Intermec近期可能的影响
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All expressions of opinion reflect the judgment of the Research Department of Raymond James & Associates, Inc. (RJA) as of the date stated above and are subject to change.
Information has been obtained from third-party sources we consider reliable, but we do not guarantee that the facts cited in the foregoing report are accurate or complete. Other
departments of RJA may have information that is not available to the Research Department about companies mentioned in this report. RJA or its affiliates may execute
transactions in the securities mentioned in this report that may not be consistent with the report's conclusions.
© 2007 Raymond James & Associates, Inc. All Rights Reserved
The Raymond James Financial Center, 880 Carillon Parkway, St. Petersburg, FL 33716
Institutional clients may call for additional information:
Research 800-237-5643 • Trading 800-237-8426
Intermec Inc.
(IN:NYSE)
Outperform 2
Headquartered in Everett, Washington, Intermec, Inc. (www.intermec.com) is a
leading manufacturer of automatic data capture technologies including bar code,
wireless, and RFID (Radio Frequency Identification) systems.
Intermec Achieves Important RFID Win; Business Trending
Favorably Toward 2H07
♦ Yesterday, Intermec announced an important endorsement from
German-based retailer, Metro Group (world’s fourth largest retailer),
naming Intermec as the preferred RFID hardware supplier for the
company’s supply chain tagging effort. This announcement,
coupled with encouraging channel checks, gives us greater
confidence that Intermec will be able to achieve a much-anticipated
2H07 recovery.
♦ According to yesterday’s announcement, Metro approved two
Intermec starter kits and one from a competitor. Assuming that
Intermec achieves 85% market share with the Metro supplier base,
we estimate a $5-10 million opportunity, with some shipments
beginning in 2H07.
♦ Additionally, Metro purchased 130 RFID door portals (~$1.0 million
contribution to 3Q07) or, essentially, one per distribution center.
Given the fact that most distribution centers have 20-100 loading
dock doors, follow-on orders could be substantially higher.
♦ On another note, our recently conducted channel checks uncovered
some encouraging indications that Intermec may have turned a
corner. Channel partners expressed increased confidence in
Intermec and several stated that the CN3 mobile computer is
gaining traction with customers. Exiting the first quarter, Intermec
bookings increased 25% y/y, which should further support a positive
outlook for 2H07.
♦ While the stock’s recent appreciation (11% last two weeks) has
raised the bar for Intermec this upcoming quarter, we remain
confident that Intermec is on the brink of a turnaround and continue
to view the stock as an attractive buy ahead of 2H07. Therefore, we
are reiterating our Outperform rating and 12-month target of $27.00
(27x our 2008 EPS of $1.00), consistent with the company’s three-
year mean forward multiple of 30x.
GAAP EPS Q1 Q2 Q3 Q4 Full
FY= Dec Mar Jun Sep Dec Year
2006A $0.08 $0.17 $0.05 $0.09 $0.39
Old 2007E (0.07)A 0.05 0.18 0.28 0.44
New 2007E (0.07)A 0.05 0.18 0.28 0.44
Old 2008E 0.13 0.23 0.28 0.36 1.00
New 2008E 0.13 0.23 0.28 0.36 1.00
Rows may not add due to rounding. EPS estimates include varying stock-based compensation expense. 2006 EPS adjusted for
rounding error in previous research.
EQUITY
RESEARCH
June 29, 2007
Mobile Data Technology
Company Comment
Chris Quilty
(727) 567-2602
Chris.Quilty@RaymondJames.com
Ryan Rackley
Research Associate
(727) 567-2713
Current Price
(6/28/2007 ) $25.23
Projected 12-Month Target Price:
$27.00
52-Week Range
$30.74-$20.50
Dividend/Yield $0.00/0.0%
Book Value (03/07) $6.86
Suitability Aggressive Growth
Shares Out. (mil.)
60.0
Market Cap. (mil.) $1514
Avg. Daily Vol. (10 day) 520,050
Proj. 3-Yr EPS Growth Rate
25%
ROE 3%
LT Debt (mil.)/% Cap. $100/20%
P/GAAP EPS Ratios
2007E 57.3x
2008E 25.2x
Revenues (mil.)
Old New
2006A $850 $850
2007E $870 $870
2008E $966 $966
Non-GAAP EPS
Old New
2006A $0.46 $0.46
2007E $0.52 $0.52
2008E $1.06 $1.06
Please read disclosure/risk information on page 4 and Analyst Certification on page 6.
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