4/12/2012

Two Nano Caps Improving Valuation

Post to be completed tomorrow. This post focuses on improved valuations based on the enterprise value versus sales and book value. The two stocks below show how sales and book value became cheaper from 2008 to current using the enterprise value
NTSC
Year End 2008 TTM
Price Price
5.1 3.15
Liab 53,537,000 Liab 74,599,000
Cash 2,863,000 Cash 11,720,000
MC 48,230,700 MC 34,606,688
Cash 2,863,000 Cash 11,720,000
Liab 53,537,000 Liab 74,599,000
Shares OutStanding 9,457,000 Shares OutStanding 10,986,250
SGA 24,071,000 SGA 30,167,000
Sales 122,376,000 Sales 150,770,000
GP 29,875,000 GP 35,918,000
EV/Sales80.82% EV/Sales64.66%
GP/EV 331.06% GP/EV 271.41%
SGA/Rev 19.67% SGA/Rev 20.01%
SGA/EV 24.34% SGA/EV 30.95%
EV = 98,904,700 EV = 97,485,688
EV Per Share10.45 EV Per Share8.87
BV = 90,892,000 BV = 129,326,000
EV/BV108.82% EV/BV75.38%
BV Per Share 9.61 BV Per Share 11.77
MFRI
Year End 2008 TTM
Price Price
2008 15.98 Current 7.51
Liab 80,632,000 Liab 84,854,000
Cash 2,665,000 Cash 16,718,000
MC 105,899,460 MC 51,535,498
Cash 2,665,000 Cash 16,718,000
Liab 80,632,000 Liab 84,854,000
Shares OutStanding 6,627,000 Shares OutStanding 6,862,250
SGA 38,353,000 SGA 39,973,000
Sales 239,487,000 Sales 236,745,000
GP 41,249,000 GP 37,866,000
EV/Sales76.78% EV/Sales50.55%
GP/EV 445.75% GP/EV 316.04%
SGA/Rev 16.01% SGA/Rev 16.88%
SGA/EV 20.86% SGA/EV 33.40%
EV = 183,866,460 EV = 119,671,498
EV Per Share27.74 EV Per Share17.43
BV = 140,412,000 BV = 163,275,000
EV/BV130.95% EV/BV73.29%
BV Per Share 21.18 BV Per Share 23.79

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