Description
Investment Thesis – VTech Holdings common stock is a short because:
â VTech’s largest and most profitable business lines face irreversible secular decline. This decline is not yet priced into the stock as market share gains have been able to mask a dying market for VTech’s products
â VTech is a ‘yield’ stock held by investors seeking high dividend payments. However, given a current payout ratio of close to 100%, declining cash flow will readily prompt a dividend cut
Business Overview
VTech is best thought of as four discrete businesses:
Phones (35% of sales) – VTech is the world’s largest supplier of cordless residential phones with a global market share in excess of 35%. Approximately 60% of sales are in the US and 27% are in Europe.
InnoTab (15% of sales) – InnoTab is a children’s tablet computer providing age-appropriate games and media. InnoTab is the leading children’s tablet in Europe and the #2 device in North America.
Other Toys (25% of sales) – Produces 100’s of different competitively priced toys for infants and preschool aged children. No single product represents a material portion of this segment’s sales.
Contract Manufacturing (25% of sales) – VTech is the 27th largest contract manufacturer globally with three factories in mainland China. Customers are generally mid-size producers of professional audio equipment, appliances and electrical components. Approximately 60% of sales are in the US and 27% are in Europe.
Market Share Gains Mask Secular Decline of the Phone Businesses
It should not be surprising that the market for residential phones is quickly dying as home phone service is replaced by mobile and IP-based service. Indeed, this is exactly what appears to be happening in the company’s European business as European phone sales are steadily falling despite a generally improving economy.
However, in the 6 months ending September 2014 US phone sales actually increased 6.8%. According to the company, this unexpected sales increase was caused as VTech “continued to gain market share in North America on the back of a declining market”. I believe this is referring to Uniden’s exit from the US phone market which resulted in VTech’s market share climbing over 10%. As such, sales increased even though the market continues to decline. However, Uniden’s exit is now nearly complete and thus sales are likely to fall in-line with the market going forward. Furthermore, VTech’s only remaining competition is from Panasonic which should benefit from a cheaper Yen and allow Panasonic’s to be priced more competitively with VTech.
The Children’s Tablet Business is Structurally Flawed and Will Slowly Decline
InnoTab has been a highly successful product for VTech as the company was an early entrant to a fast growing market. However, there are 3 reasons this business is now dying:
The Category Itself Is Obsolete – Children’s tablets became popular a few years ago when adult tablets cost $500 and the software options for children were limited. Today, quality hardware is available from Google/Samgung/Amazon for <$150 and prices continue to fall. These devices provide access to thousands of children’s applications, many free or low cost. As such, the entire notion of a dedicated “children’s tablet” is questionable and will only become more so as hardware prices fall and software options increase.
Competition is Exploding – The proliferation of Andriod software has made entry into this category much easier. In the past year 7 companies have launched android-based children’s tablets, some for as little as $50. VTech has stated that this competition resulted in increased discounts in the recent holiday season.
Proprietary Platform is Unsustainable – InnoTab is based on a wholly proprietary hardware / software platform. As such, the device does not integrate with other systems and VTech must employ over 100 in-house engineers to write all systems and applications. Even with all these developers, software selection will never compare to android models and the record of similar proprietary systems is exceedingly poor.
The Remaining Businesses are Low Margin Commodity Businesses
Aside from the phone and InnoTab businesses, the toy and contract manufacturing segments are commodity businesses where VTech has low market share, no brand or IP and no competitive advantage. As such, competition is largely based on price and the company is unlikely to earn excess returns over-time. Furthermore, the contract manufacturing business is currently running at over 90% capacity, so any expansion in this segment will require significant capital expenditures.
VTech is a ‘Yield Stock’ with a Nearly 100% Payout Ratio
As is often the case with high yielding stocks, VTech’s stock price appears to be a function of dividend payments rather than overall business fundamentals. Since VTech’s stock price is supported by a current dividend yield in excess of 6%, the resulting trading multiples are well in excess of what is justified by the company’s prospects.
Figure 1: VTech Trading Multiples
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)
As shown below, in order to support such large dividends VTech must pay nearly all cash flow to shareholders.
Figure 2: VTech Use of Cash
![](data:image/png;base64,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)
Declining Cash Flow Will Cause a Dividend Cut
Since VTech requires all current cash flow to support its dividend, it follows that a decline in cash flow will result in a decline in the dividend and thus a decline in the stock price. Exactly how fast cash flow will decline is unclear, but it is possible to make some reasonable assumptions. Adjusting for the one-time market share gains, it appears sales in the Phone segment are falling about 15% per year. If we assume at 10% decline in InnoTab and apply the segment gross margins the company guides to this decline will result in a 15% annual drop in the company’s dividend.
Figure 3: Cash Flow Declines Will Cause Dividend Cut
![](data:image/png;base64,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)
Risks / Considerations
It is possible that VTech can take actions to offset the decline in the phone and InnoTab business such as continuing to take market share in phones or designing successful product updates for InnoTab. It is also possible that growth in the other segments offsets any drop in the profitability of phones or InnoTab. However, in either of these scenarios total profits would be unlikely to grow and given the high multiple VTech currently sells for, downside seems limited to paying out the dividend of about 6% per year. As such, our risks for this position appear acceptable.
I do not hold a position with the issuer such as employment, directorship, or consultancy.
I and/or others I advise hold a material investment in the issuer's securities.
Catalyst
Dividend cut