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Seagate

Seagate produces electronic data storage products, principally hard disk drives (HDD), as well as solid state drives (SSD) and solid state hybrid drives (SSHD). The company serves client compute (desktop and notebook computers), client non-compute (gaming consoles, DVRs, portable storage, digital media systems), and enterprise (servers, mainframes, workstations) end markets. Seagate generates the majority of its revenue from HDD sales, with a very small portion coming from Flash, Enterprise Systems, and other products. Over the last twelve months, 92% of revenue has been from HDD sales, and 8% from Enterprise Systems, Flash, and other. The company's main customer segments are Enterprise (cloud, servers & networking), Client Compute (PCs), and Client Non-Compute (external, surveillance, etc.). Over the last twelve months, Enterprise has been 39% of revenue, Client Non-Compute 29%, Client Compute 24%, and other customers 8%. Seagate is domiciled in Ireland, but operates out of its Cuppertino, CA headquarters. It employs approximately 52,000. (17 May 2017)

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Transcript: US IG & Crossover Technology

Transcript: 07 Dec 2018, 3:06 AM ET - This is the transcript of the 2-part technology sector presentation given at the CreditSights IG & Crossover conference on December 4, 2018.

VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.
Focused

Seagate: Cloud Digestion Could Last 3 Quarters

Earnings Note: 04 Nov 2018, 10:12 PM ET - Seagate saw "immediate drops" at cloud service providers in late F1Q19 and the "digestion" cycle could last up to 3 quarters. 

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.

WDC: Downgrading on Significantly Weaker Trends

Earnings Note: 26 Oct 2018, 2:21 PM ET - We are downgrading our recommendation on Western Digital from Outperform to Market perform as the operating trends are significantly worse than we expected.

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 

BBB Tails: Spread Per Unit Default Risk

Risk Product Analysis: 18 Sep 2018, 9:51 PM ET - We screened the US investment grade index to find BBB issuers with high levels of spread compensation relative to their five-year default risk.

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.

Technology: Tariffs Recap

Sector Analysis: 06 Aug 2018, 11:26 PM ET - The tech sector has been largely unaffected by tariffs enacted to date, although could be caught in the crossfire as the US contemplates additional tariffs on imports from China. We include company commentaries from calendar 2Q18 calls. 

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.
Focused

Seagate: Cloud Cycle to Last 6+ More Months

Earnings Note: 30 Jul 2018, 4:00 PM ET - Seagate expects the current cloud cycle to continue for at least six months and provided guidance for continued top line growth in the September and December quarters.  

US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..

US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.

Satellite C-Band: Let the Waiting Game Begin (2/2)

Sector Analysis: 15 Jul 2018, 9:23 PM ET - The FCC voted 4-0 to approve the 3.7 to 4.2 GHz NPRM and order. Now, we wait for the comments and replies, with a final order expected between 1Q and 2Q19. We assess the potential benefits and revisit relative value of INTEL, SES, ETL.
Focused

Tech Primer: Storage – HDDs vs SSDs

Technology Primer: 13 Jul 2018, 4:59 AM ET - In this tech primer, we do a deep dive on HDDs and SSDs and discuss investment implications for Seagate and Western Digital.

5G in Focus: Rome Was Not Wired in a Day

Sector Analysis: 27 Jun 2018, 11:57 PM ET - The noise around 5G builds daily. The next generation of network technology will open the door to new use cases, but the most transformative are still a long way off.

US, China & ZTE: Implications for TMT

Sector Analysis: 16 May 2018, 11:51 PM ET - Given recent tensions between the US and China, we discuss potential implications to sectors and companies within our TMT coverage universe. 
Focused

Seagate: Not Good Enough?

Earnings Note: 01 May 2018, 2:16 PM ET - While Seagate's results and guidance were better than consensus estimates, investors were hoping for more amidst strong demand from cloud and hyperscale customers.    

Western Digital: Continued Strength in HDDs

Earnings Note: 29 Apr 2018, 9:53 PM ET - Western Digital is seeing strong demand for HDDs from cloud customers, and the company thinks the flash market could become tight in 2H of CY 2018. 

EUR IG TMT RV: Reverse Yankee Value

Euro TMT RV: 17 Apr 2018, 10:42 PM ET - An overview of the EUR IG TMT sector, comprising recommendation overview, performance update and relative value ideas. In this report, we cover the continued value we see in Reverse Yankee EUR telecom bonds.

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