World-class engineering team
• 24/7 worldwide
• Differentiated technology
• Plug & play simplicity
We bring differentiation, quality and ease-of-use to next-generation networks
38
Operations
39
Operational Excellence:
Supply Chain Management Award
Sellable Item Count …………………………………..8000
2000
SCM Inventory Turns
doubled
On Time Delivery to 1st Commit ………………..85%
Customer Order Lead Time ……………………… ~40
2013
2010
Operational Excellence
“ADVA Optical Networking
Wins Prestigious Supply
Chain Management Award”
95%
~15
for fully configured systems
Market-leading efficiency and delivery performance
underlines our brand promise “Speed for Customers” and “Trusted Partner”
40
Operations Vision and
Structured Project Initiatives
Vision
Operations will be
Strategic Focus
Growth &
Profitability
a customer-centric
organization that is
agile and adaptive
Optical+Ethernet
Innovation
in exceeding
expectations and
inspiring
Operational
Excellence
confidence of all
stakeholders
People
Strategic Initiatives
1. Exploit ADVA Optical Networking’s growth to achieve
accelerated cost reductions in the areas of direct materials,
contract manufacturing, freight and distribution cost.
 Provide highest quality products at market leading order
fulfillment service levels (on time to commit and order lead
times) to our customers, while reducing inventory and
working capital needs.
1. Integrate processes successively and ways of working across
all ADVA sites to increase operational effectiveness.
2. Help standardize manufacturing requirements for our
products and consolidate contract manufacturing supplier
base.
 Motivate, educate and nurture our team to achieve high
levels of performance, personal growth and job satisfaction.
All strategic initiatives driven by operations are aligned with the
ADVA Optical Networking Efficiency Engine (AEE) for consistent company direction
41
Manufacturing and Distribution Sites
Europe
USA
BMK, Augsburg, DE
Sanmina, Allen (TX), US
Richardson (1)
China
Meiningen
(175)
York
(26)
Munich
(4)
Sanmina-SCI, Shenzhen, CN
Atlanta (26)
Flextronics,
Timisoara, RO
Shenzhen (12)
Operations
Headquarter
EMS/CM supplier
42
Manufacturing Model WDM
Meiningen
Distribution
SUPPLIER BASE
Staging
Manufacturing
Atlanta
Distribution
Staging
Shenzhen
Distribution
Staging
43
Manufacturing Model Ethernet
York
Distribution
SUPPLIER BASE
Staging
Shenzhen
3 PL
Meiningen
Distribution
Staging
Atlanta
Distribution
Staging
44
Financial Performance
45
Annual IFRS Revenues and
Pro Forma Profitability
Revenues and Pro Forma Gross Profit*
(millions of EUR, % of revenues)
232.8
92.8*
(39.8%)
(42.9%)
310.9
291.7
109.9*
(37.7%)
(41.6%)
119.4*
(38.4%)
(42.9%)
330.1
133.2*
(40.4%)
(45.0%)
310.7
122.1*
(39.3%)
(45.0%)
Pro Forma Operating Income**
6.1
(2.6%)
2009
*
13.3
(4.6%)
2010
17.3
21.8
(5.6%)
(6.6%)
2011
2012
8.6
(2.8%)
2013
Amortization for capitalized development projects is presented as cost of goods sold from 2012. Prior period information has been adjusted accordingly,
by reclassification of amortization from research and development expenses to cost of goods sold.
The percentages in the lower line represent pro forma gross margins prior to reclassification.
** Pro forma operating income is calculated prior to non-cash charges related to the stock option programs and amortization
and impairment of goodwill and acquisition-related intangible assets.
46
Quarterly IFRS Revenues and
Pro Forma Profitability
Revenues and Pro Forma Gross Profit**
29.8*
(38.6%)
(43.4%)
31.3*
31.1*
(39.9%)
(45.6%)
76.2
79.1
78.4
77.0
(39.3%)
(45.2%)
Pro Forma Operating Income**
30.0*
(39.3%)
(45.9%)
0.8
(1.0%)
Q1 2013
78.1
27.6*
(35.4%)
(42.7%)
4.0
1.5
(5.0%)
(2.0%)
2.3
(3.0%)
Q2 2013
Q3 2013
Q4 2013
*
0.4
(0.5%)
Q1 2014
Amortization for capitalized development projects is presented as cost of goods sold from 2012. The percentages in the lower line represent pro forma gross
margins excluding amortization for capitalized development projects.
** Pro forma numbers are calculated prior to non-cash charges related to the stock option programs and amortization
and impairment of goodwill and acquisition-related intangible assets.
47
IFRS Profitability
EUR million
Q1 2013
Pro Forma Operating Income
Q2 2013
0.8
(1.0%)
Operating Income
0.4
(0.5%)
Net Income
0.8
Diluted EPS in EUR
1.5
(2.0%)
1.2
(1.5%)
0.1
Q3 2013
4.0
(5.0%)
3.5
(4.5%)
2.3
Q4 2013
Q1 2014
2.3
0.4
(3.0%)
(0.5%)
1.9
0.1
(2.5%)
(0.1%)
2.4
-0.4
(1.0%)
(0.2%)
(2.9%)
(3.1%)
(-0.5%)
0.02
0.00
0.05
0.05
-0.01
Margins, in % of Revenues
6
4
2
0.5%
0.1%
-0.4%
0
-2
48
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Cash and Net Liquidity
EUR million
80
Cash & Cash Equivalents
Financial Liabilities and Lease Obligations
Net Liquidity
77.1
65
50
38.5
35
20
5
-10
-25
-40
-38.6
Q2
Q3
Q4
Q1
2009 2009 2009 2010
Q4
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q1
2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014
High quarter-end cash and net liquidity positions at the end of Q1 2014,
demonstrating financial strength and operational flexibility
49
IFRS Balance Sheet
EUR million
Assets
Dec. 31,
2013
Mar. 31,
2014
EUR million
Equity & liabilities
Dec. 31,
2013
Mar. 31,
2014
Cash & cash equivalents
80.9
77.1
Accounts payable
26.5
29.5
Accounts receivable
52.7
61.3
Financial liabilities
39.2
38.6
Inventories
40.1
38.9
Other liabilities
69.6
73.2
Other assets
119.4
121.8
Equity
157.8
157.8
Total
293.1
299.1
Total
293.1
299.1
80
Working capital in EUR million
60
40
20
0
-20
-40
50
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Revenues Per Region
Quarterly Development of Regional Revenues
(millions of EUR, % of total)
EMEA
Americas
Asia-Pacific
76.2
78.1
6%
6%
4%
30%
26%
25%
32%
64%
68%
69%
64%
Q2 2013
Q3 2013
Q4 2013
77.0
78.4
5%
6%
33%
62%
Q1 2013
79.1
Q1 2014
EMEA remains most significant revenue contributor
51
IFRS Consolidated Cash Flow Statement
EUR million
Q4 2013
Q1 2014
7.0
4.8
-6.9
-7.6
Net cash provided by (used for)
financing activities
0.0
-0.7
Net effect of foreign currency translation
0.2
-0.3
Net change in cash and cash equivalents
+0.3
-3.8
at beginning of period
80.6
80.9
at end of period
80.9
77.1
4.9
2.3
Net cash provided by
operating activities
Net cash used for
investing activities
Cash and cash equivalents
Free cash flow*
* Free cash flow = Net cash provided by operating activities
./. capital expenditures for property, plant and equipment, finance leases and intangible assets not related to development activities.
52
Guidance Q2 2014
• Revenues between EUR 84 million and EUR 89 million
• Pro forma operating margin between -2% and +2% of revenues*
• ADVA Optical Networking will continue to perform detailed
quarterly reviews of the expected business development in
respect of all intangible assets, including capitalized research
and development expenses; in case of highly adverse business
prospects, these reviews may result in non-cash impairment
charges
*
53
Excluding any potential impairment charges.
Investor Relations Overview (I/II)
Recent Investor Activities
Mar
Planned Investor Activities
 Institutional investors met in Frankfurt,
Germany, and Singapore
Apr 24
 Release of Q1 2014 IFRS financials and
guidance for Q2 2014
 Updates to financial analysts
Stockholder Structure
82.0%
Free float
EGORA Group
 Investor roadshows and conferences in Europe
and America: New York, Boston, Berlin, Miami
Jun 5
 Annual General Meeting
Jul 24
 Release of Q2 2014 IFRS financials and
guidance for Q3 2014
 Updates to financial analysts
Financial Analyst Coverage
As of Mar 31, 2014: 48,022,827 shares outstanding
18.0%
May-Jun















ADVA Management
DWS (D)
Fidelity (US)
DNB Asset (NOR)
Norges (NOR)
Acadian (US)
BlackRock (D)
ING (NL)
LBBW (D)
Raiffeisen (CH)
Assenagon (D)
Credit Suisse (CH)
Other inst. inv.
Retail inv.
1.3%
7.9%
4.6%
4.4%
3.9%
3.5%
56.4%,
below
1.5% each
As of Apr 17, 2014
Institution
Recommendation/
target price
Last
change
Arete
Buy (€7.50)
Mar 3, 11
 (€6.70)
Berenberg
Hold (€5.20)
Oct 24, 13
 (€5.20)
Close Brothers Seydler
Buy (€4.50)
Feb 25, 14
 (€4.50)
Deutsche Bank
Hold (€4.20)
Feb 24, 14
 (€4.50)
Hauck & Aufhäuser
Sell (€3.00)
Mar 12, 14
 (€2.80)
LBBW
Hold (€4.05)
Feb 20, 14
 (€4.05)
Ø
€ 4.19
Recommendations in light grey are outdated; outdated target prices have not
been included in average target price calculation.
Source: Thomson Reuters aggregate as of Mar 31, 2014.
54
Last
update
Investor Relations Overview (II/II)
Share Price and Trading Volume Development
Trading volume
in thousand
Apr 1, 2013 – Feb 17, 2014
FWB Xetra data
Share price
in €
Ø daily trading volume
(in shares)
Share price in EUR
 1 month:
 6 months:
 12 months:
 Current (Apr 17)
 52 week high
 52 week low
110,520
154,292
144,419
3.30
4.83
3.05
Peer Group Valuation
2014 estimates and multiples
Financial Analyst IFRS Estimates
As of Apr 17, 2014
Excludes outdated estimates
FY 2013
EUR m
Revenues
Pro forma
op. inc.
Net
income
55
Actual
310.7
(-5.9%)
8.6
(2.8%)
5.5
(1.8%)
(x%) = % of revenues
Q1 2014
ADVA
guidance
74 - 79
-1.5 – +1.6
(-2% – +2%)
Ø analyst
estimate
FY 2014
FY 2015
Ø analyst
estimate
Ø analyst
estimate
77.3
(1.4%)
1.5
(1.9%)
325.2
(4.7%)
12.0
(3.7%)
344.6
(6.0%)
15.7
(4.6%)
0.5
(0.6%)
7.4
(2.3%)
10.3
(3.0%)
Source: UBS, JPMorgan, Thomson Reuters
databases and ADVA Optical Networking
analysts, Mar 31, 2014.
* ADVA Optical Networking data
based on IFRS and adjusted back to
U.S. GAAP.
In Summary
56
How We ADd VAlue
Sustainable
growth
Focus on
growth
markets
Expanding
opportunities
Thought
leadership
Differentiated
technology
Operational
excellence
Loyal
customers
ADVA Optical Networking is a thought leader in developing
intelligent connectivity solutions for growth markets
57
Thank You
Karin Tovar
Director
Investor Relations
t +1 201 940 7212
t +49 89 89 06 65 940
[email protected]
www.advaoptical.com

ADVA Optical Networking Investor Presentation

Transcription

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