Western Digital Corporation


SKU: WDC Category:


This is our first report on Western Digital Corporation, one of the largest manufacturers and distributors of data storage devices and solutions in the world. In the midst of an incredibly challenging and dynamic environment, the company delivered a mixed result for the last quarter surpassing revenue expectations of Wall Street but missing out on earnings. Western is leading the transition to SMR-based hard drives along with its cloud customers displaying the product leadership of the company. It has almost tripled its bit shipments in Flash in the NVMe enterprise SSD product category. The HDD revenue of Western Digital during the quarter declined modestly. The total HDD, as well as exabyte shipments, were both flat sequentially. Accelerated adoption of the SMR hard drives and continued momentum with the U.S. cloud customers were offset by the softness in consumer HDD demand and capacity enterprise product channels. Western Digital is deep into qualifying its most recent generation of hard drives, including its 26-terabyte UltraSMR hard drives, at numerous OEM and U.S. cloud customers. The product leadership and innovation engine of the company stay strong with improvement in demand and new products continuing to ramp. On the technology front, the development of 3D NAND flash and BiCS6 yield are both progressing well. We initiate coverage on the stock of Western Digital Corporation with a ‘Hold’ rating.

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

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