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A Perfect View (NASDAQ VIEW)

Mar. 21, 2021 6:29 AM ETView, Inc. (VIEW)
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  • The leading smart glass player in the world; recently went IPO through SPAC. An unique ESG company.
  • An impressive list of customers with already 500+ projects installed.
  • Top notch global financial backers.

View recently went public through a merger with a SPAC. The company is the dominant smart glass developer and manufacturer in the world with estimated market share of 80%.

The company boasts an impressive list of customers including FedEx, Netflix, Google, Uber, HP, Regeneron, Kaiser, Stanford, Duke, major airports such as SFO and O'Hare. The smart glass would change its tint depending the sunlight outside and settings of the smart glass can be set through smartphones. Smart glass will not only cut down energy costs by lowering the cooling and heating bills but also dramatically enhance the comfort and appeal of any work and living space. Higher end residential buildings and business offices are the primary targets for this new kind of glass. Landlords can ask for higher rents if their buildings come equip with smart glass.

The company was backed initially by major PE players such as Bain Capital, SoftBank and the SPAC merger PIPE investor is GIC, Singaporean sovereign wealth fund. Needless to say that it has been and will continue to be well funded to achieve its business plans. GIC bought the shares at $10 a share in the PIPE transaction so with shares currently trading a bit over $8, investors can buy shares even cheaper than smart money like GIC.

Revenue and forecasts for 2020, 2021, 2022, 2023, 2024, 2025 are $31m, $75m, $216m, $470m, $949m and $1,892m so the CAGR for the next 3 to 5 years is over 100%. Its EBITA forecasts for 2024 and 2025 are $253m and $735m. With shares trading at 6x 2022 revenue or 5x 2024 EBITDA, the valuation is lower than many companies that are growing much slower.

Analyst's Disclosure: I am/we are long VIEW.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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