Sonos IPO - Investment case Presentation

Sonos, founded in 2002, debuted the world's first wireless multi-room home sound system in 2005 and since has been a leading innovator in wireless home audio. It also launched its first voice-enabled wireless speaker in October 2017 and voice-enabled home theater speakers in July 2018. It partners with over 100 streaming content providers such as Apple Music, Pandora, Spotify, TuneIn etc. and with voice-assistants Amazon Alexa and Apple's Siri.

Please download the full report for more information on the outline below.

Strengths & Opportunities

• Steady growth track record
• Strong user base
• Rapid adoption of streaming services and voice assistants offer strong long-term tailwinds
• Sonos integrating with other voice-assistants in addition to Alexa

Risks & Concerns

• Smart connected speakers market is very crowded and highly competitive
• Competitors including Amazon and Google offering products at significantly lower price points
• Amazon and Google expected to continue dominating the market
• Sales seem to have slowed down
• Sonos seems to have increased incentives for retailers and distributors to push inventory
• Pricing pressure