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Technology Stocks : NVT - Source of GPS Software, Data, and Maps
NVT 113.17+3.3%1:37 PM EST
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To: JakeStraw who wrote (103)3/2/2007 4:14:51 PM
From: tech101  Read Replies (1) of 211
 
Analyst Day CSFB summary (1 Rating)

2-Mar-07 10:16 am

In summary, the key takeaways from the day for us were the following

1. solid opportunity in smartphones, both in the US and Europe, with both onboard and offboard models beginning to get some traction;

2. NVT continues to capture a premium price for their offering, which we believe speaks to the strength of the offering (map + services) but also could leave them
vulnerable to 2nd-sourcing from Auto or PND customers;

3. NVT is probing ways to monetize the map and its content offerings through or with advertising-related channels;

4. NVT views unique and dynamic content as a way to differentiate its customers’ offerings and protect its own ASPs going forward. Traffic is one of the primary
applications in this regard and NVT believes its sensor network will prove to be a valuable source of real-time data;

5. “C” segment Auto growth in Europe was very strong in F06, important because it’s the first real signs, in our view, that mass market buyers see the utility of navigation even though price points haven’t come down that much.

6. NVT expects PND growth of 50% + in both markets (NA and EU), a bit less than GRMN and TomTom have guided. NVT cited market share in the PND space of 75-80% in N.American and 70%+ in Europe, well above our 50-60% estimate.

7. no change to NVT’s F07 guidance (in fact no discussion of numbers at all) or our expectations.

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