Table of Contents :
• Stock Rating & Target Price
• Investment Thesis
• Fundamental Models Used
• Company Description
• Corporate Timeline
• Key Metrics (KPI ) and Recently Reported Earnings Review
• Business Highlights, Strategic Announcements & Outlook
• Quarter-over-Quarter (Q-o-Q) and Year-over-Year (Y-o-Y) Growth Analysis
• Key Catalysts Driving Growth
• Historical Financial Statement Analysis & CAGR Trends
• Quarterly Key Financial Ratios and Performance Metrics
• Annual Financial Performance Analysis: Horizontal and Vertical Financial Analysis, Trends
• Financial Forecasts
• Annual Forecasts: Income Statement
• Annual Forecasts: Cash Flow Statements
• Net Debt Levels
• A Closer Look at DCF: Our Assumptions and Methodology
• Terminal Value Calculation
• Target Price Analysis
• Valuation Multiples
• Supplementary Valuation Analysis: Multiples Approach
• Scenario/Sensitivity Analysis – Base Case , Bull Case ,Bear Case
• Holistic Peer Review & Trading Comps: Financial Data, Operational Metrics, and Valuation Multiples
• Implied Price Per Share
• Ownership Activity/ Insider Trades
• Ownership Summary
• An analysis of ESG Risk Rating
• Key Professionals
• Key Board Members
• Key Risks Considerations
• Analyst Ratings
• Analyst Industry Views
• Disclosures
Seagate: Short-Term Gains, Long-Term Questions—Can Their Pricing Power Endure in a Cyclical, Competitive Market?
Initiative of Coverage: Seagate Technology Holdings plc engages in the provision of data storage technology and infrastructure solutions in Singapore, the United States, the Netherlands, and internationally. Seagate Technology Holdings plc wrapped up fiscal 2024 on a high note, showing marked improvements in performance thanks to strong operational execution and favorable supply-demand conditions. The company posted a 14% increase in revenue from the previous quarter and an 18% jump compared to the same quarter last year, hitting $1.89 billion. This surge was mainly driven by high global demand for cloud services and solid performance in their hard disk drive (HDD) segment. Seagate's non-GAAP gross margin reached nearly 31%, with HDD margins at the upper end of their long-term targets, resulting in a non-GAAP EPS of $1.05, which exceeded the high end of their guidance. Their strategic focus on a build-to-order (BTO) approach has improved supply-demand predictability and optimized cash resources. Throughout fiscal 2024, Seagate saw a 64% increase in non-GAAP operating profit, sequential growth in free cash flow each quarter, and maintained healthy liquidity levels. Looking ahead to fiscal 2025, the company plans to leverage the improving demand environment and execute its mass capacity product roadmap. This includes completing qualifications for HAMR-based Mozaic 3+ products and ramping up high-volume production of 28-terabyte PMR and SMR product platform drives.
