OCZ Technology

July 7, 2011
Shebly Seyrafi, CFA / 212-618-2185 /

(OCZ: Nasdaq)

sseyrafi@fbnsecurities.com

Outperform| Target: $11

OCZ: RAISING PT TO $11

Company Statistics
Price

Ticker Symbol

8.34
OCZ

Market

Nasdaq

52 wk High

$10.48

52 wk Low

$1.79

Market Cap. ($M)

290

Enterprise Value ($M)

291

Earnings Per Share

FYE - Feb.
2011A
1Q - May
$ (0.11)
2Q - Aug.
$ (0.09)
3Q - Nov. $ (0.03)
4Q - Feb.
$ (0.02)
Year
$ (0.26)
P/E
NM
Revenue ($M)
FYE - Feb.
2011A
1Q - May
$ 34.6
2Q - Aug. $ 29.5
3Q - Nov. $ 54.7
4Q - Feb.
$ 64.7
Year
$ 183.5
Y/Y%
27.5%
EV/rev.
1.6x

$
$
$
$
$

2012E
0.01
0.03
0.06
0.09
0.19
43.1x

$
$
$
$
$

2013E
0.11
0.13
0.15
0.17
0.55
15.1x

$
$
$
$
$

2012E
73.8
76.0
89.0
99.0
337.8
84.0%
0.9x

$
$
$
$
$

2013E
103.0
103.5
108.0
114.5
429.0
27.0%
0.7x

Reiterate Outperform/Raising PT to $11. We

reiterate our Outperform rating on OCZ and raise our PT
from $10 to $11.
What we liked. We were impressed by:
1. Strong SSD growth (up 4x Y/Y, up almost
20% Q/Q).
2. Strong reported GM (without the bleed-off
of memory as occurred in FQ4/Feb.,
reported GM improved from 16.8% in FQ4
to 20.0% in FQ1).
3. Improvement in the % of NAND purchases
made directly to 50% exiting FQ1 from 25%
for all of FQ4 (target of 75% by the end of
F2012 is intact).
4. An increase in the LT GM target (now 3040% vs. 28-32% before). This would be
consistent with strong growth in PCIe SSDs
(~50% GMs) where OCZ competes with FIO.

FQ1 results. For the FQ1/May quarter, OCZ reported

revenue of $73.8M (higher than consensus of $69.4M),
up 113% Y/Y and 14% Q/Q, and NG EPS of $.01 (higher
than consensus of consensus of -$.01).
Total SSD
revenue of $69.1M grew 418% Y/Y and 19% Q/Q driven
by strength in server SSDs, which accounted for 85% of
SSD units.
F2012 guidance. OCZ increased its expectation for
F2012 revenue from $300-330M to $310-345M. It also
increased its long-term GM target from 28-32% to 3040%. It expects long-term NG opex% to be 18-20% and
long-term NG operating margin to be 15-20%.
Blemishes. There were a few blemishes in the report:
1.) DSO grew 10 days Q/Q to 54 days as A/R grew 40%
Q/Q, 2.) inventory grew 52% Q/Q to $35M (and is
expected to grow yet again in FQ2/Aug.), and 3.) CFO
was -$23M (due to the prior two factors), much worse
than the prior three quarters where CFO was -$5M to $7M. Clearly OCZ is investing for growth, and these
kinds of balance sheet adjustments, while unsettling, are
necessary to pave the way.

FOR INSTITUTIONAL CONSIDERATION ONLY.

FOR REQUIRED DISCLOSURES, INCLUDING ANALYST CERTIFICATION, PLEASE REFER TO THE IMPORTANT
DISCLOSURES LATER IN THIS REPORT.

OCZ FQ1 Quarter Beat, and LT Margins Raised

We retain our Outperform rating and increase our PT on OCZ from $10 to $11 following
OCZs FQ2/May earnings report last night. We were impressed by strong SSD growth (up
almost 20% Q/Q), strong reported GM (without the bleed-off of memory as occurred in
FQ4/Feb., reported GM improved from 16.8% in FQ4 to 20.0% in FQ1), the improvement in
the % of NAND purchases made directly (vs. from brokers) to 50% exiting FQ1 from 25% for
all of FQ4 (target of 75% by the end of F2012 is intact), and the increased LT GM target (now
30-40% vs. 28-32% before). In simple terms, OCZ continues to be a strong margin
expansion story and is playing in the fast growing (33% CAGR) SSD market.
FQ1 results. For the FQ1/May quarter, OCZ reported revenue of $73.8M (higher than
consensus of $69.4M), up 113% Y/Y and 14% Q/Q, and NG EPS of $.01 (higher than
consensus of consensus of -$.01). Total SSD revenue of $69.1M grew 418% Y/Y and 19%
Q/Q driven by strength in server SSDs, which accounted for 85% of SSD units (see Figure 1).
Figure 1: OCZ SSD Mix
Q1 11
Q2 11
May-10 Aug-10
Consumer SSD%

Q3 11
Nov-10

Q4 11
Feb-11

2011A

Q1 12A
May-11

6%

5%

2%

7%

5%

3%

Serv er SSD%

77%

77%

80%

78%

78%

85%

Enterprise SSD%

17%

18%

18%

15%

17%

12%

Source: Company reports and FBN Securities estimates

Although the (high-margin) enterprise SSD segment declined as a % of SSD units to 12%, the
company is on the cusp of strong growth in enterprise SSDs helped by new PCIe SSDs (e.g.
Z-Drive R4) and more enterprise customers (HPQ in late 2010, DELL last quarter).
F2012 guidance. OCZ increased its expectation for F2012 revenue from $300-330M to
$310-345M. It also increased its long-term GM target from 28-32% to 30-40%. It expects
long-term NG opex% to be 18-20% and long-term NG operating margin to be 15-20%. Over
the next year, it is plausible that enterprise SSDs grow from 12% of units in FQ1 (see Figure
1) to 25-30% of SSDs.
PCIe SSDs to spurt?. In light of the strong investor reception to FIOs IPO and to strong
growth expected in PCIe SSDs, investors wanted to hear more about OCZs PCIe SSD
business. Currently, the company is not disclosing its PCIe SSD% of SSD revenue. It does
acknowledge that GMs on these products are high (about 50%) and it has several PCIe SSD
products (Revo, VeloDrive, Z-Drive), with the Z-Drive R4 (shipping in volume in July)
recently announced at Computex with I/O and bandwidth metrics faster than the
competition. We believe that due to its strong product offering in this fast-growing segment
and due to its raised GM guidance, it is plausible that OCZ is baking in a meaningful increase
in its PCIe SSD mix going forward.
Blemishes. There were a few blemishes in the report: 1.) DSO grew 10 days Q/Q to 54 days
as A/R grew 40% Q/Q, 2.) inventory grew 52% Q/Q to $35M (and is expected to grow yet
again in FQ2/Aug.), and 3.) CFO was -$23M (due to the prior two factors), much worse than
the prior three quarters where CFO was -$5M to -$7M. Clearly OCZ is investing for growth,
and these kinds of balance sheet adjustments, while unsettling, are necessary to pave the
way.
INVESTMENT RISK
Risks include increased competition and aggressive pricing.
VALUATION METHODOLOGY
We value OCZ using a discounted cash flow (DCF) methodology.
Shebly Seyrafi, CFA (212-618-2185) sseyrafi@fbnsecurities.com

FBN Securities

Figure 2: OCZ Income Statement

OCZ Incom e Statem ent
Non-GAAP Model ($M)
REVENUE

Q1 11
May-10

Q2 11
Aug-10

Q3 11
Nov-10

Q4 11
Feb-11

2011A

Q1 12A Q2 12E
May-11 Aug-11

Q3 12E
Nov-11

Q4 12E
Feb-12

2012E

Q1 13E Q2 13E
May-12 Aug-12

Q3 13E
Nov-12

Q4 13E
Feb-13

2013E

34.6

29.5

54.7

64.7

183.5

73.8

76.0

89.0

99.0

337.8

103.0

103.5

108.0

114.5

429.0

Y/Y%

-3.2%

-21.9%

43.8%

99.9%

27.5%

113.2%

157.4%

62.7%

53.0%

84.0%

39.6%

36.2%

21.3%

15.7%

27.0%

Q/Q%

6.9%

-14.7%

85.3%

18.3%

14.0%

3.0%

17.1%

11.2%

4.0%

0.5%

4.3%

6.0%

Gross Margin $ - NG
Gross Margin % - NG (Target: 30-40%)

5.2

5.3

10.6

10.9

32.0

14.7

16.2

20.3

24.1

75.5

25.7

26.8

29.0

31.7

113.3

15.0%

18.0%

19.4%

16.8%

17.4%

20.0%

21.4%

22.8%

24.4%

22.3%

25.0%

25.9%

26.9%

27.7%

26.4%

~22%

~19%

NG GM ex -DRAM
S&M (GAAP)
Sales and marketing %
R&D (GAAP)
Research & Dev elopment %

2.7

3.6

4.8

4.1

15.3

4.5

4.6

5.4

6.0

20.6

6.3

6.2

6.4

6.6

25.5

7.9%

12.3%

8.7%

6.4%

8.3%

6.1%

6.1%

6.1%

6.1%

6.1%

6.1%

6.0%

5.9%

5.8%

5.9%

1.6

1.7

1.9

2.5

7.7

4.3

4.4

4.9

5.3

18.9

5.5

5.4

5.6

6.0

22.4

4.5%

5.7%

3.5%

3.9%

4.2%

5.8%

5.8%

5.5%

5.4%

5.6%

5.3%

5.2%

5.2%

5.2%

5.2%

General, administrativ e and operations (GAAP) 3.3

General, administrativ e and operations %

4.9

5.6

4.5

18.2

5.6

5.6

6.6

7.1

25.0

7.7

7.7

8.0

8.5

31.8

16.4%

10.2%

7.0%

9.9%

7.6%

7.4%

7.4%

7.2%

7.4%

7.5%

7.4%

7.4%

7.4%

7.4%

Total Operating Ex penses (GAAP)

7.6

10.2

12.2

11.2

41.2

14.4

14.7

16.9

18.5

64.5

19.5

19.3

20.0

21.1

79.8

Total NG Opex Adjustments

Total Operating Exp. (NG; LT: 18-20%)

-0.2
7.4

-2.9
7.3

-1.7
10.6

-0.4
10.7

-5.2
36.0

-0.7
13.7

-0.7
14.0

-0.7
16.2

-0.7
17.8

-2.8
61.7

-0.7
18.8

-0.7
18.6

-0.7
19.3

-0.7
20.4

-2.8
77.0

21.3%

24.8%

19.3%

16.6%

19.6%

18.6%

18.4%

18.2%

18.0%

18.3%

18.2%

17.9%

17.9%

17.8%

17.9%

Operating Ex pense % Rev enue

Operating Income (NG)

-2.2

-2.0

0.1

0.1

-4.0

1.0

2.3

4.1

6.3

13.7

7.0

8.3

9.7

11.4

36.3

-6.4%

-6.7%

0.1%

0.2%

-2.2%

1.4%

3.0%

4.6%

6.4%

4.1%

6.8%

8.0%

9.0%

9.9%

8.5%

Financing costs/other (NG)

-0.5

-0.5

-1.0

-0.9

-2.1

-0.5

-0.5

-0.5

-0.5

-2.1

-0.5

-0.5

-0.5

-0.5

-2.1

Pretax income (NG)

-2.7

-2.5

-0.9

-0.8

-6.1

0.5

1.8

3.6

5.8

11.7

6.5

7.8

9.2

10.9

34.3

Operating Margin % (LT: 15-20%)

Income tax (NG)

0.0

0.0

0.0

0.0

0.0

0.0

0.1

0.3

0.5

0.9

0.5

0.6

0.7

0.9

2.7

0.0%

0.0%

-2.9%

0.0%

-0.4%

0.0%

7.0%

8.0%

8.0%

7.5%

8.0%

8.0%

8.0%

8.0%

8.0%

Net Income (NG)

-2.7

-2.5

-0.9

-0.8

-6.1

0.5

1.6

3.3

5.4

10.8

5.9

7.1

8.5

10.0

31.5

WA # Shares - FD (K)

25.2

26.6

28.6

34.8

28.8

48.2

56.0

56.2

56.4

54.2

56.6

56.8

57.0

57.2

56.9

Tax rate

EPS - Non-GAAP w/o ESO

$ (0.11) $ (0.09) $ (0.03) $ (0.02) $ (0.26)

Y/Y%

-43%

23%

-57%

Q/Q%

-46%

-15%

-66%

-53%
-29%

0.01

0.03

0.06

0.09

-110%

-132%

-288%

-529%

-147%

182%

101%

61%

0.19
-176%

0.11

0.13

0.15

0.17

910%

329%

152%

84%

11%

20%

18%

17%

0.55
186%

Source: Company reports and FBN Securities estimates

Shebly Seyrafi, CFA (212-618-2185) sseyrafi@fbnsecurities.com

FBN Securities

Figure 3: OCZ Revenue Segmentation

OCZ Revenue Model ($M)

Q1 11
May-10

Q2 11
Aug-10

Q3 11
Nov-10

Q4 11
Feb-11

2011A

Q1 12A Q2 12E
May-11 Aug-11

Q3 12E
Nov-11

Q4 12E
Feb-12

2012E

Q1 13E Q2 13E
May-12 Aug-12

Q3 13E
Nov-12

Q4 13E
Feb-13

2013E

Revenue ($M)
Consumer SSD
Serv er SSD
Entterprise SSD

0.8

1.0

0.8

4.1

6.7

2.1

2.0

3.0

5.0

12.1

6.0

6.5

7.0

7.5

27.0

10.3

15.5

33.2

45.4

104.4

58.8

59.0

65.0

65.0

247.8

67.0

67.0

70.0

75.0

279.0

2.3

3.6

7.5

8.7

22.1

8.3

10.0

16.0

24.0

58.3

25.0

25.0

26.0

27.0

103.0

SSD

13.3

20.2

41.5

58.2

133.2

69.1

71.0

84.0

94.0

318.1

98.0

98.5

103.0

109.5

409.0

Memory

15.0

12.6

6.3

2.0

35.9

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

5.9

5.3

5.5

4.4

21.1

4.7

5.0

5.0

5.0

19.7

5.0

5.0

5.0

5.0

20.0

34.3

38.0

53.2

64.6

190.1

73.8

76.0

89.0

99.0

337.8

103.0

103.5

108.0

114.5

429.0

0.3

-8.5

1.5

0.2

-6.6

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

34.6

29.5

54.7

64.7

183.5

73.8

76.0

89.0

99.0

337.8

103.0

103.5

108.0

114.5

429.0

PSU/Other
GAAP Revenue
NG Adj.
Total NG Revenue
Y/Y%
Consumer SSD

159%

98%

262%

23%

80%

189%

225%

133%

50%

124%

Serv er SSD

472%

280%

96%

43%

137%

14%

14%

8%

15%

13%

Entterprise SSD

266%

175%

114%

175%

164%

201%

150%

63%

13%

77%

SSD

418%

252%

103%

62%

139%

42%

39%

23%

16%

29%

Memory

-100%

-100%

-100%

-100%

-100%

PSU/Other

-21%

-5%

-9%

13%

-7%

7%

0%

0%

0%

2%

GAAP Revenue

115%

100%

67%

53%

78%

40%

36%

21%

16%

27%

113%

157%

63%

53%

84%

40%

36%

21%

16%

27%

NG Adj.
Total NG Revenue
Q/Q%
Consumer SSD

-54%

26%

-18%

391%

-49%

-4%

50%

67%

20%

8%

8%

7%

Serv er SSD

22%

51%

113%

37%

29%

0%

10%

0%

3%

0%

4%

7%

Entterprise SSD

17%

60%

105%

17%

-5%

21%

60%

50%

4%

0%

4%

4%

10%

51%

105%

40%

19%

3%

18%

12%

4%

1%

5%

6%

25%

-11%

5%

-20%

6%

7%

0%

0%

0%

0%

0%

0%

6%

11%

40%

21%

14%

3%

17%

11%

4%

0%

4%

6%

7%

-15%

85%

18%

14%

3%

17%

11%

4%

0%

4%

6%

SSD
Memory
PSU/Other
GAAP Revenue
NG Adj.
Total NG Revenue

Source: Company reports and FBN Securities estimates

Shebly Seyrafi, CFA (212-618-2185) sseyrafi@fbnsecurities.com

FBN Securities

Figure 4: OCZ Gross Margin Model

Q1 11
Q2 11
May-10 Aug-10

Q3 11
Nov-10

Q4 11
Feb-11

2011A

Q1 12A Q2 12E Q3 12E Q4 12E

May-11 Aug-11 Nov-11 Feb-12

2012E

Q1 13E Q2 13E Q3 13E Q4 13E

May-12 Aug-12 Nov-12 Feb-13

2013E

Gross Margin $
Consumer SSD

0.1

0.1

0.1

0.5

0.8

0.3

0.3

0.5

0.9

1.9

1.1

1.2

1.4

1.5

5.2

Serv er SSD

2.0

3.8

6.8

8.1

20.6

11.3

12.1

14.0

14.6

52.0

15.4

16.1

17.5

19.5

68.5

Entterprise SSD

0.7

1.1

2.2

2.6

6.6

2.5

3.1

5.1

7.9

18.6

8.5

8.8

9.4

10.0

36.6

SSD

2.7

5.0

9.1

11.2

28.0

14.1

15.5

19.6

23.4

72.5

25.0

26.1

28.3

31.0

110.3

Memory

1.5

1.3

0.5

-1.0

2.2

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

PSU/Other

0.9

0.8

0.7

0.7

3.0

0.7

0.8

0.8

0.8

3.0

0.8

0.8

0.8

0.8

3.0

GAAP Rev enue

5.1

7.0

10.3

10.9

33.3

14.8

16.2

20.3

24.1

75.5

25.7

26.8

29.0

31.7

113.3

NG Adj.

0.1

-1.7

0.3

0.0

-1.3

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

5.2

5.3

10.6

10.9

32.0

14.8

16.2

20.3

24.1

75.5

25.7

26.8

29.0

31.7

113.3

Total Gross Margin $

GM%
Consumer SSD (18-20%)

12.0%

12.0%

12.0%

12.0%

12.0%

14.0%

15.0%

16.0%

17.0%

15.9%

18.0%

19.0%

20.0%

20.0%

19.3%

Serv er SSD (mid-20s%)

19.0%

24.2%

20.4%

17.9%

19.7%

19.2%

20.5%

21.5%

22.5%

21.0%

23.0%

24.0%

25.0%

26.0%

24.5%

Entterprise SSD (mid-30s%)

30.0%

30.0%

30.0%

30.0%

30.0%

30.0%

31.0%

32.0%

33.0%

32.0%

34.0%

35.0%

36.0%

37.0%

35.5%

SSD

20.5%

24.6%

22.0%

19.3%

21.1%

20.3%

21.8%

23.3%

24.9%

22.8%

25.5%

26.5%

27.4%

28.3%

27.0%

Memory

10.0%

10.0%

8.0%

-53.0%

6.2%

PSU/Other

15.0%

15.0%

12.5%

15.0%

14.3%

15.0%

15.0%

15.0%

15.0%

15.0%

15.0%

15.0%

15.0%

15.0%

15.0%

20.0%

20.0%

20.0%

20.0%

22.3%

25.0%

25.9%

26.9%

27.7%

GAAP GM%
NG Adj.

20.0%

20.0%

20.0%

20.0%

20.0%

20.0%

20.0%

20.0%

20.0%

Total GM%

15.0%

18.0%

19.4%

16.8%

17.4%

20.0%

21.4%

22.8%

24.4%

26.4%

Source: Company reports and FBN Securities estimates

Shebly Seyrafi, CFA (212-618-2185) sseyrafi@fbnsecurities.com

FBN Securities

Figure 5: OCZ Balance Sheet

($Million)

Q 1 11
May-10

Q 2 11
Aug-10

Q 3 11
Nov-10

Assets
Cash & cash equivalents
Restricted cash
Accounts receivable, net
Inventories
Note receivable
Deferred tax asset
Prepaid expenses and other assets
Total Curre nt Asse ts

4.3

2.6

20.1

21.4
13.6
0.4
0.8
2.8
43.2

28.1
15.4
0.4
0.0
2.5
49.0

Total LT Asse ts

13.4

Total Asse ts
Liabilities & Equity
Total Curre nt Liabilitie s

Q 4 11
Feb-11

Q 1 12A Q 2 12E Q 3 12E Q 4 12E

May-11 Aug-11 Nov-11 Feb-12

Q 1 13E Q 2 13E Q 3 13E Q 4 13E

May-12 Aug-12 Nov-12 Feb-13

30.0
16.5
0.4
0.0
2.8
69.7

17.5
1.3
31.7
22.8
0.0
0.0
2.9
76.2

64.4
1.4
44.4
34.6
0.0
0.0
4.2
148.9

66.0
1.4
45.7
35.7
0.0
0.0
4.3
153.0

66.6
1.4
53.6
41.8
0.0
0.0
5.0
168.3

70.0
1.4
59.6
46.5
0.0
0.0
5.6
183.0

75.4
1.4
62.0
48.3
0.0
0.0
5.8
192.9

82.9
1.4
62.3
48.6
0.0
0.0
5.8
201.0

90.8
1.4
65.0
50.7
0.0
0.0
6.1
213.9

99.7
1.4
68.9
53.7
0.0
0.0
6.5
230.2

13.2

13.3

13.1

52.1

51.7

51.8

51.8

51.5

51.0

50.7

50.5

56.7

62.2

83.0

89.3

201.0

204.7

220.1

234.8

244.4

252.0

264.7

280.7

40.2

55.4

60.3

66.8

56.9

58.6

68.5

76.1

79.1

79.5

82.9

87.8

3.0
3.0

0.5
0.5

3.3
3.3

9.4
9.4

12.5
12.5

12.9
12.9

15.1
15.1

16.8
16.8

17.5
17.5

17.6
17.6

18.3
18.3

19.4
19.4

Total Liabilitie s

43.1

56.0

63.7

76.2

69.5

71.5

83.6

92.9

96.6

97.0

101.2

107.3

Shareholder's Equity

13.5

6.2

19.3

13.1

131.6

133.2

136.5

141.9

147.8

155.0

163.4

173.4

Total Liab. & SE

56.7

62.2

83.0

89.3

201.0

204.7

220.1

234.8

244.4

252.0

264.7

280.7

92.2
1.62
1
91.2
1.60
2.87
54
4%
0.0
2.6
0.6%

$ 101.0
$ 1.77
$
1
$ 100.1
$ 1.75
$ 3.03
54
6%
0.0
2.6
0.5%

Common stock warranty liabiliites

Total LT Liabilitie s

METRICS
Cash + ST Inv.
Cash + ST Inv. per share
Debt
Net Cash
Net Cash/Share
Book value per share
DSO
Q/Q % Ch. In A/R
Inventory turns
Current ratio
Debt/Capital

$
$
$
$
$
$

4.3
0.17
11
(6.4)
(0.25)
0.54
56
5%
8.9
1.1
44.1%

$
$
$
$
$
$

2.6
0.10
13
(10.7)
(0.40)
0.23
86
32%
9.5
0.9
68.3%

$
$
$
$
$
$

20.1
0.70
15
4.7
0.16
0.68
49
7%
11.1
1.2
44.4%

$
$
$
$
$
$

18.8
0.54
20
(1.2)
(0.03)
0.38
44
6%
9.4
1.1
60.5%

$
$
$
$
$
$

65.7
1.36
1
64.8
1.34
2.73
54
40%
0.0
2.6
0.7%

$
$
$
$
$
$

67.3
1.20
1
66.4
1.19
2.38
54
3%
0.0
2.6
0.7%

$
$
$
$
$
$

67.9
1.21
1
67.0
1.19
2.43
54
17%
0.0
2.5
0.7%

$
$
$
$
$
$

71.3
1.26
1
70.4
1.25
2.52
54
11%
0.0
2.4
0.6%

$
$
$
$
$
$

76.8
1.36
1
75.9
1.34
2.61
54
4%
0.0
2.4
0.6%

$
$
$
$
$
$

84.3
1.48
1
83.4
1.47
2.73
54
0%
0.0
2.5
0.6%

$
$
$
$
$
$

Source: Company reports and FBN Securities estimates

Shebly Seyrafi, CFA (212-618-2185) sseyrafi@fbnsecurities.com

FBN Securities

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FBN Securities

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Total Stock Coverage

Category
Outperform (O)
Sector Perform (SP)
Underperform (U)
Total

%
38%
63%
0%
100%

Shebly Seyrafi, CFA (212-618-2185) sseyrafi@fbnsecurities.com

FBN Securities