AFAM: 52 week return = -28.37%%
Improved valuation changes over several years that may indicate Mr Market has not realized these improvements:
Cash increased from a Dec 2007 balance of 473,222 million to the current 33,693,000:
Liabilities reduced from a Dec 2008 balance of 66,009,806 to the current 44,525,000:
On the negative side shares outstanding did increase from 2008 balance of 7,572,333 to the current 9,360,000 shares outstanding
ROIC TTM = 10.56%, 2010 = 18.13%, 2009 = 17.52%, 2008 = 18.24%, 2007 = 16.00%
Valuation based on Enterprise to revenue or book value has dramatically improved over the 2008 to the TTM but the market has partially ignored.Current EV to Sales = .7529 versus 1.4497 for the period ending 2008 for a 92% improvement in valuation based on EV to sales.
Current EV to Book = 1.24 versus 3.25 for the period ending 2008 for a 61% improvement in valuation
The stock price has decreased 45% from the current price of $24.51 versus 2008 average of $44.98.
Looking just at the EV per share EV per share was 40.70 2008 and is currently 25.67.
| 2007-12 | 2008-12 | 2009-12 | 2010-12 | 2011-12 | Current | |
| EV Per Share | $25.32 | $40.70 | $30.32 | $33.38 | $27.34 | $25.67 |
| Sales | 132,130,056 | 212,600,271 | 297,849,000 | 336,924,000 | 339,853,000 | |
| Sales Per Share | 23.597 | 28.076 | 34.678 | 36.027 | 36.309 | |
| EV/Sales | 1.0732 | 1.4497 | 0.8744 | 0.9265 | 0.7529 | |
| EV/BV | 4.07 | 3.25 | 1.75 | 1.71 | 1.24 | |
| GM% | 51.65 | 53.45 | 53.48 | 54.36 | 50.84 | |
| ROIC | 16.00 | 18.24 | 17.52 | 18.13 | 10.56 | |
| FCF/Sales | 4.86 | 3.76 | 8.38 | 9.55 | 6.78 |
