Numbers Behind OLED Projections Dimming

This article was placed on behalf of the U.S. based equity research effort of institutional broker and investment bank Canaccord Genuity. It was part of a series of articles developed under an agreement with forbes.com to work with a variety of contributors and assist them in delivering actionable investment ideas each week. The site, forbes.com is one of the top 500 sites in the world with nearly 10 million subscribers and approximately 100 million page views a month.

Canaccord Genuity sustainability analyst Jonathan Dorsheimer lowered his price target on Universal Display (PANL) to $35 from $40, citing “further analysis of its economics within the OLED ramp and a lack of positive near-term catalysts.” In regard to the upcoming licensing agreement with Samsung, Mr. Dorsheimer said:

“After triangulating the disclosure in [PANL]’s filings as well as follow-ups from some recent management commentary, we now believe that the implied rate the Samsung license is based off of is lower than we originally expected. We believe that the rate is closer to 75bps,resulting in a $290-300M licensing opportunity through 2017, downfrom our earlier assumption of 100bps and a $350-375M licensingopportunity.”

Previewing the upcoming 2012 International CES event held by the Consumer Electronics Association, Mr. Dorsheimer added, “CES will likely have many impressive large and small area OLED displays, but we feel at this stage most investors are already expecting these demonstrations and already pricing most of CES into shares.”

Amazon Summits A Dow That No Longer Exists

The addition of Amazon to the Dow with Walgreen’s unceremonious deletion, and the Dow’s current composition tells it like it

Financial Institutions Feeling the Crunch in Countdown to CECL Implementation

I was retained by Big Four accounting and consulting firm KPMG to assist them in their thought leadership efforts centered on changing accounting regulations. In this case, the Financial Accounting Standards Board or FASB had instituted new rules on the measurement of current and expected credit losses, i.e. CECL, that would require massive reorganization of financial reporting for the largest financial services organizations in the world. This thought leadership piece concerned the results of a survey among C-suite executives about their state of preparedness in the final countdown to the CECL implementation.

Securitizing Structured Settlement Payment Streams: A Primer

Fall 2012. This article was written with Stefano Sola and Phil Donahue, executives at JGWPT Holdings. We were engaged by JGWPT to assist them
in publishing the article below for The Journal Of Structured Finance.

Is The Media Biased?

This story is from our February 2024 update newsletter that offers communications insights, and hopefully, some amusing diversion.

David R. Evanson, LLC David R. Evanson, LLC