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4/13/2012

Nano Caps Improving Valuation: NTSC: National Technical Systems

Update on yesterday's incomplete post "Two Nano Caps Improving Valuation".

NTSC: "National Technical Systems (NTS) is a diversified engineering services company, providing a wide range of product design consulting services, testing and certifications and supply chain management solutions.. NTS has the largest network of test laboratories and engineering service centers in North America and over 50 years of experience."

NTSC has seen some net  positive insider purchases during 2012 and 2011. The stock has dropped -22.13%. Enterprise value  per share has not moved when comparing  the year end 2008 EV per share of 11.27 versus today's EV per share of 11.24. But the EV to book value has improved 20% from a EV/BV of 2.85 to the current EV/BV of 2.26.EV/Sales improved 6 % over the same period.

see schedule below for additional information

NTSC:
2008 Yr End Current Change Change %
Market Price $5.91 $5.52 -$0.39 -7.07%
Cash 2,863,000 11,720,000 8,857,000 75.57%
Liabilties 53,537,000 74,599,000 21,062,000 28.23%
Book Value 37,355,000 54,727,000 17,372,000 31.74%
Revenue 122,376,000 150,770,000 28,394,000 18.83%
Gross Profit 29,875,000 35,918,000 6,043,000 16.82%
SGA 24,071,000 30,167,000 6,096,000 20.21%
Float 4,660,000
Shares Outstanding 9,457,000 10,986,250 1,529,250 13.92%
Market Cap 55,890,870 60,644,100 4,753,230 7.84%
EV (MC-Cash+Liab) 106,564,870 123,523,100 16,958,230 13.73%
Price 5.91 5.52 -0.39 -7.07%
EV Per Share 11.27 11.24 -0.02 -0.22%
Sales Per Share 12.94 13.72 0.78 5.71%
GP Per Share 3.16 3.27 0.11 3.37%
SGA Per Share 2.55 2.75 0.20 7.30%
BV Per Share 3.95 4.98 1.03 20.71%
EV/MC 1.91 2.04 0.13 6.39%
EV/BV 2.85 2.26 -0.60 -26.39%
EV/Sales 0.87 0.82 -0.05 -6.29%
EV/GP 3.57 3.44 -0.13 -3.72%
GM % 24.41% 23.82% -0.01 -2.47%
Float/Shares Outstanding 42.42%
52 wk change -22.13%
Insider Acivity Positive
Activitst Shareholder Yes Sandler Capital Management
YOY Qtrly Rev Incr 4.90%
Avg ROIC 2008 to TTM 3.81%
3 year Avg Rev Growth 5.59%
EV/EBITDA 1.74
% Held by Insiders 26.99%
% Held by Institutions 6.10%