Sonos, Inc.


SKU: SONO-1 Category:


Sonos delivered a decent performance in the last quarter with revenue growth beyond market expectations and narrower-than-expected losses despite the challenging macroeconomic backdrop. In the last quarter, installer solutions revenue grew, driven by robust demand for the company’s Port and Amp products in spite of persistent supply challenges. Sonos continues to see strong performance in its installer solutions channel in spite of slowing house activity in the United States. Home improvement activity stays solid which is benefitting the company. Sonos, along with IKEA, launches the new SYMFONISK floor lamp speaker. In the quarter, the management saw a good adoption for Sonos voice control and Sonos Radio. The Sub Mini, the newest product of the company, appears to have received a good response. The entry-level sound bar of the company, Ray, has also been gaining momentum. The company’s investments aim to drive the company’s flywheel of existing customer repurchases and new household acquisitions. From a geographic standpoint, both APAC and EMEA are experiencing meaningful growth. However, we expect a continued negative impact on margins as the Covid-induced supply chain challenges for Sonos are far from over. We provide the stock of Sonos with a ‘Hold’ rating and a revision in the target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

Want unlimited access to our reports? Purchase our $99 annual subscription!