February 26, 2024, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on Tuya, Inc. (NYSE: TUYA) titled, “Winter Is Over: IoT Ecosystem Builder Pioneers the Next Stage of Growth”. The report can be accessed here.
Founded in 2014, Tuya is a leading IoT ecosystem builder that enables businesses to quickly design networked intelligence into their products, creating competitive advantages for themselves and added benefits for end customers.
Traditionally, brands and OEMs required significant effort and budget to make their products smart and provide end customers with a unified customer experience. Tuya effectively addresses this market fragmentation through its one-stop platform and neutral infrastructure, which enables brands, OEMs, and developers to develop, launch, manage, and monetize smart devices and services in a quick and cost-effective way. Utilizing the infrastructure and tools built by Tuya, brands and OEMs in this ecosystem can develop a variety of IoT application scenarios and value-added services for their end customers.
As of 3Q23, Tuya had US$961 million in cash and no debt. The stock is currently trading at $1.66 per ADS, equating to a US$954 million market cap, which is below its cash balance. This translates to an EV of US$175 million (this calculation excludes ~US$200 million of time deposits recorded as long-term investment) as of 02/20/24. Analyst consensus estimates for Tuya’s 2023 and 2024 revenue are $227 million and $261 million, respectively. This translates into 0.8x and 0.7x of EV/revenue in 2023 and 2024, respectively, substantially below the peer group at 15.4x and 12.0x, respectively.
About Water Tower Research
Water Tower Research is modernizing Investor Relations through research-driven communications and Investor Engagement. Sound investment research begins with good information. At WTR, we help companies and investors connect by creating expert information flow and strategies that are the foundation of a successful modern investor relations platform. Our analysts and capital markets professionals bring decades of unrivaled Wall Street experience and insight to a new digital world of investor communications and engagement. Our research and investor content is distributed across traditional research aggregators like Bloomberg, FactSet, etc., proprietary direct distribution lists, social media, search engines, and our website. As a result, every institutional and retail investor has equal access to our high-quality company research. Our mission is to help companies take control of their IR program and proactively reach investors while bringing investors a consistent flow of quality information to help them understand our clients’ businesses, industries, and the investment opportunities they present.
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