Eastman Kodak 향후 성장
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| Tech 이익 성장 | 11.0% |
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| 애널리스트 커버리지 | None |
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Recent updates
Seeking Alpha • Jan 12
Eastman Kodak: Pension Monetization Gains Countered By Lackluster Core Business
Summary Eastman Kodak faces secular decline in print as digital media erodes demand for its core printing plate business. KODK's Print segment revenues fell $30 million YoY, with management focusing on monetizing the legacy print business rather than transformative change. The Advanced Materials & Chemicals segment grew 13.8% YoY, but key products are commoditized and lack pricing power or differentiation. Recent profitability was buoyed by pension accounting; with this receding, KODK posted net losses attributable to common shareholders in 2025. Read the full article on Seeking Alpha분석 기사 • Dec 24
Eastman Kodak's (NYSE:KODK) Returns On Capital Are Heading Higher
If you're looking for a multi-bagger, there's a few things to keep an eye out for. In a perfect world, we'd like to see...분석 기사 • Dec 05
Is Eastman Kodak (NYSE:KODK) A Risky Investment?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...분석 기사 • Nov 11
Eastman Kodak Company (NYSE:KODK) Stock Catapults 36% Though Its Price And Business Still Lag The Industry
Eastman Kodak Company ( NYSE:KODK ) shares have continued their recent momentum with a 36% gain in the last month...분석 기사 • Aug 13
Eastman Kodak (NYSE:KODK) Use Of Debt Could Be Considered Risky
NYSE:KODK 1 Year Share Price vs Fair Value Explore Eastman Kodak's Fair Values from the Community and select yours...분석 기사 • Jul 15
The Market Lifts Eastman Kodak Company (NYSE:KODK) Shares 33% But It Can Do More
Eastman Kodak Company ( NYSE:KODK ) shareholders would be excited to see that the share price has had a great month...분석 기사 • May 10
Investors Aren't Entirely Convinced By Eastman Kodak Company's (NYSE:KODK) Earnings
Eastman Kodak Company's ( NYSE:KODK ) price-to-earnings (or "P/E") ratio of 11.2x might make it look like a buy right...Seeking Alpha • Mar 16
Eastman Kodak Q4 Earnings Preview: More Growth Required Amid Ongoing Pension Plan Talk
Summary Reiterating 'Hold' rating on Eastman Kodak due to technical resistance, growth issues, and subdued cash flow despite a 20% return over 9 months. Gains largely driven by pension fund news; future liquidity may not yield compelling returns, as technical charts have already priced in potential benefits. Recent MACD bearish crossover and breaking of uptrend trendline signal potential downside; Q1 earnings release could trigger further decline. Despite investments in AMC and a favorable ITC ruling, free cash flow remains negative, questioning earnings quality and highlighting the need for sustained cash generation. Read the full article on Seeking Alpha분석 기사 • Jan 10
Eastman Kodak (NYSE:KODK) Is Looking To Continue Growing Its Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...분석 기사 • Dec 17
Eastman Kodak (NYSE:KODK) Has No Shortage Of Debt
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Seeking Alpha • Nov 28
Eastman Kodak: Hard To Expect/Forecast
Summary Eastman Kodak remains underfollowed with limited analyst coverage and no Quant or Wall Street ratings, but it saw a surprising 12.45% intraday trading increase post-3Q24 results. Despite a 3% decline in revenue and gross profits, Kodak's focus on operational efficiencies and recurring revenue components shows promise. KODK's expansion in Advanced Materials & Chemicals, film manufacturing, and battery tech, along with new infrastructure investments, highlights its strategic growth initiatives. Structural advantages from tariffs against Chinese dumping and modernization efforts in film production are positive, but overall financial performance remains mixed. Read the full article on Seeking Alpha분석 기사 • Nov 26
Eastman Kodak Company (NYSE:KODK) Held Back By Insufficient Growth Even After Shares Climb 34%
Eastman Kodak Company ( NYSE:KODK ) shareholders would be excited to see that the share price has had a great month...Seeking Alpha • Oct 01
Eastman Kodak: Still Underperforming, But An Interesting Prospect
Summary Kodak's focus has shifted to printing, advanced materials, and chemicals, showing some positive signs but still underperforming compared to broader market indices. Despite some improvements, Kodak's financials reveal significant declines in revenue, gross profit, and operational EBITDA, indicating ongoing recovery challenges. The company's strategic investments in new segments like diagnostic test reagents and inkjet press technology show potential but need time to mature. Kodak remains speculative with a CCC+ credit rating; a turnaround or M&A target could offer future upside, but for now, it's a "Hold.". Read the full article on Seeking Alpha분석 기사 • Aug 06
Eastman Kodak (NYSE:KODK) Takes On Some Risk With Its Use Of Debt
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Seeking Alpha • Jun 21
Eastman Kodak: Overhead Technical Resistance To Stifle Recent Upward Momentum
Summary Kodak's share price has increased by over 28% in the past 12 weeks, outperforming the S&P 500. Sales growth for Kodak remains negative, with revenues dropping by $29 million in the first quarter. Despite margin improvements, investments over the past year have not been funded by internal cash flow, raising concerns about future growth. Read the full article on Seeking Alpha분석 기사 • Apr 15
If EPS Growth Is Important To You, Eastman Kodak (NYSE:KODK) Presents An Opportunity
Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...Seeking Alpha • Mar 25
Eastman Kodak: Surprise Cash Windfall But Lacks Clarity
Summary Kodak, once a titan in photography, has struggled to adapt to digitalisation, returning from bankruptcy in 2013 but seeing its revenue dwindle to a fraction of its former glory. Despite improving bottom line in FY2023, Kodak lacks clear growth plans, relying heavily on the traditional print industry. Kodak's announcement of a $1.2 billion surplus cash reserve has intrigued investors, yet its potential utilisation remains uncertain. Read the full article on Seeking Alpha분석 기사 • Mar 21
Eastman Kodak's (NYSE:KODK) Solid Earnings Have Been Accounted For Conservatively
Despite posting healthy earnings, Eastman Kodak Company's ( NYSE:KODK ) stock has been quite weak. We have done some...분석 기사 • Mar 01
Investors Still Aren't Entirely Convinced By Eastman Kodak Company's (NYSE:KODK) Revenues Despite 53% Price Jump
Eastman Kodak Company ( NYSE:KODK ) shareholders have had their patience rewarded with a 53% share price jump in the...Seeking Alpha • Jan 04
Eastman Kodak: Down But Not Out
Summary Eastman Kodak's stock has experienced a significant decline over the past 39+ months, down over $5 per share or 58%+. The stock currently has a high earnings yield of 18.45%, making it an attractive investment option. The company's assets are undervalued, with a book value per share well above the current stock price, and it has shown encouraging liquidity and margin trends. Read the full article on Seeking AlphaSeeking Alpha • Sep 26
Eastman Kodak: Down 30%+ Since My Last Article, Reiterating 'Hold'
Summary Eastman Kodak's share price saw a significant bounce but quickly corrected, highlighting the volatility of the business. The company's decline can be attributed to its failure to adapt to the digital photography revolution. Despite some improvements in earnings and profitability, Kodak remains a risky investment with uncertain prospects. I do not consider the company very investable here. Read the full article on Seeking Alpha분석 기사 • Jul 22
Is Eastman Kodak (NYSE:KODK) A Risky Investment?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Seeking Alpha • Jul 12
Eastman Kodak: Q1 2023 Was Excellent, But Risk Remains High
Summary Eastman Kodak had a recent 50%+ outperformance since my last review. Despite this outperformance, KODK's overall performance remains mostly flat. The article aims to explore whether there's a valid reason for this outperformance related to valuation or forecastable factors. Read the full article on Seeking Alpha분석 기사 • Jun 24
Here's Why Eastman Kodak (NYSE:KODK) Has Caught The Eye Of Investors
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...Seeking Alpha • Jan 06
Eastman Kodak: Still A 'Zero'
Summary I was surprised when a reader contacted me with regards to Eastman Kodak and my article on the business, given what I wrote - however, I'm happy to look again. Eastman Kodak is a storied and unfortunate company in a very difficult position - and one that I wouldn't envy them to be in. The theoretical and potential value is there. But there is a lot of uncertainty. After a 38%+ drop, the question is - is there value here? No - there isn't. Learn why you should stay away from this company. Dear Readers/Followers, A reader asked me to take a second look at Kodak (KODK). Why? Well, the company dropped 38%+ since I wrote my first piece. This can, of course, indicate some sort of value being present here because that's a big drop. Eastman Kodak Article (KODK IR) But let's see if there's any sort of improvement or any argument to be made as to why Kodak would suddenly represent an interesting or appealing buy in this market, and for whom. Revisiting Kodak So, remember - Kodak has a very strong legacy and a history that few other companies can compare with. It is the remnants of a 110+-year-old company that once held dominion over an area that was thought to never disappear - as these things usually are. I'm sure manufacturers of horse carriages and saddles thought the same when cars came. Me, I'm old enough to remember the shift here - not with horses, but cameras. I had Polaroids, and when I was 10-14, I still used an analog camera. My first digital camera was a grainy horror show that had to be used with a cable the size of a computer power cable today, and it was several years before it became anything close to usable, as I see it. Still, I'm old enough to recall when things went south, and when Kodak failed to adapt to the changing market. While we cannot "blame" Kodak for all of its failures, the company certainly could have adapted much better than it actually did. It tried to stay relevant through patents, creating digital cameras, developing tech, and digital printing in an attempt to generate revenues. After Chapter 11 back in 2012 and the subsequent carve-ups in 2013 and the selling off of over half a billion worth of patents to businesses like Apple (AAPL), Google (GOOG) (GOOGL), Facebook (META), Microsoft (MSFT), and others, what remains is the corporate equivalent of a nearly-picked clean carcass. Now, this is not necessarily a bad thing. If you've ever been to a butcher's shop, you know that sometimes the remnants before everything else is thrown away/shipped off can be some pretty nice pieces. In the case of Kodak, the proverbial remnants are the segments of Traditional Printing, Digital Printing, Advanced Materials, and Chemicals/Brands. Things like printing plates, and digital services for end users in legacy printing formats. The one thing these segments seem to have if not in common, at least related is that they're mostly influenced by the current volatile state of the market in terms of raw materials, input cost inflation, and global supply chain challenges. They're not the easiest to work with. Kodak also does advanced materials/chemicals, including still photographic film (industrial) in order to print circuit boards, specialty chemicals for the pharma industry, solvent recovery, and motion picture film. Now, this is a more interesting segment, especially with its PROSPER business lines and components. Kodak's share price has now dropped to $3.29/share as of the latest check. It also means the company now has an unimpressive 86.3% negative RoR over the past 9.5 years or negative 19.2% per year. It's a tale of value destruction, even if there have been times, such as in 2020 when you could have made money by investing in Kodak at the "right time". KODK Valuation (Tikr.com) For 2021, the company had revenues of above $1.1B, which came to a gross profit of $164M and operating income of $54M, meaning a margin of 4.7%. After interest expenses and other things, this came to a net income of $24M, the first time since 2019 that the company could show off positive bottom line profits. The company's fundamentals are shot. CCC+ means that Kodak is the only company below a B that I cover (unless you count the companies that don't have a credit rating, but to me having CCC+ is almost worse than having none at all). 3Q22 has come and gone in November. The company continued to see top-line growth of about 1% and even higher if we exclude FX impact. Kodak focuses on what positives it can find - and one positive is that this marks the sixth consecutive quarter of revenue growth. However, top-line is just that - top-line. The company's gross profit levels remained flat, and the company drew $50M from a term loan agreement due to its investment in Wildcat Discovery Technologies, a company that's developing a supposed EV super-cell, adding to its chemicals/materials portfolio here. The company's challenges remain. In their own words: KODK IR (KODK IR) The company's strategy still is to focus on its core competencies in legacy print, materials and chemicals while transitioning toward revenue growth areas. It's growing digital technologies through its line of PROSPER products, which include the world's fastest inkjet press and the Ultra 520 digital press. This means that the company now provides customers offset-like printing capabilities while no longer requiring traditional plates, which eliminates both Co2 and supply chain/manufacturing risks. This is a positive. However, as we can see from revenue down to adjusted FCF/EBITDA, that's still a long way from going anywhere impressive, with an adjusted operational EBITDA margin of 2.7%. KODK IR (KODK IR) And for the YTD period, results are worse, with that EBITDA down nearly half on an adjusted basis despite volume improvements, mostly due to increased investments. Those investments remain the focal point of Kodak. until the company finds ways to generate revenues, I believe that this is where we're going to be - Kodak basically hanging on by a thread. This is confirmed, as I see it, by management's own discussion. KODK IR (KODK IR) So, while 3Q22 saw some improvements in the top line, I view Kodak as a company in a "holding pattern", and one of the worst holdings patterns out there because it's a barely profitable business at this point. If and once the company does find revenue generators - which it currently tries to invest in on a relatively continual basis - that may change, which in turn would of course turn around the share price and drive valuation - but until I can see clearly that this is the case from a P&L perspective, I wouldn't put money into what I see as a barely-profitable business. Still, Kodak is better than most supposed "tech growth" out there today, because it actually generates positive cash flow and net income for 2021 and probably for this year as well. Let's look at valuation. Eastman Kodak Valuation There's a reason why this company is one I still view as a "zero", and it's related to the near-zero in profit and earnings that it manages to eke out from its revenues. The company's EPS multiples and anything profit-related is completely out of whack. It can be objectively said that the company is "cheaper" now than it was before because the share price is obviously cheaper and multiples are, again, obviously improved. However, we have no forecasts, no real workable multiples to calculate anything consistent with, and no real forecast accuracy on a historical basis. When it comes to Kodak, I find myself with no choice other than working with my own assumptions. Based on management's guidance and what's been happening for the past few quarters in terms of profitability and revenue growth, I would argue that we can use a positive forecast, assuming a growth rate of 4-7%. This is due to , even if we assume this growth rate, and a WACC range that's wide between the current-considered WACC of 27% (Source: GuruFocus) and higher, we still get an implied share price per share that's well below $4/share. If our calculations give us such results when we use such very positive numbers to work of, you can imagine what sort of valuation we would get if we look at how the company is actually growing its earnings over time. The issue is, in part, the massive volatility to the share price. Beta plays a role here. In addition, the company's equity weighting remains very high (though lower now), and WACC depends mostly on the overall cost of capital. A high beta results in a high cost of capital. While the beta is down from highs of 6x back in 2020-2021, and down from my latest article as well, we're still at beta of 4.21x. If we assume growth rates of 8-10%, we get implied share price levels that would tell us the current price is "fair" for what the company is, but you should understand without me needing to break it down why we can't use those sorts of positive growth rates in a serious manner - it's highly unlikely that they'll come to pass.Seeking Alpha • Nov 09
Kodak shares tumble 21% on earnings decline in Q3
Eastman Kodak (NYSE:KODK) shares have dropped -22% after it reported revenue of $289M (+0.7% Y/Y) and a decline in net profit to $2M from $8M in Q3. Volume sales for Kodak's SONORA Process Free Plates - a key product - declined by 10% due to customer buying patterns and lower inventory levels amid uncertain global economic conditions. Annuity revenue for PROSPER - another key product - also fell 11% in the quarter primarily due to foreign currency impacts. Chairman and CEO Jim Continenza said: "We continue to navigate through the ongoing global impact associated with COVID-19 pandemic, the war in Ukraine, inflation, unfavorable exchange rates, and other global events. Like many other companies, Kodak is experiencing supply chain disruption, shortages in material and labor and increased costs of labor, materials and distribution. We have implemented numerous measures to mitigate these challenges, including increasing safety stock and implementing pricing action."Seeking Alpha • Oct 20
Kodak Shares Are Down And Reflect The Company's Poor Performance
Summary Kodak's shares have been trading down for a while. The recent earnings exceeded the ones reported in the previous quarter. But were still quite poor. Kodak's revenues and earnings are not showing many signs of recovery. The company's costs are rising. The Fed is getting hawkish, which is bad, given Kodak's debt load. But Kodak's stock is trading quite low. Earlier on I wrote an article on Eastman Kodak Company (KODK), a renowned film business, that is not flourishing nowadays. Earlier on it reported better-than-expected earnings results. But in my view, there is nothing extraordinary here although the stock's valuations are better than they used to be. The company is not particularly strong financially, whilst the production costs are rising substantially. But let me explain this in some more detail. Earnings results In my previous article from ages ago, I covered the company's 2020 full-year earnings that were negative. For 2Q2022 this was not the case. Kodak even managed to break even but I would not personally get too excited about this. Instead, let us just see and compare the quarterly results to the previously reported ones. Kodak's presentations Source: Eastman Kodak Company's presentation, slide 7 On the surface, everything looks good. After all, the net income rose by 25% - in Q2 2021 it was $16 million, whilst in Q2 2022 it totaled $20 million. But this result is not very good if we calculate the net profit margin relative to Kodak's revenue. So, $20 million/$321 million x 100 is equal to 6.23%. This is a relatively low net profit margin. A good net profit margin should be around 20%, whilst a medium one is about 10%. Moreover, a quarterly net profit of just $20 million is not particularly good for a company with a market capitalization of $354 million as of the time of writing. One might argue that this result is only for one quarter. But, unfortunately, this was not a one-off. Quite regularly Kodak publishes new earnings reports. I would not even touch the larger quarterly losses reported in 2020. I will just touch on several previous quarters. For example, for 1Q2022 Kodak reported $(3) mln in earnings. Exactly the same number was reported for 4Q2021. Most of the quarters of 2020 were also loss-making. But let me also have a look at the annual earnings and revenues history. Earnings and revenues history Year 2016 2017 2018 2019 2020 2021 Revenue $1,543 mln $1,386 mln $1,325 mln $1,242 mln $1,029 mln $1,150 mln Net profit $16 mln $94 mln $(16) mln $116 mln ($541) mln $24 mln Source: prepared by the author based on the company's earnings presentations I also prepared a diagram below to illustrate how Kodak's revenues and profits changed from the years 2016 to 2021. Kodak's presentations Source: prepared by the author based on the company's earnings presentations As you can see, the picture is not inspiring at all. What is more, the sales revenues seem to be falling slowly but steadily, a worrying sign too. In my previous article, I touched on the topic of revenue distribution for Kodak. I will briefly revisit it for a good reason and show you the main sources of sales for 2Q2022. Kodak's 2Q2022 presentation Source: prepared by the author based on Kodak's presentations As you can see, traditional printing is the most important segment for Kodak, whilst digital printing and advanced materials & chemicals also matter. This distribution is important since it helps us to predict some further risks. Key risks First and foremost, the company is suffering from a high debt load. What is more, Kodak's credit rating is CCC+, as confirmed by S&P Global Ratings. That means the company has to pay the bank much higher interest than a business with a better credit rating. If we lived in a low-interest rate environment, the situation would have been quite stable for Kodak. However, many central banks but most importantly the Fed are increasing the interest rates since inflationary pressures are breaking multi-decade record highs. So, the servicing of the debt is only getting more expensive, which is bad news for Eastman Kodak. But the problems do not end here. Unfortunately, Kodak's businesses are suffering greatly because of substantial cost increases and also supply chain failures. The areas Kodak operates in require substantial spending on materials. These include both digital and traditional printing as well as advanced materials and chemicals. Although the company increased its material stocks, these might not be enough. But the cost pressures do not end there. Kodak's employees require pay rises, which is expensive, given the company's financial condition. Not to mention that the current economic situation is quite complicated. The Fed's hawkish stance makes it likely the next recession will happen very soon. The fact a recession may be near is highly bearish for risky assets. Kodak's stock is, unfortunately, one of them. But what I do not like the most is the fact the company's financials are not showing any signs of improvement over the period of several years. This can be said about Kodak's revenues and net profits. Valuations Since Eastman Kodak is a loss-making company, we cannot use the price-to-earnings (P/E) ratio to evaluate it. At least we won't get a very accurate picture. So, we have to use the other valuation methods. A sound alternative, in my view, is the enterprise value/ earnings before interest, taxes, depreciation and amortization (EV/EBITDA) ratio.분석 기사 • Oct 12
Is Eastman Kodak (NYSE:KODK) Using Too Much Debt?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Seeking Alpha • Sep 04
Eastman Kodak: I Don't See Anything Worth Buying At This Price
Summary A reader asked me to take a look at Eastman Kodak - and not the chemical company under EMN, but the Kodak with symbol KODK. I haven't been digging all that deeply into the business before - so it's an interesting to do here. However, at the current valuation and risk, I really don't see much worth buying - you can "HOLD" the company, but there are companies with higher upsides. Dear readers, Today we're looking at Eastman Kodak (KODK). I often review Eastman Chemical (EMN) - so the first question you might have is just what the relationship is between these two companies. Well, it was over 25 years ago that EMN was spun off from Eastman Kodak - a saving grace given how things have gone for Kodak since. Eastman Chemical was a Kodak Subsidiary originally founded to supply Kodak's chemicals but was spun off. Today Kodak has a market cap of $416M. Eastman Chemical has $11B. Things have changed - and Kodak's history is one of change. What is Eastman Kodak? Eastman Kodak is a major player in the formerly relevant field of analog photography. Its legacy is its products in this segment. The company does, according to its description, packaging, printing, graphics, and professional related services for customers around the world, but it's well known for its photographic film. Some history first. The company has a 110+ year history, and during most of the entire 20th century, the company held a dominant position in photographic film. I'm old enough that most of my youth and childhood was captured on analog cameras, so "Kodak moments" is something I'm well aware of. However - all good things come to an end - especially for companies that fail to change with the times or change up their business model. While we cannot "blame" Kodak for all of its failures, the company certainly could have adapted much better. The decline came at the end of the 1990s because - as we now know - digital was and is the future. Kodak tried to stay relevant, creating digital cameras, developing tech, and digital printing in an attempt to generate revenues. It tried to leverage its patents, its market position, and everything under its belt. However, as we see now, this eventually failed. It took over 12 years - but it failed. Legacy Kodak filed C.11 in 2012 - and stopped making cameras shortly thereafter - as well as most of its other products. It instead elected to focus on the corporate digital imaging market. In late 2012, the company even sold its namesake photographic film product line, scanners, and kiosks in a measure to return from its chapter 11, begging the question: "Just what is left?". The company then carved up what was left further, emerging from bankruptcy in 2013 and selling off over half a billion worth of patents to businesses like Apple (AAPL), Google (GOOG), Facebook (META), Microsoft (MSFT), and others. In short, the companies that were bound to "take over". Again, this begs the question - what is left? What's left are four business arms, or segments - Traditional Printing, Digital Printing, Advanced Materials, and Chemicals/Brand. This includes operations in Prepress solutions (plates/printing plates), imaging solutions, and services for digital and traditional product services to various end users and industries including commercial print, direct mail, book publishing, and magazines/packaging. Far from the easiest segment to be in, given the raw material/input challenges, supply chain issues, and ongoing digital substitutions. Digital printing focuses on Electrophotographic solutions, Toner technologies, production press systems, consumables (ink), components, software, and services. The company also offers software. Kodak also does advanced materials/chemicals, including still photographic film (industrial) in order to print circuit boards, specialty chemicals for the pharma industry, solvent recovery, and motion picture film. It's the company offering the Prosper business lines, including but not limited to PROSPER Press systems and PROSPER Components. Applications of PROSPER include most legacy printing end users, and obviously, such systems also result in recurring sales of ink. Kodak is a host of industries and technologies, much of it still legacy. Its primary input is lithographic aluminum - and it buys the coils from several sources, though there's currently massive volatility in the pricing of this feedstock. Kodak's fundamentals are unfortunately not impressive. Since emerging from bankruptcy, the company has consistently failed to generate any amount of positive cash flow, with the exception of 2019. The company has a CCC+ credit rating - the first ever company below a B/BB that I have reviewed. CCC+ means that a company or government is currently vulnerable to adverse economic conditions, and will only meet its financial commitments if conditions remain favorable. This is a highly speculative rating, which obviously goes in line with what Kodak is currently doing. Recent results in 2Q22 are a mixed sort of bag. Revenues are up 10% YoY, and gross profit was up 11% YoY as the company improved its strategy and mix. At the same time, Kodak is experiencing massive supply chain disruptions, labor shortages, and increased costs. Still, the company was able to deliver a new product launch - the PROSPER 7000 Turbo Press with less than 12 months from concept to commercialization, also launching the KODAK ASCEND digital press (PPO market and small packaging). The company is busily launching products and technologies left and right to try and capture market share with competitive solutions based on sustainable water-based inks. Kodak is also working on its Chemical segment. Kodak IR (Kodak IR) The high-level targets of Kodak as things stand right now, are to reduce its debt and enhance its earnings, eventually resulting in positive cash flow. The company's current business model is a difficult mix - focus should be on its ongoing transformation strategy. The target core competencies are print and advanced materials/chemicals. There are some things that the company has managed for the past 2 years. Reduced spending Creating a working organizational structure Foundation in Commercial printing established through consolidation and M&A Recording significant debt reductions. The company's valuation is extremely muddled thanks to the meme-stock mania. KODK has, I argued, still not normalized from this. There's also the not insignificant matter that the previous administration under the defense production act was about to grant Kodak a massive loan in order for the company to produce precursor chemicals to a variety of end products. This loan never went through. The company's original business got consumed by the technology change. Really, aside from printing, the company believes the following things are left. KODK IR (KODK IR) Viewing these from a very logical lens, all of these business opportunities represent just that - opportunities for the company to grow. All of these are legitimate. It also makes sense, because all of these things are things that Kodak actually knows. But none of them are really markets where Kodak has the ability or fundamentals to capture massive market share. The company may have the cash and resources to bring some of these to market and start capturing market share - but that does not necessarily make the company a good investment. When we boil down Kodak to what it "is", it's a number of decent technologies and products in printing (like the PROSPECT), coupled with a few interesting ideas and operations based on Legacy-Kodak lab work. When viewing the quarterly reports, I really have no issues with any of these things. My issues are instead as follows: Kodak valuation Kodak's multiples unfortunately do not make sense. The company's EPS is around 240x at this time. it's gone from a negative P/E of 1.26x in 2021, to a 240x here. From a 6.28x P/B multiple to around 0.46x today. What this implies is a company that really cannot be judged or valued by traditional metrics, and especially not multiples. It can be objectively said that the company is "cheaper" now than it was in 2021 because the share price is obviously cheaper. However, we have no forecasts, no real workable multiples, and no real forecast accuracy on a historical basis. The recent set of results shows us that improvements are ongoing - and the company actually generated positive operational EBITDA for 2Q22. KODK IR (KODK IR) A few analysts and contributors have made attempts at providing a workable valuation for Kodak. However, many of them encounter the same issue - there are no forecasts or financial analysts really working the company, despite that shares aren't that uncommon in ownership. I work with my own assumptions. Based on management guidance and what's been happening for the past few quarters, I would argue that we can use a positive forecast, assuming a growth rate of 4-7%. Why such positive metrics? Because even assuming this growth rate, and a WACC range that's wide between the current-considered WACC of 27% (Source: GuruFocus) and higher, we still get an implied share price per share that's well below $4.5/share. This tells us the following things. DCF models will usually result in disappointing implied valuations. The issue is, in part, the massive volatility to the share price. Beta plays a role here. In addition, the company's equity weighting remains very high (though lower now), and WACC depends mostly on the overall cost of capital. A high beta results in a high cost of capital. While the beta is down from highs of 6x back in 2020-2021, we're still at 4.4X. In the end, and closing on this exercise, I want to state my view like this. We can see that from certain perspectives involving positive growth rates, we may get results that imply the current share price is fair. But even if we were to work under such assumptions, this completely disregards the fact that this company is a no-yielding, CCC+ rated business. We also don't know how long it will take before this becomes a workable business, rather than a series of ideas and legacy segments.Seeking Alpha • Aug 10
Eastman Kodak stock gains after Q2 results
Eastman Kodak (NYSE:KODK) stock higher after Q2 revenue rose 17%, excluding currency impact. Despite the current economic challenges, gross profit percentage increased from 11% in Q1 to 16% in Q2, which reflects the execution of our strategy and the controls we initiated to mitigate the challenging economic environment. Adjusted operational EBITDA was $10M in the quarter vs. $7M year ago. In July, the company announced that it has taken a minority stake in Wildcat Discovery Technologies. The company will provide coating and engineering services in collaboration with Wildcat to develop and scale build coating technologies which are critical for the safety and reliability of the next generation of EV and energy storage battery technology. “The use of cash in the second quarter primarily reflects higher inventory levels which strengthen our ability to serve our customers and support increased revenues. As planned, the Company also continues to invest in new product innovations and growth areas,” said David Bullwinkle, Kodak’s CFO. “Key metrics from the second quarter, such as increasing revenues and gross profit on both a year-over-year and quarter-sequential basis, reflect the successful ongoing execution of our long-term strategy.” Stock up ~33% on YTD basis.Seeking Alpha • Jul 13
Kodak invests in Wildcat Discovery Technologies developing EV “super cell” battery
Eastman Kodak (NYSE:KODK) has acquired a minority stake in Wildcat Discovery Technologies, a technology company that uses proprietary high-throughput methods to rapidly develop new battery materials. Wildcat is developing a breakthrough EV “super cell” designed to provide a greater than 90% improvement in energy density over currently available best batteries. The company's investment will be used to support rapid development of the new technology, with the goal of having the “super cell” ready for commercialization in two years. The company will also provide coating and engineering services in collaboration with Wildcat to develop and scale film coating technologies. Wildcat has granted Kodak certain rights to negotiate a production or licensing arrangement with Wildcat when and if Wildcat’s technology reaches commercial readiness. “This investment in Wildcat reflects Kodak’s commitment to building new businesses by leveraging our existing skills and infrastructure. Coating substrates is a critical aspect of manufacturing batteries and no one is better at coating than Kodak,” said Jim Continenza, Kodak’s Executive Chairman and CEO. “We are excited about the opportunity to collaborate with an innovator like Wildcat to provide more powerful, safer solutions for applications such as energy storage and EV batteries and participate in this rapidly growing market.” Shares up 3.4% PM.분석 기사 • Jun 01
These 4 Measures Indicate That Eastman Kodak (NYSE:KODK) Is Using Debt Extensively
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...Seeking Alpha • May 30
Eastman Kodak: With The Politics Over, It's Not Worth It
Eastman Kodak was, as we know, subject to a certain amount of political speculation over a loan, etc. That loan never did come through so the business has to be evaluated for what it is currently. Which is not a huge amount - nothing particularly wrong, just very expensive for what it is.분석 기사 • Jan 24
We Think Eastman Kodak (NYSE:KODK) Is Taking Some Risk With Its Debt
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...분석 기사 • Nov 16
Eastman Kodak (NYSE:KODK) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of
Eastman Kodak Company's ( NYSE:KODK ) robust earnings report didn't manage to move the market for its stock. Our...이 섹션에서는 일반적으로 전문 애널리스트들의 컨센서스 추정치를 기반으로 매출 및 이익 성장 전망을 제시하여 투자자들이 회사의 수익 창출 능력을 이해하도록 돕습니다. 그러나 Eastman Kodak는 과거 데이터가 충분하지 않고 애널리스트 예측도 없어, 과거 데이터를 단순히 외삽하거나 애널리스트 전망을 사용하여 향후 이익을 신뢰할 수 있게 계산할 수 없습니다.
Simply Wall St가 다루는 기업 중 97%는 과거 재무 데이터를 보유하고 있기 때문에, 이는 상당히 드문 상황입니다.
이익 및 매출 성장 예측
| 날짜 | 매출 | 이익 | 자유현금흐름 | 영업현금흐름 | 평균 애널리스트 수 |
|---|---|---|---|---|---|
| 12/31/2025 | 1,069 | -155 | 446 | 480 | N/A |
| 9/30/2025 | 1,045 | -26 | -50 | -5 | N/A |
| 6/30/2025 | 1,037 | -6 | -108 | -47 | N/A |
| 3/31/2025 | 1,041 | 43 | -120 | -62 | N/A |
| 12/31/2024 | 1,043 | 78 | -63 | -7 | N/A |
| 9/30/2024 | 1,052 | 60 | -50 | 6 | N/A |
| 6/30/2024 | 1,060 | 47 | -13 | 27 | N/A |
| 3/31/2024 | 1,088 | 55 | 4 | 41 | N/A |
| 12/31/2023 | 1,117 | 56 | 6 | 38 | N/A |
| 9/30/2023 | 1,147 | 58 | 8 | 35 | N/A |
| 6/30/2023 | 1,167 | 57 | -25 | 8 | N/A |
| 3/31/2023 | 1,193 | 45 | -90 | -59 | N/A |
| 12/31/2022 | 1,205 | 13 | -147 | -116 | N/A |
| 9/30/2022 | 1,207 | N/A | -174 | -144 | N/A |
| 6/30/2022 | 1,205 | 6 | -154 | -129 | N/A |
| 3/31/2022 | 1,175 | 3 | -99 | -74 | N/A |
| 12/31/2021 | 1,150 | 22 | -68 | -47 | N/A |
| 9/30/2021 | 1,140 | 43 | -34 | -20 | N/A |
| 6/30/2021 | 1,105 | -412 | -5 | 8 | N/A |
| 3/31/2021 | 1,027 | -435 | -24 | -10 | N/A |
| 12/31/2020 | 1,029 | -564 | -52 | -35 | N/A |
| 9/30/2020 | 1,061 | -644 | -49 | -32 | N/A |
| 6/30/2020 | 1,124 | -209 | -58 | -39 | N/A |
| 3/31/2020 | 1,218 | -210 | -33 | -17 | N/A |
| 12/31/2019 | 1,242 | -111 | -3 | 12 | N/A |
| 9/30/2019 | 1,254 | -55 | N/A | 13 | N/A |
| 6/30/2019 | 1,268 | -25 | N/A | -26 | N/A |
| 3/31/2019 | 1,293 | -16 | N/A | -47 | N/A |
| 12/31/2018 | 1,320 | -29 | N/A | -62 | N/A |
| 9/30/2018 | 1,248 | 103 | N/A | -69 | N/A |
| 6/30/2018 | 1,298 | 38 | N/A | -42 | N/A |
| 3/31/2018 | 1,347 | 42 | N/A | -41 | N/A |
| 12/31/2017 | 1,386 | 74 | N/A | -67 | N/A |
| 9/30/2017 | 1,549 | -39 | N/A | -60 | N/A |
| 6/30/2017 | 1,581 | 27 | N/A | -59 | N/A |
| 3/31/2017 | 1,623 | 33 | N/A | -47 | N/A |
| 12/31/2016 | 1,643 | 14 | N/A | -15 | N/A |
| 9/30/2016 | 1,650 | 38 | N/A | 16 | N/A |
| 6/30/2016 | 1,664 | 15 | N/A | -21 | N/A |
| 3/31/2016 | 1,675 | -9 | N/A | -27 | N/A |
| 12/31/2015 | 1,803 | -72 | N/A | -95 | N/A |
| 9/30/2015 | 1,802 | -105 | N/A | -136 | N/A |
| 6/30/2015 | 1,945 | -69 | N/A | -100 | N/A |
애널리스트 향후 성장 전망
수입 대 저축률: KODK 의 예상 수익 증가율이 절약률(3.5%)보다 높은지 판단하기에는 데이터가 부족합니다.
수익 vs 시장: KODK 의 수익이 US 시장보다 빠르게 성장할 것으로 예상되는지 판단하기에는 데이터가 부족합니다.
고성장 수익: KODK 의 수익이 향후 3년 동안 상당히 증가할 것으로 예상되는지 판단하기에는 데이터가 부족합니다.
수익 대 시장: KODK 의 수익이 US 시장보다 빠르게 증가할 것으로 예상되는지 판단하기에는 데이터가 부족합니다.
고성장 매출: KODK 의 수익이 연간 20%보다 빠르게 증가할 것으로 예상되는지 판단하기에는 데이터가 부족합니다.
주당순이익 성장 예측
향후 자기자본이익률
미래 ROE: KODK의 자본 수익률이 3년 후 높을 것으로 예상되는지 판단하기에 데이터가 부족합니다.
성장 기업 찾아보기
기업 분석 및 재무 데이터 상태
| 데이터 | 최종 업데이트 (UTC 시간) |
|---|---|
| 기업 분석 | 2026/05/06 07:56 |
| 종가 | 2026/05/06 00:00 |
| 수익 | 2025/12/31 |
| 연간 수익 | 2025/12/31 |
데이터 소스
당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.
| 패키지 | 데이터 | 기간 | 미국 소스 예시 * |
|---|---|---|---|
| 기업 재무제표 | 10년 |
| |
| 분석가 컨센서스 추정치 | +3년 |
|
|
| 시장 가격 | 30년 |
| |
| 지분 구조 | 10년 |
| |
| 경영진 | 10년 |
| |
| 주요 개발 | 10년 |
|
* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.
별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.
분석 모델 및 스노우플레이크
이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.
Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.
산업 및 섹터 지표
산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.
분석가 소스
Eastman Kodak Company는 4명의 분석가가 다루고 있습니다. 이 중 0명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.
| 분석가 | 기관 |
|---|---|
| James Kelleher | Argus Research Company |
| Venu Krishna | Barclays |
| Richard Gardner | Citigroup Inc |