4/22/2014

Two new value ideas 04/22/14


CompX International Inc:  (CIX) : Price on 04/22/14 = $10.10





















“CompX International Inc. manufactures and sells security products and recreational marine components primarily. The company operates through two segments, Security Products and Marine Components. The Security Products segment manufactures cabinet locks and other locking mechanisms, such as disc tumbler locks, pin tumbler locking mechanisms, and electronic locks used in various applications, including ignition systems, mailboxes, file cabinets, desk drawers, tool storage cabinets, vending and gaming machines, high security medical cabinetry, electrical circuit panels, storage compartments, and gas station security. The Marine Components segment manufactures and distributes stainless steel exhaust components, gauges, throttle controls, hardware, and accessories, which comprise original equipment and aftermarket stainless steel exhaust headers, exhaust pipes, mufflers, and other exhaust components; gauges, such as GPS speedometers and tachometers; mechanical and electronic controls and throttles; steering wheels and other billet aluminum accessories; and dash panels, LED lighting, wire harnesses, and other accessories primarily for performance and ski/wakeboard boats. CompX International Inc. offers its products through original equipment manufacturers and distributors to recreational transportation, postal, office and institutional furniture, cabinetry, tool storage, healthcare, and various other industries. The company was founded in 1993 and is based in Dallas, Texas. CompX International Inc. is a subsidiary of NL Industries, Inc.” Source Yahoo

CompX international has dramatically improved their balance sheet over the past few years. The following financial changes are impressive, 2010 NCAV per share was  -3.40 improved to current NCAV per share of 2.81. The following financial metrics dramatically improved over the same 2010 to current period. See table below






















Market Cap: 124.59M , Enterprise Value:   85.09M
Profit Margin:  6.54% , Operating Margin: 10.13%
Return on Assets: 4.29% , Return on Equity: 5.82%
Gross Profit:   27.57M , EBITDA:  12.60M
Total Cash: 38.75M ,Total Cash Per Share:  3.13
Current Ratio: 6.33
Book Value Per Share: 8.45
52-Week Change:  -10.67%
52-Week High: 19.20 , 52-Week Low: 9.35
Shares Outstanding: 12.40M , Float:  1.15M
% Held by Insiders: 53.07% , % Held by Institutions: 26.70%
Short % of Float: 3.10%
Forward Annual Dividend Yield : 2.00% , Trailing Annual Dividend Yield:  1.10% , 5 Year Average Dividend Yield: 3.70%




Dawson Geophysical Company (DWSN) : Price on 04/22/14 = $28.02









Dawson Geophysical Company provides onshore seismic data acquisition and processing services in the United States and Canada. It acquires and processes 2-D, 3-D, and multi-component seismic data for its clients ranging from oil and gas companies to independent oil and gas operators, as well as the providers of multi-client data libraries. Dawson Geophysical Company was founded in 1952 and is headquartered in Midland, Texas with additional offices in Houston, Denver, Oklahoma City, and Pittsburgh. Source Yahoo

Price = $28.26

Market Cap : 224.92M , Enterprise Value : 209.83M
Price/Sales: 0.75
Price/Book:1.06
Qtrly Revenue Growth (yoy): -11.00%
Enterprise Value/Revenue:0.71 , Enterprise Value/EBITDA: 4.38
Gross Profit (ttm): 305.30M
EBITDA: 47.89M
Total Cash Per Share:4.76
Total Debt/Equity:    9.71
Current Ratio:  3.01
Book Value Per Share:   26.46
52-Week Change: -9.51%
52-Week High: 40.86 , 52-Week Low:   27.20
Shares Outstanding: 7.96M , Float:  7.73M
% Held by Insiders: 3.10%  % Held by Institutions:  73.90%
Short % of Float: 2.10%

Forward Annual Dividend Yield: 1.10% , Trailing Annual Dividend Yield: 0.30%















DWSN is off 52 week high of 40.86 trading near 52 week low of 28.26.The stock trades at a discount to industry and some historical value measures. March 7, 2004 positive insider activity reported for 10,000 share at $29.07 of $290,700.

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