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
Universal Display Corporation (OLED): Phosphorescent Blue Innovation as the Catalyst for OLED Market Leadership –what’s the impact of Commercialization, Outlook & its 5 Key Catalysts ?
Universal Display Corporation reported Q3 2024 revenues of $161.63 million, up 15% YoY, driven by a robust 63% growth in royalty and license fees. However, material sales declined by 10% YoY, contributing to a $3.41 million revenue miss. Operating margins improved to 41% (vs. 34% in Q3 2023), reflecting strong cost discipline and an optimized revenue mix. Adjusted and GAAP EPS of $1.40 beat expectations by $0.20, while FY2024 guidance was revised to $625–$645 million due to customer inventory adjustments and geographic demand variability. Gross margins held at 78%, highlighting strong profitability despite softer near-term demand. The OLED ecosystem is supported by medium-sized markets such as IT and automotive, which are forecasted to grow significantly. OLED PC shipments are expected to rise 150% by 2028, while automotive adoption is scaling with luxury brands incorporating OLED displays. Phosphorescent blue remains the most notable growth catalyst, with commercialization timelines likely to influence adoption curves. R&D remains critical, advancing next-generation materials and bolstering the company’s competitive edge. Universal Display’s leadership in OLED innovation, expanding addressable markets, and durable financial performance solidify its Buy rating. Can Universal Display successfully navigate near-term headwinds to fully capitalize on phosphorescent blue and drive sustained long-term growth?
