| Symbol | Co Name |
| ORBT | ORBIT INTERNATIONAL CORP |
| LIOX | LIONBRIDGE TECHNOLOGIES INC |
| SANW | S&W Seed Co |
ShadowStock ... Deep Value Investing
Exploiting Market Anomalies with Data That Has Been Overlooked Underappreciated Or Ignored. : "There Are No Bad Assets Just Bad Prices"
Tuesday, May 21
05/21/13 Insider Value Based Nano Cap Insider Purchases
Monday, May 20
Thursday, May 16
05/16/13 Positive Insider Activity
VIDE: VIDEO DISPLAY Insider Purch 8,000 Shares for $29,600 at $
3.70
Shares Owned after Purch 2,950,238: Industry
= Computer Peripherals 52 Wk Return = -6.14
Inside Ownership 70.72%
PDEX: PRO DEX INC Insider Purch 3,425 Shares for $6,508 at $
1.90
Shares Owned after Purch 272,255: Industry
= Medical Instruments & Supplies 52 Wk Return = -4.52 Inside Ownership 33.52%
HAMP: HAMPSHIRE Insider Purch 7,200
Shares for $20,448 at $ 2.84
Shares Owned after Purch 50,000:Industry
= N/A 52 Wk Return = 27.56% Inside
Ownership 71.35%
CSV: CARRIAGE SER Insider Purch 3,000
Shares for $51,810 at $17.27
Shares Owned after Purch 15,825:Industry
= Personal Services 52 Wk Return =
140.36 Inside Ownership 25.53
CKEC: CARMIKE CINE Insider Purch 324 Shares
for $5,398 at $16.66
Shares Owned after Purch 293,595:Industry
= Movie Production, Theaters 52 Wk Return =
15.52 Inside Ownership 13.92
DRAD: DIGIRAD CORP Insider Purch 5,000
Shares for $12,000 at $ 2.40
Shares Owned after Purch 526,985:Industry
= Medical Appliances & Equipment 52 Wk Return = 5.70 Inside Ownership 11.36
MYE: MYERS INDUST Insider Purch 2,000
Shares for $30,100 at $15.05
Shares Owned after Purch
11000:Industry = Rubber & Plastics 52 Wk Return = -6.98% Inside Ownership 20.74%
SPRT: Support.com, Insider Purch 1,200
Shares for $5,160 at $ 4.30
Shares Owned after Purch 7,577,535:Industry
= Internet Software & Services 52 Wk Return = 70.19 Inside Ownership 0.18%
DYAX: DYAX CORP Insider Purch 5,000 Shares for $12,500 at $
2.50
Shares Owned after Purch
22971:Industry = Biotechnology 52 Wk Return = 54.66% Inside Ownership 3.36%
SPA: SPARTON CORP Insider Purch 1,695
Shares for $24,917 at $14.70
Shares Owned after Purch 48,030:Industry
= Diversified Electronics 52 Wk Return =
71.73 Inside Ownership 16.17
WINA: WINMARK CORP Insider Purch 2,000
Shares for $121,780 at $60.89
Shares Owned after Purch 1,685,278:Industry
= Specialty Retail, Other 52 Wk Return =
15.40% Inside Ownership 54.86%
Monday, May 13
Cash Rich Oversold Negative Enterprise Value
Amtech Systems Inc. (ASYS) founded
in 1981 engages in the "design, assembly, sale, and installation of capital
equipment and related consumables used in the manufacture of wafers, primarily
for the solar/photovoltaic, semiconductor, silicon wafer, and micro
electromechanical systems industries."
52 week change of -16.70%.
Price = 3.99, Per share values … EV = -.20. ;
BV = 8.09; Cash = 4.07 ; GP = .96 ; EBITDA -2.64 ; FCF = .85
Industry = Semiconductor
Equipment & Material
Market Cap = 38,060,000
; EV = -1,890,000 ; Revenue = 52,720,000
YOY
Revenue Change =-62.40%
Electronic Systems Technology
Inc. (ELST) "engages in the research and development, manufacture, and marketing
of wireless modem products and accessories primarily in the United States,
Mexico, Brazil, Peru, and Canada. The company was founded in 1982 and is based
in Kennewick, Washington."
52 week change of 6.06%.
Price = .35, Per share values … EV = -.07. ; BV = .57; Cash = .42 ; GP = .23 ; Rev = .41 ; EBITDA .01 ; FCF = -.02
Industry = Communication Equipment
Market Cap = 1,810,000
; EV = -379,960 ; Revenue = 2,110,000
YOY
Revenue Change =+42.20%
Maxygen, Inc. (MAXY) Maxygen, Inc., a “biopharmaceutical company,
focuses on the discovery and development of protein pharmaceuticals for the
treatment of disease and serious medical conditions in the United States. The
company was founded in 1996 and is headquartered in San Mateo, California.”
52 week
change of -60.60%.
Price = 2.37, Per
share values … EV = -.53. ; BV = 2.85; Cash = 2.92 ; GP = 1.08 ;
Rev = 1.10 ; EBITDA .76 ; FCF = .65
Industry
= Research Services
Market Cap = 65,870,000 ; EV = -14,710,000 ; Revenue = 30,010,000
Market Cap = 65,870,000 ; EV = -14,710,000 ; Revenue = 30,010,000
YOY Revenue Change =-50.00%
Westell
Technologies, Inc. (WSTL)was
founded in 1980. WSTL "designs, manufactures, and distributes
telecommunications products to telephone companies and other telecommunications
service providers."
52 week
change of -7.98%.
Price = 1.96, Per
share values … EV = -.03. ; BV = 2.91; Cash = 1.98 ; GP = .66 ;
Rev = .40 ; EBITDA -.14 ; FCF = .65
Industry
= Communication Equipment
Market Cap =
113,990,000 ; EV = -1,640,000 ; Revenue = 40,710,000
YOY Revenue Change = -38.00%
Thursday, May 9
Canadian Pink Sheet Listed.. Aggressive Cannibals (company share buybacks over several years)
Note that most of the share count reduction was over the trailing
12 months. Some of the stocks listed showed a slight increase in share count from
2008 or 2007.
Airboss of America Corp” develops,
manufactures, and sells rubber compounds and specialty rubber-based products
for the transportation, defense, military, and industrial markets primarily in
North America. It offers rubber compounds, including mixed rubber for use in
industrial products for mining, transportation, military, automotive, and
conveyor belting; defense products, such as protective wear for military and
other first response applications; and industrial products, including
vulcanized and non-vulcanized rubber based products, as well as mixing,
calendaring, and extrusion. AirBoss of America Corp. was founded in 1989 and is
based in Newmarket, Canada.”
“AGF
Management Limited is a publicly owned investment manager. The firm primarily
provides its services to institutional and private clients. It manages separate
client-focused equity, fixed income, and balanced portfolios. The firm also
launches and manages equity, fixed income, and balanced mutual funds and hedge
funds for its clients. It invests in the public equity and fixed income markets
across the globe. The firm primarily invests in growth and value stocks across
all capitalizations. For fixed income, it invests in government and agency
bonds of Canada. AGF Management Limited was founded in 1957 and is based in
Toronto, Canada.”
AXANF :Axia NetMedia Corporation: (AXX:Toronto)
OLNCF: Omni-Lite Industries Canada Inc
“engages in the
development, production, and marketing of specialized metal matrix composite,
aluminum, carbon, and stainless steel alloy products to Fortune 500 companies.
The company provides precision components utilizing advanced composite
materials and other alloyed materials, and computer-controlled cold forging
techniques. It offers vibration resistant stainless steel fastener components
and jet engine components for the aerospace industry; transmission valves and
airbag retainer rivets for the automotive industry; inventory control cups and
other key components for inventory control systems for the commercial industry;
links and head caps for the military sector; and ceramic track spikes for the
sports and recreation industry. The company also distributes its track spikes
online. It serves customers primarily in the United States, Canada, and the
Barbados.”
“provides broadband services and solutions over fibre optic communications networks.”
OLNCF: Omni-Lite Industries Canada Inc (OML:Venture)
“engages in the
development, production, and marketing of specialized metal matrix composite,
aluminum, carbon, and stainless steel alloy products to Fortune 500 companies.
The company provides precision components utilizing advanced composite
materials and other alloyed materials, and computer-controlled cold forging
techniques. It offers vibration resistant stainless steel fastener components
and jet engine components for the aerospace industry; transmission valves and
airbag retainer rivets for the automotive industry; inventory control cups and
other key components for inventory control systems for the commercial industry;
links and head caps for the military sector; and ceramic track spikes for the
sports and recreation industry. The company also distributes its track spikes
online. It serves customers primarily in the United States, Canada, and the
Barbados.”
RONA inc.
“engages in the distribution and retail of hardware, home improvement, and gardening
products in Canada. As of March 11, 2013, it operated approximately 800
corporate, franchise, and affiliate stores; and a network of 14 hardware and
construction-materials distribution centers, as well as approximately 60 sales
outlets and 4 distribution centers for plumbing and HVAC market. RONA inc. was founded in 1939.”
TCLAF: Transcontinental Inc. (TCL/A):Toronto Stock Exchange
“provides media and marketing activation solutions in Canada and the United States. The company creates products and services that allow businesses to attract, reach, and retain their target customers. It engages in printing activities for publishers of magazines, books, and newspapers, as well as retail customers; and publishing magazines, newspapers, books, custom content, and mass and personalized marketing materials. The company also operates a digital network of approximately 3,500 Websites and a door-to-door network for distributing advertising material that allows advertisers to reach consumers directly. In addition, it offers interactive marketing products and services that use new communication platforms supported by marketing strategy and planning services, database analytics, pre-media, e-flyers, email marketing, custom communications, and mobile solutions. Further, the company provides television content creation services that could be delivered on various communication platforms, from TV channels for general broadcasting to new media, Internet, and mobile channels. Transcontinental Inc. was founded in 1976 and is headquartered in Montreal, Canada.”
“provides media and marketing activation solutions in Canada and the United States. The company creates products and services that allow businesses to attract, reach, and retain their target customers. It engages in printing activities for publishers of magazines, books, and newspapers, as well as retail customers; and publishing magazines, newspapers, books, custom content, and mass and personalized marketing materials. The company also operates a digital network of approximately 3,500 Websites and a door-to-door network for distributing advertising material that allows advertisers to reach consumers directly. In addition, it offers interactive marketing products and services that use new communication platforms supported by marketing strategy and planning services, database analytics, pre-media, e-flyers, email marketing, custom communications, and mobile solutions. Further, the company provides television content creation services that could be delivered on various communication platforms, from TV channels for general broadcasting to new media, Internet, and mobile channels. Transcontinental Inc. was founded in 1976 and is headquartered in Montreal, Canada.”
TransForce Inc. (TFIFF) : TFI:Toronto Stock Exchange
TransForce Inc., “provides freight transportation and logistics
services. It operates through four segments: Package and Courier,
Less-Than-Truckload, Truckload, and Specialized Services. The Package and
Courier segment provides non-expedited business-to-business parcel delivery
services in Canada. The Less-Than-Truckload segment provides partial-load
general-freight shipment to customers in North America. The Truckload Segment
engages in the full-load transport of general merchandise in North America; and
provides various value-added services, including bulk material shipments, and
expedited deliveries and transport by open trailers. The Specialized Services
segment provides a range of logistics services, which include international
freight forwarding, fleet management, and personnel placement agencies;
integrated management of industrial, commercial, and residential solid waste
collection and treatment; and rig relocation services, including disassembly,
transportation, and reassembly of oil and gas drilling rigs to the energy
industry. As of December 31, 2012, the company had 11,380 power units and
11,700 trailers. TransForce Inc. is headquartered in Saint-Laurent, Canada.”
URNAF: Urbana Corp... URB:Toronto
"Urbana Corporation is a publically owned investment manager.
The firm invests in public equity markets across the globe. Its investments are
managed by Caldwell Investment Management Ltd. Urbana Corporation is based in
Toronto, Canada."
Monday, May 6
Value Based Canadian Stocks Listed on the "Pink Sheets"
I started a search
for value based pink sheet listed Canadian stocks. Many attractive Canadian
stocks trade on the pink sheets. Hopefully I can find useful market inefficiencies
existing on the pink sheet for all countries, exchanges and market size.
A market maker must be willing to trade the stock to obtain a
pink sheet listing. Some companies want to be traded on the pink sheets to gain
exposure to U.S. investors. There are many benefits to the company. This dual
listing on the pinks allows US investors to purchase shares without going to the
Canadian exchanges. Many online brokers like Ameritrade don’t execute trades on
foreign exchanges. So using the pink sheets may allow some exposure to quality Canadian,
other countries or US based looking to avoid excessive regulation costs. Today
I want to get my feet wet by introducing some value using the balance sheet and
focusing on Canada. I believe there are so many more opportunities but this journey
will take more time and effort. As you know, just remember with all transaction
on the pink sheets you must use limit orders.
Once again I will have to update the post slowly. Additional
input for tomorrow and likely the day after.
I wanted to get started today. Nothing too exciting at first glance but I
guess value looks boring. 3 stocks for tonight that will be updated tomorrow are IDGBF,DLTOF,ADFJF
IDGBF: (IDG Toronto exchange)Indigo Books & Music Inc was founded in 1940 and is headquartered in Toronto, Canada. Indigo is “an e-commerce retail destination that sells books, gifts, toys, DVDs, and music. It also operates seasonal kiosks and year-round stores in shopping malls, which sell calendars, games, and gifts. As of March 31, 2012, the company operated 97 superstores under the Chapters, Indigo, and the World?s Biggest Bookstore banners; and 143 small format stores under the Coles, Indigo, Indigospirit, SmithBooks, The Book Company, and Pistachio banners.”
IDGBF: (IDG Toronto exchange)Indigo Books & Music Inc was founded in 1940 and is headquartered in Toronto, Canada. Indigo is “an e-commerce retail destination that sells books, gifts, toys, DVDs, and music. It also operates seasonal kiosks and year-round stores in shopping malls, which sell calendars, games, and gifts. As of March 31, 2012, the company operated 97 superstores under the Chapters, Indigo, and the World?s Biggest Bookstore banners; and 143 small format stores under the Coles, Indigo, Indigospirit, SmithBooks, The Book Company, and Pistachio banners.”
Negative enterprise value and 3.96%
current dividend yield.
Value was created with increase in equity, reduced debt, stable share count, from 2008 to the current period.
Value was created with increase in equity, reduced debt, stable share count, from 2008 to the current period.
Market Cap:281.70M , Enterprise Value:
-51.72M
Price/Sales: 0.29 Price/Book:0.73
Revenue: 920.82M , Revenue Per
Share:36.46
Qtrly Revenue Growth:-4.90%
,EBITDA:19.87M
Total Cash:320.72M
Total Cash Per Share (mrq):12.68 ,Book Value Per Share (mrq):14.55
Price on 05/06/13 = 11.14 , 52-Week Change:28.19%
52-Week High (May 6, 2013):11.14 , 52-Week Low (Aug 13, 2012):7.52
ADFJF:(DRX Toronto Exchange) ADFJF was founded in 1956 and provides fabrication of complex
structural steel and heavy built-up steel components for the non residential
construction industry.
Equity per share continues to compound with equity per share
value of 2.57 for 2008 to the most recent quarterly balance of 2.83. Annual
profits have reduced total liabilities from 2009 balance of 29.59M to the MRQ
15.24M. Total share count was also reduced from 2009 balance of 36.20M shares
outstanding to the MRQ balance of 32.45M.
Market Cap: 41.43M , Enterprise Value: 17.61M
Price/Sales: 0.98, Price/Book:
0.44
Enterprise Value/Revenue: 0.42 ,Enterprise Value/EBITDA:
14.15
Qtrly Revenue Growth:-1.90%
Book Value Per Share: 2.87, 52-Week High:1.38 , 52-Week Low:1.12
Total Cash:27.66M, Cash Per Share: 0.85
Total Debt:3.73M, Total Debt/Equity: 4.01
Current Ratio:3.51, Book Value Per Share: 2.87
The stock was 1.30 Canadian dollars on 12/31/2008 today the
price was 1.42 Canadian dollars.
They continue to aggressively buyback shares. On December
6,2012 "the company will repurchase up to 1,552,731 subordinate voting
shares, representing 8.57% of the shares outstanding and 10% of the public
float”
Price 05/06/13 = 1.25USD
Price 05/06/13 = 1.25USD
DLTOF: (DDL Toronto Exchange) Danier Leather designs, manufactures,
distributes and retails leather apparel and accessories. Danier’s products are
sold at its 89 shopping mall stores, street-front stores and large format power
centers. Founded in 1972
They have done a good job of posting
profits, reducing debt, building equity and keeping share count stable. But the
stock 52 week price change is +18.46%.
The
stock trades near its 52 week high.
2.38 CND December 31, 2008 to the
current price of 12.51CND. So the stock price has moved this and prior years.
Market Cap: 48.71M, Enterprise Value: 24.77M
Price/Sales: 0.31, Price/Book: 0.81 ,Enterprise Value/Revenue: 0.16
Enterprise Value/EBITDA: 4.29, Qtrly Revenue Growth: -4.40%
Total Cash: 23.93M , Cash Per Share: 6.21
Current Ratio: 4.36 Book Value Per
Share: 15.61
Additional updates tomorrow
Thursday, May 2
Margin of Safety Value Driven Ideas: additional update 05/02/13
SYNC: Synacor Inc “is a
provider of startpages, TV Everywhere solutions, Identity Management (IDM) and
various cloud-based services across multiple devices for cable, satellite,
telecom and consumer electronics companies.”
Price on post date 04/22/13 = $2.86
ROIC was 2011 = 25.00 , 2012 =14.09 , TTM =14.09
Recent insider director purchases during March
2013, 40,000 shares @ 3.02 and 33,000 shares @ 2.99
52 week change of -67.00%, YOY quarterly change in
Revenue = +11.20%
Per Share Data = Cash 1.54, Revenue 5.00, GP 2.03,
EBITDA =.35
Price = 3.69 EV per share = 1.45,
EV/Sales = .33
Shares
moved sharply higher on Wed May 1 after they announced a deal with Verison that
would expand access to television shows and movies available online to
Verizon's 5 million FiOS television subscribers.
OIIM: Price on 04/22/13 = $3.17
O2Micro International Ltd: “O2Micro International, Ltd designs,
develops and markets high performance integrated circuits for power management,
security applications and systems security solutions”
OIIM is financially strong with an aggressive share buybacks
from 2008 to the current period. Share count was reduced by 16.75% from a 2008
share count of 37,256,620 to the most recent period count of 31,043,800.
52 week price change is -36.08%.
Market Cap: 104.91M , Enterprise Value:1.29M
Price/Sales:1.02 , Price/Book: 0.66
Enterprise Value/Revenue:0.01, Qtrly Revenue Growth (yoy):-41.30%
Gross Profit:71.01M
EBITDA:-14.72M
Total Cash:97.32M , Total Cash Per Share:3.25
Current Ratio:10.86, Book Value Per Share:5.02
INTX: Price on 04/22/13 = $8.89
ELSE:Price on 04/22/13 = $4.38
Monday, April 29
Negative Enterprise Value
I will
continue the updating tomorrow.
The stocks below
were partially selected based on a negative enterprise value.
CMKG: mktg, inc. (CMKG): CMKG was founded in 1972. It’s an integrated sales
promotional and marketing services agency in the United States.
Revenue per share was 15.84 or 130.46M for the TTM. TTM gross profit of
102.90M or 12.24 per share, EBITDA of 6.11M, OI of .64 per share, and a book
value of 1.42 per share. Cash per share is 1.36. 2013 positive insider activity.
CDCO: CDCO: Comdisco Holding Company, Inc. “does not have significant
operations. The company is a successor company to Comdisco, Inc., which emerged
from bankruptcy under the plan that became effective in August 2002. Its
post-bankruptcy operations are limited to an orderly run-off or sale of its
remaining assets. Comdisco Holding Company, Inc. was founded in 1969 and is
based in Rosemont, Illinois”
Per 10k .. Berkshire Hathaway, Inc. owns 1,538,377 of 38.18% of shares
outstanding
Davidson Kempner Partners 23.50%, Horizon Kinetics LLC 6.98% ,Haphazard Investors LLC 8.47%
Price of $5.10 (20.54M), with a per share EV of -3.18 (-12.82M). Cash is
7.18 per share.
CECO: Career
Education Corp.
COSN: CoSine
Communications, Inc.
DGTC: DGT
Holdings Corp
LOOK: LOOK: LookSmart, Ltd. founded in 1996 “LookSmart, Ltd. provides search
and display advertising network solutions in the United States, Europe, the
Middle East, and Africa. “
LookSmart continues to bleed cash and loose the few customers remaining. July 2012 the company received a 1.00 per share offer from Peek Investments LLC . The offer was foolishly rejected by the board.
LookSmart continues to bleed cash and loose the few customers remaining. July 2012 the company received a 1.00 per share offer from Peek Investments LLC . The offer was foolishly rejected by the board.
Per share price = .71 , Cash = .92, BV = .85, Revenue = .91, GP = .32
OIIM: O2Micro
International Ltd.
PRLS: Peerless
Systems Corp
SCMR: Sycamore
Networks Inc
Wednesday, April 24
"Margin of Safety Value Driven Ideas" (04/22/13) Update Continued for MFLX & FMAO
MFLX:Multi-Fineline
Electronix, Inc. “provides printed circuit and component assembly
solutions to the electronics industry. The Company's services include design
and application engineering, prototyping and high-volume manufacturing, and
turnkey component assembly and testing”
MFLX value has been enhanced with a
-45% price change over 52 weeks near a 3 year low. It now trades at a historical
low valuation based on P/B. P/B is .79 near 10 year low of .80 versus 5 year
average of 1.30, P/S is .40 versus 5 year average of .70. and at 3 year low
of .40. Margins have been
on the decline but margins mean revert in this industry
Strong financial position and with outsized industry under performance makes MFLX a micro cap value
stock that is likely to mean revert. The most recently reported quarter
12/31/12 revenue increased by 21% to 289.7M.
MFLX Price on post date 04/22/13 = $14.02
Market Cap:357.87M ; Enterprise
Value:256.44M
Price/Sales 0.40; Price/Book:0.77
Enterprise Value/Revenue:0.30 ; Enterprise Value/EBITDA:3.17
Qtrly Revenue Growth:21.00% ; Total Cash Per Share:3.90
52-Week Change:-44.73% ; Held by Insiders: 63.22%
FMAO: FMAO -
Farmers Merchants Bancorp is a regional bank founded in 1897 and
based in Archbold Ohio. This OTCBB listed bank stock provides various financial
services to individual and small businesses
in northwest Ohio and northeast Indiana. It has 19 offices located in the
Fulton, Williams, Henry, Defiance, Lucas, and Wood counties in Ohio; and 3
offices in DeKalb and Steuben counties in Indiana.
This conservative stock has slowly
moved higher but is worth a look. Recognize that it’s trading close to 3 year
highs for price and price to sales. It still trades a nice discount to book
value. Current dividend yield is 3.80%.
FMAO: Price on 04/22/13 = $22.25
up from the previous day close of $21.55
Market Cap:103.53M; Enterprise
Value:124.93M
Trailing P/E:10.68
Price/Sales: 2.78 ; Price/Book:0.94 ; Enterprise Value/Revenue:3.35
Qtrly Revenue Growth:2.20% ; 52-Week
Change:3.97%
The Bank owns all of its office
locations, with the exception of Angola, Indiana. They own a total of 17 properties
all on the books below fair market value. Above industry averages for ROA, Net
Margins, ROE, Debt to Equity
Monday, April 22
TWOC: Trans World Corporation (OTC Listed Value)
Updated comment from prior post : "Random Margin of Safety Value Driven Ideas"
Industry: Resort and Casino
Industry: Resort and Casino
TWOC develops,
acquires and manages casino operations in Europe. The company owns and operates
three fully-owned casinos in the Czech Republic . “Its casino portfolio
includes the Ceska casino consisting of 15 gaming tables and 80 slot machines
in Ceska Kubice; the Route 55 casino comprising 23 gaming tables, including 12
card tables, 10 roulette tables, and 1 slingshot multi-win roulette table, as
well as 124 video slot machines in Dolni Dvoriste; and the Route 59 casino with
23 gaming tables consisting of 12 card tables, 10 roulette tables, and 1
slingshot multi-win roulette table, as well as 118 video slot machines in Hate.
The company also owns and operates the
Hotel Savannah, a 77-room, 4-star deluxe hotel; and a full-service spa.
Trans World Corporation was founded in 1993 and is headquartered in New York,
New York.”
Pros: Strong
pattern of insider buying by micro cap value guru Lloyd Miller and Wynnefield Partners
Small Cap Value. YTD 2013 Lloyd Miller purchased 388,306 shares for a total of
$917,838 or 2.36 per share. He also acquired 88,334 shares that were recorded
at 0 per share bringing his average cost per share price down to $1.95 and total
share activity to 471,640. Wynnefield Partners purchased 271,821 shares for
666,144. The average price paid was $2.45 during 2013.
They own real estate
(casinos,land,hotel) properties in the Czech Republic. Online reviews are
positive for the 4 star Hotel Savannah. Czech Republic continues to excel economically.
The stock trades at or near its historical low
valuation. Also, it trades at a large discount to Resort and Casino industry peers.
Market Cap = 22.95M
, Enterprise Value: 17.08M
Enterprise
Value/EBITDA: 2.98 , Price/Book : 0.50 , Enterprise Value/Revenue: 0.47
52-Week Change:-25.32% , Book Value per share = 4.66
TWOC Price on
04/22/13 = $2.60 up from the previous day close of $2.33
Aggressive debt
reduction, modest share buybacks, deep discount to book value, successful value institutions as large
shareholders help make this mean reversion deep value candidate an interesting
tiny (risky) potential opportunity.
Margin of Safety Value Driven Ideas
slowly updating details on the potential ideas below.
SYNC
Price on 04/22/13 = $2.86
FMAO: FMAO - Farmers & Merchants Bancorp is a regional bank founded
in 1897 and based in Archbold Ohio. This OTCBB listed bank stock provides various
financial services to individual and small businesses
in northwest Ohio and northeast Indiana. It has 19 offices located in the
Fulton, Williams, Henry, Defiance, Lucas, and Wood counties in Ohio; and 3
offices in DeKalb and Steuben counties in Indiana.
OIIM: Price on 04/22/13 = $3.17
ELSE:Price on 04/22/13 = $4.38
The ideas were selected based on multiple value attributes.
The categories for consideration were
Insider buying; share buybacks; debt reduction ; deep value discount
to industry peers; large price underperformance; real estate; dividends; consistent above average earnings; valuation discount based on enterprise
value to EBIT, EBITDA,GP, and tangible assets ; growing book value and sales;,
improving GM%
TWOC (see post above "TWOC: Trans World Corporation (OTC Listed Value)"
MFLX:Multi-Fineline Electronix, Inc. “provides
printed circuit and component assembly
solutions to the electronics industry. The Company's services include design
and application engineering, prototyping and high-volume manufacturing, and
turnkey component assembly and testing”
MFLX value has been enhanced with a -45% price change over
52 weeks near 3 year low. It now trades at historical low valuation based on
P/B. P/B is .79 near 10 year low of .80 versus 6 year average of 1.30, P/S .40
versus 5 year average of .70. and close to 3 year low of .40. Margins have been on the decline but margins
mean revert in this industry
Strong financial position and outsized industry under performance makes MFLX a micro cap value stock that is likely to mean revert. The most
recently reported quarter 12/31/12 revenue increased by 21% to 289.7M.
MFLX Price on 04/22/13 = $14.02
Market Cap:357.87M ; Enterprise Value:256.44M
Price/Sales 0.40; Price/Book:0.77
Enterprise Value/Revenue:0.30 ; Enterprise Value/EBITDA:3.17
Qtrly Revenue Growth:21.00% ; Total Cash Per Share:3.90
52-Week Change:-44.73% ; Held by Insiders: 63.22%
SYNC
Price on 04/22/13 = $2.86
FMAO:
This conservative stock has slowly moved
higher but is worth a look. Recognize that it’s trading close to 3 year highs
for price and price to sales. It still trades a nice discount to book value.
Current dividend yield is 3.80%.
FMAO: Price on 04/22/13 =
$22.25 up from the previous day close of $21.55
Market Cap:103.53M; Enterprise
Value:124.93M
Trailing P/E:10.68
Price/Sales: 2.78 ; Price/Book:0.94
; Enterprise Value/Revenue:3.35
Qtrly Revenue Growth:2.20% ; 52-Week
Change:3.97%
The Bank owns all of its office
locations, with the exception of Angola, Indiana. They own a total of 17
properties all on the books below fair
market value. Above industry averages for ROA, Net Margins, ROE, Debt to Equity
OIIM:
ELSE:Price on 04/22/13 = $4.38
Subscribe to:
Posts (Atom)











