Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Iam waiting for the RNS
Viktor carted off by men in white jackets just after fluffing up SEYE shares and selling all to add to his SEE stash
Beef
You've spelt the first half of the last word correctly but then got the last half totally wrong. I very much doubt Viktor has a clue. From his diatribe he clearly has less clue about 3 Pillars, Legs etc than virtually anyone here and still under the impression SEYE tech and agnostic set up is superior. That's not only weird but worrying
Still believe Seeing Machines will multi-bag regardless
Some statement by Viktor. Very, very bullish
Wow wow wow......thats some pounding seeing machines have taken there!
Viktor and smart eye obviously believe that SM and PMG are on the ropes and struggling for air.
This could be a massacre for seye....pmg has made a terrible blunder and probably been chased out the door by a fee oem's.....remember, since he's been in charge, disaster all around.
Who gave him the gig, who done that....calamity mcglone, you could not make this up!
Maaaxxx
Your spelling is spot on, shame Viktor hasn't got the hang of it.
All this King of DMS is getting tedious now. This market has barely started and some believe its ended, and probably decided there's no need to go further. TLS is probably a lot closer to the truth going forward but I doubt Viktor will ever agree on that, after all he wants to keep his job.
However, so be it. All this shouting is obviously for a reason, trying to draw people's attention from what's happening. Now, although SEYE may be fitted into 6 BMW models, they only measure at 0 mph whether the driver is looking at the road. So, a great step forward. And on that point, for now, SEYE are the Kings of Stationary DMS.
However, there is one DMS provider who can do the job at near 100% availability and up to 82 mph and does have 1 model on the road which is still being sold with the tech turned on and who in the next 24 months could have 10,20, even more cars on the road.
So, on that basis, for those who like this sort of thing all hail Seeing Machines, the Kings of DMS.
Though I'd prefer it for a semi conductor RNS PDQ rather than some meaningless name tag!
Viktor is like that mate you have who fabricates every story to make it sound better.
I have heard a rumour that SEYE have signed a license deal with L3harris for full flight simulators, todays MOU from SM is just an act of desperation.
L3 were about to sign with SM and then Viktor rang them and they turned.
Close but no cigar
From the report the other week? No wonder the share price is up, they have them won everything.
From industry sources, we note that Smart Eye’s partner ST Microelectronics has won DMS awards from two major, global OEMs during Q2. We believe these two are Volkswagen, and possibly one major Japanese OEM like Toyota or Honda. While STM has more partners than Smart Eye, we think there could have been subtle related hints in Smart Eye’s Q2 report. Following a highly satisfactory outcome of the first round of procurements Smart Eye said the second wave is on its way with only minor delays from Corona. “Without anticipating the results of the next round of procurements, we can say that it continues to look very promising” In our view, this statement suggest that there is at least one deal won by a partner to be announced by Smart Eye during the coming months. Since Smart Eye is relatively slow in announcing its wins, the more time that pass, the better the odds, in our view.
Its time we put this to bed. I cant believe what Im reading, where are they getting all this from?
It goes on to say
The market is multifaceted and moving in different directions. Aside of the Qualcomm and Veoneer partnership (see further below), Mercedes has taken the diametrically opposite route, going all in on Nvidia. Nvidia will not only develop the overall hardware but the full technology stack of the cars. In our view, this complex ecosystem with different architectures favors Smart Eye’s hardware agnosticism.
Do they even know what they are talking about?
I agree with Victor that the most interesting info yesterday was that '11 in the top 20' statement.
Victor has translated Smart Eye's stated '11 in the top 20' and found it to be '6 of the top 20', 2 of those 6 are 'shared' wins with SEE. So that leaves 4 out of the top 20 as what Victor describes as 'Smart Eye-affiliated' wins.
Looking at the list it does show how much is still up for grabs, especially as for example VW is one of those Victor has categorised as 'Smart Eye-affiliated' due to the previous Audi tie up.
VW 'SE-Afflicted'
Renault/Nissan/Mitsubishi 'SE-Afflicted'
GM 'Shared'
Hyundai/KIA 'SE-Afflicted'
BMW 'Shared'
Geely 'SE-Afflicted'
From SEYE perspective that probably sounds accurate and I wouldn't play it down. The main issue I would have is the percentage claim when we are constantly told no one supplier will be given such a market domination. I'm happy for us to go 30/30 with others at 40.
In fairness there’s a lot in there from Victor that simply cannot be questioned and is unarguably correct, the date at the top for starters and that see deserves respect... after that however it’s less clear.
PART 4
I gave up then. Too much brown stuff to wipe off my face!
PART 3
Total dominance in the RFQs In the graph below, on next page, we have tried to illustrate Smart Eye’s dominance during the past two years, by summarizing all OEM and platform wins (excl. extensions), according to Redeye’s best guesses. The only officially announced customers up until today are BMW and Geely. We believe the two unknown German OEMs won in Q1’20 are related to two of Smart Eye’s first three customers, won in 2014-2017. One should also note that the 15 Smart Eye wins are not, in our view, necessarily equal to 15 platforms, since e.g. the Renault/Nissan/Mitsubishi Alliance shares platforms.
While Smart Eye and Seeing Machines (SEE) do not report design wins and business wins in the exact same way, we assume SEE’s nine programs are based on six platforms for its six OEMs. As can be seen in the graph above, win rates were roughly 50/50 until Q1’19 where it was a tie of 6 vs. 6 wins. Then, SEE hit a wall and has treaded water ever since, while Smart Eye during the same period has gone from 6 to 15 wins. On the timeline above, we highlight SEE’s modified partnership with Xilinx from the Capital Markets Day in November 2019, which was the first publicly announced strategic twist (fully planned from the beginning, or not). We speculate that the lack of wins during the past two years is related to the business model changes, although as previously mentioned, we do not know what is the chicken and what is the egg, i.e. if the business transformation is the cause or the consequence behind the stagnant business. We want to add that we have a lot of respect for SEE and expect the cutthroat competition to remain. However, we are always sensitive to the slightest business model change, especially when it coincides with losing business. Lately, SEE has announced several steps forward and strengthened ties in its partnership with Qualcomm. We do not think there is any exclusivity in this partnership. Second, our view of the future is a vivid ecosystem with many different semiconductor players manufacturing processors on the ARM architecture, challenging Qualcomm.
PART 2
On the back of its new contracts and the capital raise of SEK 189m, Smart Eye is in an advantageous position and says it is a good time for it to “increase the pace while many others have pressed the pause button.” The term “many others” refers to the general caution in the industry, but we can imagine times are tough for contenders that have not yet won any contracts. With the new, won platform and two design wins for the Korean OEM, all 83 design wins are valued to SEK 2.1 bn with a SEK 3.8 bn in expected orders for all additional models on the platforms (see the table below). We believe this translates to, on average, SEK 300m annually for the 83 design wins, and SEK 843m per year for the total expected order values combined.
Smart Eye says the coming procurements due by 2023, at the latest, amount to over SEK 10 bn and 30% of all vehicles produced globally. We expect the vast majority to be decided during the first half of the time interval, due to EU and Euro NCAP. One should also note that the SEK 10 bn are not only new OEMs but additional platforms for existing OEMs as well. Another reflection is that we will enter a steady state where about 1/7 of all volumes are renewed each year, on average, which would mean SEK ~10 bn in play every 24 months (on today’s price levels). As described in our previous update, China is smoking hot for several major, global OEMs, like e.g. GM, Nissan and KIA/Hyundai. We believe the demand does not only stems from the users’ desires for semi-autonomous vehicles, but also the government embracing AI and autonomy for vehicles and devices overall, by e.g. allowing R&D grants.
PART 1
Redeye raises the DMS volume assumptions, consequently upping the base case. Our conviction regarding the case and the long-term trajectory remains rock solid. However, we expect a short-term drop from profit taking, following a surge of about 70% during the past two months. Business with 4 of the 5 largest constellations? In its Q2 report, Smart Eye stated that 11 out of the company’s 12 won OEMs are among world’s 20 largest OEMs. As we will outline below, we believe Smart Eye has won 4 of the top 5 constellations. These OEMs together produce 36m of all vehicles and have a combined market share of ~40%. We believe Smart Eye’s 83 design wins (incl the last two in Korea) will average sales of SEK 300m per year. We estimate all design wins and platforms combined to equal annual sales of well over SEK 850m. Volvo’s “For Everyone’s Safety” DMS campaign - fantastic reference for the supplier In a new market campaign, Volvo states that it will introduce DMS, in line with previous statements that DMS will be standard in every Volvo car. Volvo equates the importance of DMS to seatbelts (see further below). Our take is that Volvo would not have started the DMS campaign unless it had already chosen DMS suppliers. In our view, Volvo is the most important trendsetter in safety. Few OEMs have the same credibility for a DMS safety campaign as Volvo. We assume Volvo is the unknown new European Premium OEM that Smart Eye announced in March 2020. If we are right, it would be a fantastic reference for the quality of Smart Eye’s technology, since Volvo never compromises on safety. Upping the base case to SEK 241 (220) We increase our estimated DMS CAGR volume growth until 2028 to 81% (76%), meaning 23m units (22m), primarily related to the second Chinese OEM. Our base case is lifted to a street high of SEK 241 per share (220). We expect an EBIT of ~50% in 2023. In comparison, Mobileye topped at 39% and averaged 34%, although it had hardware gross margins of just ~75%. We believe there are a lot more news to come. Smart Eye says the coming procurements due by 2023, at the latest, amount to over SEK 10 bn and 30% of all vehicles produced globally. Aside of Volkswagen, we think the RFQ paperwork in Japan has had a steady pace, since Covid-19 infection rates have been relatively low in the region.