Nuance = 뉴앙스, 누앙스, 뉘앙스
Apple의 Siri가 처음 나온것은 2011년 10월 Iphone 4S에서 부터였습니다.
Google Android의 경우 2010년 Goole I/O에서 voice recognition을 데모했었습니다. 2013년에 Google Now를 선보였고요.
2013년에 놀러갔다가 시리를 정말 잘쓰는 사람을 보고 앞으로 세상의 input은 keyboard가 아니라 voice라는 깨닮음을 얻고 Nuance를 살펴보다가 투자를 단행했습니다. 애플이랑 결별할지도 모른다는 rumor가 있었고, 주요 IT업체였던 Apple, Google, Microsoft 세 회사가 자체 voice recognition solution이 있었다는 것도 risk factor였는데 아이칸이 투자했다는 이야기에 좀더 서두르게 되서 한동한 손실에 시달렸어야 했지요. 물타기를 최저가 근처에서 많이해서 2015년 투자수익률을 NUAN가 주도하고 있습니다. 아직도 가치를 더 높게 보는 이유가
1. 매출과 순이익의 반이 Healthcare쪽에서 나오고 성장률이 상당히 높습니다.
2. IT쪽 매출과 발전이 상당히 느렸는데 smart automotive(자동차)쪽에 성장이 상당히 빠른것 같습니다. 1-2년 성장이 빠를것 같습니다. Wearable이 늘어날수록 voice 쪽 솔루션이 계속 필요합니다.
3. 라이센스 비용이 좀 비싸서 누군가 라이센스를 내는것보다 사는것이 낫다는 판단을 할 가능성이 높습니다. 헬스케어와 voice recognition solution 둘다 필요한 회사가 가장 적합하겠지요.
4. 아직까지 돈을 못벌고 있는데 현금흐름도 좋아지고 이득도 늘고있어 주가가 폭등할 좋은 모멤텀이 쌓이고 있습니다.
Nuance의 4가지 분야는, 아래와 같고 전세계적으로 유명한 고객사를 가지고 있습니다.
Healthcare
Mobile & Consumer
Enterprise
Imaging
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| Valuation | Dividend | Financial ratios | Margins | Profile | Income statement |
| Price | Earnings per share | P/E ratio | Price sales ratio | Mkt Cap | Enterprise value | Dividend | Current ratio | Total debt to assets | Net profit margin | Operating margin | Employees | Revenue | Net income | EBITDA |
NUAN | 16.87 | -0.38 | | 2.78 | 5.29B | 6,899.17 | 0 | 1.81 | 37.92 | -2.97 | 5.57 | 14,000 | 475.06 | -14.1 | 89.52 |
MSFT | 46.86 | 2.41 | 19.47 | 4.35 | 379.08B | 315,789.50 | 0.31 | 2.91 | 18.04 | 22.94 | 29.91 | 128,000 | 21,729.00 | 4,985.00 | 9,390.00 |
HPQ | 33.39 | 2.5 | 13.36 | 0.59 | 60.69B | 67,397.46 | 0 | 1.13 | 20.77 | 3.97 | 5.62 | 302,000 | 25,453.00 | 1,011.00 | 2,977.00 |
CSCO | 29.31 | 1.73 | 16.99 | 3.06 | 149.07B | 115,662.40 | 0.21 | 2.98 | 19.78 | 20.08 | 24.1 | 74,042 | 12,137.00 | 2,437.00 | 3,516.00 |
XRX | 11.42 | 0.86 | 13.32 | 0.7 | 12.59B | 19,699.77 | 0.07 | 1.46 | 28.5 | 3.62 | 5.55 | 145,600 | 4,469.00 | 162 | 557 |
WSTC | 30.6 | 1.6 | 19.17 | 1.13 | 2.55B | 5,870.45 | 0.22 | 1.52 | 97.87 | 8.6 | 19.57 | 9,700 | 565.49 | 48.63 | 157.61 |
ADBE | 79.09 | 0.6 | 131.07 | 8.89 | 39.57B | 38,291.08 | 0 | 2.22 | 17.27 | 7.65 | 15.6 | 12,499 | 1,109.18 | 84.89 | 254.42 |
INTC | 34.46 | 2.35 | 14.64 | 3.19 | 163.48B | 162,593.20 | 0.48 | 1.76 | 14.77 | 15.59 | 20.16 | 106,700 | 12,781.00 | 1,992.00 | 4,819.00 |
DELL | 0 | 5.91 | 0 | 0.42 | | 150,032.20 | 0.62 | 1.18 | 14.85 | 1.41 | 1.87 | 108,800 | 112,512.50 | 1,581.41 | 5,317.87 |
ORCL | 43.49 | 2.39 | 18.2 | 5.08 | 189.92B | 177,816.90 | 0.12 | 3.72 | 31.61 | 26.75 | 36.27 | 122,000 | 9,327.00 | 2,495.00 | 4,144.00 |
IBM | 169.68 | 15.75 | 10.77 | 2.13 | 167.09B | 197,231.10 | 1.1 | 1.3 | 34.66 | 12.33 | 15.32 | 379,592 | 19,590.00 | 2,416.00 | 4,044.00 |
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KEY STATISTICS
SHAREHOLDER EQUITY
Shares Outstanding | 313.8 M |
Institutional Ownership | 79.28% |
Number of Floating Shares | 309.2 M |
Short Interest as % of Float | 4.52% |
FINANCIAL STRENGTH (MRQ)
Quick Ratio | -- | |
Current Ratio | 1.81x | |
Debt/Equity | 0.89x | |
Debt/Assets | 0.38x | |
NUAN's debt to equity ratio indicates that it has been more aggressive with using debt to finance growth than 70% of its peers in the Software & Programming industry. The resultant effect on earnings would be more volatile than related companies.
VALUATION (MRQ)
Price/Earnings (TTM) | -- | |
Price/Sales (TTM) | 2.75x | |
Price/Book | 2.23x | |
Price/Cash Flow | 30.88x | |
NUAN was not profitable in its latest fiscal year, therefore the P/E Ratiois not applicable. Its Price to Cash Flow Ratio would give an alternative indication of its expense relative to the Software & Programming industry.
PROFITABILITY (TTM)
Gross Margin | 56.41% | |
Operating Margin | 0.30% | |
EBITDA Margin | 14.05% | |
Net Profit Margin | -6.24% | |
NUAN's Gross Margin is comparable to other companies in the Software & Programming industry, which means it has relatively the same amount of cash to spend on business operations as its peers. As indicated by the Operating Margin, NUAN controls its costs and expenses better than 67% of its peers.
MANAGEMENT EFFECTIVENESS (TTM)
Return on Assets | -2.06% | |
Return on Equity | -4.81% | |
Return on Inves. Capital | -2.35% | |
The Return on Equity for NUAN shows that it is able to reinvest its earnings as efficiently as its competitors in the Software & Programming industry. Typically, companies that have higher return on equity values are more attractive to investors.
GROWTH RATE (TTM)
Earnings Per Share | 26.9 | |
Sales | 2.1 | |
Dividend (MRQ) | -- | |
NUAN's EPS Growth Rate is greater than 61% of its peers in the Software & Programming industry.
DIVIDEND (TTM)
Dividend Yield | -- | |
Payout Ratio | -- | |
Annual Dividend | 0.00 | |
The average dividend yield for companies in the Software & Programming industry is 1.55%.
OPERATING RATIOS (TTM)
Asset Turnover | 0.33% | |
Inventory Turnover | -- | |
Receivables Turnover | 4.93% | |
Effective Tax Rate | -- | |
These ratios give an indicator of efficiency (ability to move inventory and generate sales) within a company, particularly ones with tangible goods (i.e. automotive, computer hardware) as compared to its peers.
COMPANY OFFICERS
Chairman | Paul A. Ricci |
Executive Vice President - Finance | Thomas L. Beaudoin |
Corporate Executive | Earl H. Devanny |
Executive Vice President | William Robbins |
Executive Vice President | Adam Bruce. Bowden |
Lead Director | Robert J. Frankenberg |
Director | Robert J. Finocchio |
Independent Director | Brett M. Icahn |
Independent Director | William H. Janeway |
COMPANY CONTACT
Employees | 14,000 |
Headquarters | 1 Wayside Rd BURLINGTON, MA 01803-4609 |
Phone | 781-565-5000 |
Fax | 781-565-5001 |
Web Address http://www.nuance.com |
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BALANCE SHEET
| 5 yr Trend | 2010 09/30/10 | 2011 09/30/11 | 2012 09/30/12 | 2013 09/30/13 | 2014 09/30/14 |
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() = Negative Value
Values are displayed in Millions
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CASH FLOW STATEMENT
| 5 yr Trend | 2010 09/30/10 | 2011 09/30/11 | 2012 09/30/12 | 2013 09/30/13 | 2014 09/30/14 |
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() = Negative Value
Values are displayed in Thousands