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Friday O2Micro OIIM announced another quarterly revenue record at $26 million and expects to beat that number again in Q3. Revenue has now been growing sequentially since Q1 of 2020, all through the pandemic. The company is now solidly profitable with EBITDA at over an 18% margin and this should continue for the foreseeable future as demand for its products outstrips supply. The company continues to invest in capacity to meet this demand by adding testing capabilities and second and third source fabs causing an unusually high level of cap ex this year.
We are raising estimates for 2021 and 2022 based on its current book of business and the favorable forecasts for growth in the markets O2Micro serves. We had been using a conservative 11% revenue growth for 2022, but that is increasingly hard to justify as the company's end markets in lithium battery powered devices and high end TVs continue to easily beat that. Combined with increased capacity coming on, and demand outstripping supply, we feel we should raise that growth rate assumption to 15%. The unknowns at this point are whether end products will have shortages in other components limiting build, purchasing behavior changes after more than a year of lockdowns or TVs sales and/or DIY tools decline as lockdowns prove to have brought sales forward. Battery management is now the majority of sales and it is growing faster than the company average so growth rates should mathematically accelerate not decline.
For 2021 we are now looking for revenues of $103 million and a non-GAAP ADSPS of $0.46, and for 2022 revenues of $119 million, (up 15%) with non GAAP ADSPS of $0.59. This values the company at EV/2021 sales of 1.9 times with 29% ADSPS growth and a 2022 PE of 13.2 times. Fabless semiconductor peers are trading at 10.9 times EV/2021 estimated sales.
For Q3 2021, O2Micro expects revenues between $26.2 million and $27.5 million or a midpoint of $26.9 million, which would be growth of 21% year over year. Battery management revenues increased approximately 104% in Q2 and look to double again in Q3, gated only by the company's ability to get product produced and delivered. Market trends continue to point to acceleration. In fact, even in intelligent lighting the company could be selling more product if it were able to produce more of the products in demand.
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