5/08/2011

Value ideas worth sharing

Quotes on the Symbols below

CRY : CryoLife Inc

Price = 5.39

“CryoLife, Inc. engages in the processing and distribution of implantable living human tissues for use in cardiac and vascular surgeries in the United States and Canada. Its CryoValve SG pulmonary heart valve, processed using CryoLife's proprietary SynerGraft technology, has FDA 510(k) clearance for the replacement of diseased, damaged, malformed, or malfunctioning native or prosthetic pulmonary valves.”

Improving valuation compared to their historical measures

Sales to EV improving : TTM EV/Sales = 1.18 versus an average EV/Sales over 2010, 2009, 2008 = 1.81

Improving capital structure paying down debt and maintaning a stable share count .
P/B = 1.34 down from a 2007 value of  3.50
TTM  EV/CF = 6.61 improved from the average 2009 to 2010 EV/CF value of 15.74


DAIO: Data I/O Corporation 

is more of a well managed share holder friendly micro cap growth company. But its well managed capital structure and strong improving gross margins still has great value potential.

Price = $6.12
EV/CF = 9.98
Avg EV/CF 2009 to TTM = 8.91 
EV/Sales = 1.62
52 change= 48.91%

“Data I/O Corporation is the global leader in programming solutions for semiconductor devices. For nearly 40 years, our innovative design, new product introduction and manufacturing solutions have contributed to the success of the world's leading electronics and technology companies”

Company website

My first mention was 2009 when everything was cheaper and the price was ~ 2.50


SGA/Revenue = 30.54%

Market Capitlization = 55.2 million
Enterprise value = 43 million
YOY Quartlery revenue change = 12.70%

KEQU : Kewaunee Scientific Corp.
Price = 10.65

Improving valuations based on Enterpise Value /CF  and  Enterprise Value /Sales

TTM:  EV/CF = 9.14, 2010 EV/CF = 24.12, 2009 EV/CF = 16.12, 2008 EV/CF = 33.93

TTM EV/Sales = .52 , 2010 EV/CF = .80, 2009 EV/CF = .82


52 week change -15.14%


Enterprise value = 50.75 million
Market capitalization = 27.44 million


Strong current dividend yield = 3.80%


Customer risk with one large customer accounting for ~ 10% of sales.


Neutral to slightly positive insider activity
Insider ownership = 30.90%
Institutional ownership = 13.80%


Founded in 1906, Kewaunee Scientific Corporation designs, manufactures, and installs l laboratory and technical furniture products.


Real estate on the books : operate three manufacturing facilities in Statesville, North Carolina
These facilities together comprise approximately 382,000 square feet and are located on approximately 20 acres of land.


GAIA: Gaiam Inc

Price = 5.12
Div Yield = 2.70%
Market Cap = 125 million
Enterprise Value = 152 million
52 week change = -36.71%
YOY Quarterly revenue change = -4.9%
TTM ROIC (return on invested capital) = 2.49%
81% of 5 year high
34% of 52 week high

“Gaiam, Inc. (Gaiam) is a lifestyle media company providing a range of information, media, products and services to customers who value personal development, wellness, ecological lifestyles, and responsible media. The Company markets its content, media and products through a multi-channel approach, including traditional and digital media channels, direct to consumers via catalogs, the Internet, direct response television, broadband, subscriptions and communities, as well as traditional retail stores. Gaiam markets its products and services across three segments: business, direct-to-consumer, and solar. The Company's media brand is built around its capability to develop and offer media content, products, lifestyle solutions and community to consumers in the lifestyles of health and sustainability (LOHAS) market and the Conscious Media markets”
Company Website:Interesting

http://www.gaiam.com/


Improving valuation using for EV/Sales, Price/Book compared to the average prior 4 years,
Inside ownership at 43.58%
Real estate owned: Hopland, CA 12 acres, 148,000 sq ft headquarters and studios Louisville CO


GLDC : Golden Enterprises

Price = 3.10


Real Estate, high Dividend, High ROIC , tiny float, Closely held 61%
Book Value:
Improving book value 1.67 TTM over prior years 2010 1.70, 2009 2.10, 2008 1.13, 2007 1.80
Gross Margins:
TTM GM (48.52%) improved slightly over the average 2010 (48.65%) , 2009 (47.22%) , 2008 (48.17%), 2007 (47.69%)
Cash Flow:
TTM EV/CF =  7.76% improved over the average 2010 8.18 , 2009 15.30 , 2008 13.41, 2007 10.43

http://www.goldenflake.com/

Owned Real Estate:


"The main plant and office headquarters of Golden Flake are located at One Golden Flake Drive, Birmingham, Alabama, and are situated on approximately 40 acres of land. This facility consists of three buildings which have a total of approximately 300,000 square feet of floor area. The plant manufactures a full line of Golden Flake products. In Birmingham, Golden Flake also has a garage and vehicle maintenance service center from which it services, maintains, repairs and rebuilds its fleet and delivery trucks.

Golden Flake also has a manufacturing plant in Ocala, Florida. This plant was placed in service in November 1984. The plant consists of approximately 100,000 square feet and is located on a 28-acre site on Silver Springs Boulevard. The Company manufactures tortilla chips and potato chips from this facility.

The manufacturing plants, office headquarters and additional lands are owned by Golden Flake. "

OFLX Omega Flex

Price = 14.05

High ROIC

TTM ROIC = 25.63%, 2010 = 23.24% 2009 = 15.13%

YTD % Return = 21.02%

Historically provided a generous cash dividend 

CRI: Carter's, Inc

Price = 28.93






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