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NEWS

News from the USA

16 June 2017

Glenbrook Technologies is now offering online WEBINARS

LIVE X-RAY DEMOS OF YOUR PRODUCT
(from any location WORLDWIDE from our lab)

 

 

Ideal for BGA, QFN, LED, Connectors, Medical Devices, and More

CLICK HERE TO BOOK YOUR DEMO

NDA forms available . Easy setup at any location . Personal technician assigned to you

Our WEBINARS include

  • Discussion/demo of machines best suited for your product
  • Machine capabilities including software demo

Local demos are available at your location or area, email Steve Zweig for more details.


Our wide range of economical products include

The Jewelbox Series

 

The RTX Series

 

Our Systems Offer

  • Up to 500x geometric and 2,000x electronic magnification
  • Versatile 5, 10 or 30 micron focal spot x-ray tubes
  • Full x-y-z movement
  • Flexible 360 degree rotation and 45 degree tilt

A full line of image processing software is available including our GTI-5000 with BGA analysis, QFN and LED Void Measurement. All Glenbrook systems employ our patented, award-winning XRTV x-ray camera now enhanced with Crystal X for superior imaging and contrast.


CLICK HERE to see our JewelBox Product Video.

Glenbrook Technologies has over 2,500 installations in 54 countries worldwide and offices in the US, Hong Kong, China and Germany.

CLICK HERE to contact Glenbrook or call 800-600-8866.

www.glenbrooktech.com

Previewing a positive JBL Storyline

INVESTMENT HIGHLIGHTS: Ahead of JBL’s upcoming earnings report on 6/14, we remain Buyers of the name and expect the quarter’s results and guidance to be at least in line with some opportunities for beats (more so with EPS). Further, we expect solid momentum at JBL to continue not just for the near quarters but also in support of corporate goals to achieve $3.00 in EPS by F19, owing largely to Nypro, EMS portfolio improvements and the iPhone super cycle (among other contributors). Consequently, we reiterate our Buy.

·         Preview of upcoming earnings vs. expectations. On 6/14 after the close, JBL will report its F3Q (May) results after setting guidance for $4.25-4.55B in revs (+2% y/y at midpoint) and $0.19-0.39 non-GAAP EPS. Current consensus calls for $4.40B and $0.29 (midpoints of guide) for May while consensus for August calls for $4.79B and $0.61. Our May estimates match consensus while August is $4.85B and $0.62 (both slightly higher).

·         We’re biased toward suspecting EPS performance and guidance could be above Street. We believe JBL is executing across its improving-quality EMS portfolio as well as driving multi-pronged growth within DMS (through Nypro and in the APPL business with the iPhone 8 cycle continuing positive momentum from the iPhone 7). We expect this positive momentum to continue, and we consequently suspect guidance should at least be supportive of consensus estimates while EPS opportunities for August (and November) could be above the Street due to mix and efficiencies.

·         Remember: $3.00 earnings target for F19; stock should keep working. With just 1 quarter left in F17, F19 is right around the corner, and we believe JBL should remain steadfast in its expectations to deliver ~20% EPS CAGR through this period. In our view, investors should be impressed by the level of EPS growth from a company of JBL’s size given this should primarily be driven by mix and execution (much less so in terms of buybacks or cost-outs). Further, we believe the stock should continue to work, and we think further multiple expansion (from current 13x toward 15x) can be supported. Over the past 2-3 years, most EMS names have experienced solid multiple recovery that’s partly been a broader function of investor momentum in the space but has also been a fundamental acknowledgment of a space that has become much healthier (more consistent execution, profitability focused, more diversified, stickier/more specialized). Today, these factors are still improving while sustainably strong FCF generation (JBL around 9%) also continues to be quite strong.

Sean K.F. Hannan
Needham & Company, LLC
(617) 457-0906
shannan@needhamco.com

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