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BlackBerry’s Analyst Day Targets Are Achievable, but It Has to Improve Its Execution; $7 FVE

Analyst William Kerwin

William Kerwin Analyst

Analyst Note

| William Kerwin | May 19, 2022

We’re maintaining our $7 per share fair value estimate for no-moat BlackBerry after the company provided ambitious financial targets at its 2022 analyst day to which we are mildly skeptical. We think BlackBerry is focusing on the right secular trends in its end markets, but we continue to await better execution on winning over new customers and building momentum. We are pleased to see BlackBerry focusing on organic investment for growth. We think the market is wary of the firm’s execution as well, with shares down 2% after-hours. Following marketwide selloffs in 2022, we now view shares as modestly undervalued but recommend investors seek a greater margin of safety before playing into this no-moat, very high uncertainty name.

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BlackBerry Ltd's Company Profile

Business Description

BlackBerry, once known for being the world’s largest smartphone manufacturer, is now exclusively a software provider with a stated goal of end-to-end secure communication for enterprises. The firm provides endpoint management and protection to enterprises, specializing in regulated industries like government, as well as embedded software to the automotive, medical, and industrial markets.

Contact

2200 University Avenue East
Waterloo, ON, N2K 0A7, Canada

T +1 519 888-7465

investorinfo@blackberry.com

www.blackberry.com

Sector Technology

Industry Software - Infrastructure

Most Recent Earnings Feb 28, 2022

Fiscal Year End Feb 28, 2023

Stock Type —

Employees 3,325

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