Sony Corp. (SNE) is on the Hedgeye Technology Best Ideas List as a LONG.
Just as your process likely calls for continuous thesis re-assessment and risk calculation, we do the same thing as we go through each print. Where might we be wrong, where is the biggest risk, is there anything we're missing, etc.... That said, it was really tough to poke holes in these results.
JUST 2 TAKEAWAYS FROM US:
- We are sorta thrilled about the Smartphone results. The faster that mobile collapses the more it becomes a footnote on results and the less it can suddenly ruin a good quarter or year.
- FCF! The company guided OCF to 830B JPY for the FY, up from last year’s 770B, and in-line with our thesis (laid out HERE) that cash flows are sustainable (ICYMI as part of our summer deep dive we did a full segment by segment OCF analysis, please contact us for details).
Please call or e-mail with any questions.
Ami Joseph
Managing Director
Yosef Vaitsblit
Analyst
