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Technology Stocks : SONS
SONS 7.830+2.8%Nov 28 4:00 PM EST
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From: Home-Run7/24/2005 7:50:44 PM
   of 1575
 
CSFB Report--


Sonus is scheduled to report its June fiscal second quarter results
on August 8, 2005. While we have limited visibility and confidence
as to the level of revenues and earnings that Sonus will post for
the June quarter, we continue to remain confident regarding the
intermediate-to-long-term outlook for Sonus's operating business as
well as for the riskreward proposition for owning its shares. In
particular, we remain confident with regard to the long-term VoIP
market opportunity and Sonus's ability to remain an effective
competitor in this market. Regarding the market opportunity, the
carrier VoIP infrastructure market increased by approximately 26% to
$1.6 billion in calendar 2004, according to the Dell'Oro Group. We
currently project an approximately 30% additional increase in
calendar 2005 and greater than 20% CAGR for the next five years.
Nearerterm, we believe that the Sonus's backlog order book continues
to be healthy, with benefit of the strong orders-to-booking numbers
(almost 2-to-1) of each of the past two quarters. As for Sonus's
competitive positioning, our checks suggest that Sonus is in
contractual negotiations with Verizon regarding its broadband VoIP
deployment. Verizon recently noted that it is on track to roll-out
broadband VoIP as part of its FIOS FTTP build-out. In addition, our
industry checks indicate that U.S. Cellular has selected Sonus
for a VOIP deployment. We also believe that Sonus's Motorola and
Samsung OEM agreements will eventually begin to contribute to
Sonus's revenue growth before the end of calendar 2005.
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