Scotia's recent text and target of $4.30 :) .Recent Update Text as of 6APR14 Sandvine is scheduled to release Q1 earnings before markets open on Thursday
. April 10th, 2014. Call is scheduled for 8:30 a.m. at 866-215-5508 code: 36985539 Expect revenue of $28.1M, EPS of $0.03. Revenue growth is expected to be
impacted on a sequential basis due to typical seasonality but is expected to
grow 12% YOY, driven by strength in Cable and Wireless. Despite the 10M share
issuance this quarter, we anticipate EPS to grow a penny YOY on higher gross
margins. We expect cash to be $124M driven by the equity raise. . Anticipate QOQ growth in Q2 with revenue of $31.2M but EPS to be flat. Our
expectation is for SVC to buck last year's QOQ decline and show 33% growth YOY.
Higher revenue is expected to drive EPS growth YOY offset slightly by higher
opex from the expiration of R&D credits. Cash is expected to be up $3M to $127M,
or $0.86 per share. . Net neutrality creating noise, we see little impact. Over the last three months
we have seen U.S. and European regulators take stands on net neutrality. We
expect Sandvine's products to be deemed acceptable generating little impact to
the company. . Maintain SO. With solid growth prospects, industry positioning, and
profitability, Sandvine is well positioned to generate solid returns this year.
Dilution from the equity issuance reduces our target price to $4.30.