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Klogg

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24/05/21

11:41

Post #: 53370657
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Originally posted by Klogg: ↑

For anyone that missed out, the AGM was great. Some key points:

- There's a ridiculous proxy advisory suggesting shareholders vote against the very incentive structure that provides them great wealth generation. Justifying their own existence from what I can tell

- David was very upbeat about the business, with no doubts that future prospects are bright (he was talking very high level in his portion of the AGM)

- Mary mentioned that had there not been supply restrictions, we would have seen a revenue increase on an already incredible Q1FY20.
- She also mentioned that NZ is expected to grow strongly, with economies of scale to increase

Vlad's part was the most interesting. He:
- confirmed the above, and said the orders are not lost, simply deferred.
- suggested the advance of AV/UC leads them to be IT-like, hence the move into AV/UC. This area has grown immensely and looking to continue that growth
- stated that the gut feel was that backlogs vary between suppliers, but they're 3-6months. Not all just relating to semiconductors, some relate to manufacturers being caught off-guard with the significant demand (understandably). This is backed up by AMD's statement on supply issues
- mentioned the VMWare agreement, and the significance of it. He listed the five major distributors accounting for a large chunk of revenue, and VMWare ranking just under Dell in importance.
- walked through the approach they take with some vendors, acting on behalf of the vendor when providing support, etc. to clients. (I'm not doing this part justice, but it was along those lines.)
- stated that COVID saw an increase in laptops/pcs/peripherals demand. This is now flipping, with large enterprise now continuing their previously deferred IT investment. As I understand it, this should cause servers/networking to show strong growth.

Overall very optimistic, with management very confident about the future - even though this is off a very strong FY20.

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Just to clarify two points:

"suggested the advance of AV/UC leads them to be IT-like, hence the move into AV/UC"
By this I mean the products become more complex and IT-like, so it makes it a natural market to move into.

"stated that the gut feel was that backlogs vary between suppliers, but they're 3-6months"
I mean to say that backlogs will be resolved (or start to resolve) in 3-6months. Time taken to get supply varies by vendor.

DDR Price at posting: $9.37 Sentiment: Hold Disclosure: Held
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