10/04/2014

2011 to MRQ; Share Count Reduced, BV Increased, LTD Reduced, GP Per Share Increased, Underperformed Market



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Symbol Company Industry MC ($Mil) EV ($Mil) Price Change YTD LTD 2011 ($Mil) LTD MRQ ($Mil)
ASFI Asta Funding Inc Business Services $107.00 $108.88 -1.43 $71.60 $27.43
BGG Briggs & Stratton Corporation Diversified Industrials $883.16 $826.33 -15.92 $583.89 $474.09
ODC Oil-Dri Corp of America Specialty Chemicals $193.55 $172.32 -30.6 $51.62 $46.85
STNR Steiner Leisure Ltd Personal Services $558.79 $551.06 -23.85 $205.29 $161.49
TWIN Twin Disc Inc Diversified Industrials $310.59 $280.77 2.32 $88.08 $58.42




Symbol Share Outstanding MRQ Shares Outstanding 2011 Equity Per Share MRQ Equity Per Share 2011 GP Per Share TTM GP Per Share_2011
ASFI 12,984,882 14,626,973 13.72 11.69 9.14 5.93
BGG 46,366,000 49,677,000 14.64 12.67 7.57 6.88
ODC 4,965,250 5,083,000 15.43 13.42 12.71 9.84
STNR 14,454,000 15,013,000 27.1 21.18 12.46 10.56
TWIN 11,264,000 11,319,000 13.42 11.68 6.87 10.66






ASFI: “Asta Funding, Inc. through its subsidiaries is engaged in the business of acquiring, managing, servicing and recovering on portfolios of consumer receivables” Source Morningstar
Book value of 13.95 versus the current price of $8.35. Further a healthy Z score of 3.6 has continually improved from a 2009 value of -.46. Using the conservative valuation method, “Graham Number” ASFI trades at a discount to its intrinsic value. From the fiscal period ending 2011 the share count was reduced, book value increased,long term debt reduced, book value increased.  

Shares Outstanding = 12,976,863
Total Equity = 181,106,000
Intangibles(goodwill) = 2,770,000
Tangible Book Value 178,336,000
Tangible Book Value Per Share 13.74261253
Net Income from Continuing Operations 12,013,000
Net Income from Continuing Operations Per Share 0.925724499
Tangible Book Value per Share   *       Earnings Per Share 12.7218731

(Tangible Book Value per Share *Earnings Per Share) * 22.50 286.2421446
Square Root of ((Tangible Book Value per Share* Earnings Per Share) * 22.50) = 16.91869217





ASFI Graham Number of 16.91 versus current price of $8.35




Market Cap: 108.42M , Enterprise Value:  109.85M
Price/Sales:  2.73 ,Price/Book:  0.60
Enterprise Value/Revenue:  2.77
Revenue (ttm):  39.70M , Revenue Per Share:  3.06
Qtrly Revenue Growth (yoy):  -19.70%
EBITDA (ttm):  -6.81M ,
Total Cash (mrq):  26.02M ,Total Cash Per Share (mrq):   2.00
Total Debt (mrq):   27.43M ,Total Debt/Equity (mrq):   15.19
Current Ratio (mrq): 4.67 ,Book Value Per Share (mrq): 13.95
52-Week Change:   -0.83% , S&P500 52-Week Change: 18.69%
52-Week High:  8.77 , 52-Week Low: 7.94
Shares Outstanding: 12.98M ,Float:  8.49M
% Held by Insiders:  41.28% ,% Held by Institutions:   38.60%


5 Year Average Dividend Yield: 1.50% 

Ownership: ASFI is held by proven value institutions, Pinnacle Value, Chou Opportunity and others. Insider activity for 2014 was negative.

Share count reduced 12.64% from a 2011 fiscal year end balance of 14,626,973 shares outstanding to the MRQ 12,984,882.

Book value per share increased 17.34% from 2011 to MRQ.

Gross Profit per share increased 54.13% from 2011 to the MRQ.

Long term debt was reduced from a 2011 fiscal yearend balance of 71.60M to MRQ 27.43M or 160%.





BBG “Briggs & Stratton Corporation is the producer of air cooled gasoline engines for outdoor power equipment. The Company designs, manufactures, markets and services these products for original equipment manufacturers.” Source Morningstar


Market Cap: 806.66M , Enterprise Value:     855.62M
Price/Sales (ttm):  0.44 , Price/Book (mrq):  1.22
EV/Revenue (ttm):0.46 ,EV/EBITDA (ttm): 7.74
Revenue (ttm):  1.86B , Revenue Per Share (ttm):   40.10
Qtrly Revenue Growth (yoy):  4.10%
Gross Profit (ttm): 346.78M , EBITDA (ttm):  110.60M
Total Cash (mrq):  194.67M , Total Cash Per Share (mrq):  4.25
Total Debt (mrq):  226.21M , Total Debt/Equity (mrq):  33.64
Current Ratio (mrq):  2.87 , Book Value Per Share (mrq):  14.52
Operating Cash Flow (ttm): 127.08M , Levered Free Cash Flow (ttm): 47.49M
52-Week Change:  -9.69%  S&P500 52-Week Change: 16.83%
52-Week High (Mar 7, 2014):    23.02 ,52-Week Low (Oct 1, 2014):  17.14
Shares Outstanding:    45.81M ,Float:  43.89M
% Held by Insiders:    7.47% , % Held by Institutions:   86.50%
Short % of Float (as of Sep 15, 2014): 21.90%

Forward Annual Dividend Yield: 2.80% , Trailing Annual Dividend Yield:  2.70%

ODC “Oil-Dri Corporation of America develops, manufactures and markets sorbent products. Its sorbent products are principally produced from clay minerals, primarily consisting of montmorillonite and attapulgite.” Source Morningstar


Market Cap: 185.14M , Enterprise Value:  187.89M
Price/Sales (ttm):  0.71 , Price/Book (mrq):  1.73
EV/Revenue (ttm):   0.71 , EV/EBITDA (ttm): 7.38
Revenue (ttm):  264.16M , Revenue Per Share (ttm):  37.95
Qtrly Revenue Growth (yoy):  5.10%
Gross Profit (ttm):  66.50M , EBITDA (ttm):  25.46M
Net Income Avl to Common (ttm): 12.44M
Total Cash (mrq):  19.68M , Total Cash Per Share (mrq): 2.78
Total Debt (mrq):  22.40M , Total Debt/Equity (mrq):    20.74
Current Ratio (mrq):  2.95 , Book Value Per Share (mrq):  15.28
52-Week Change:   -22.01%
S52-Week High:   41.74 ,52-Week Low:  24.52
Shares Outstanding: 7.07M , Float:  4.48M
% Held by Insiders:  1.98% , % Held by Institutions:  76.20%
Short % of Float (as of Sep 15, 2014): 3.30%

Forward Annual Dividend Yield: 3.00% ,5 Year Average Dividend Yield: 3.40%

STNR “Steiner Leisure Ltd is engaged in the service of traditional and alternative massage, body and skin treatment options, fitness, acupuncture, medi-spa treatments and laser hair removal.” Source Morningstar



Market Cap: 535.52M , Enterprise Value:   583.39M
Price/Sales (ttm):  0.63 , Price/Book (mrq):   1.38
EV/Revenue (ttm):   0.68 ,EV/EBITDA (ttm): 8.12
Revenue (ttm): 861.79M , Revenue Per Share (ttm):   58.98
Qtrly Revenue Growth (yoy):   0.80% , Gross Profit (ttm): 186.22M
EBITDA (ttm):  71.85M ,
Total Cash (mrq):   45.21M ,Total Cash Per Share (mrq):   3.13
Total Debt (mrq):  93.08M ,Total Debt/Equity (mrq):   23.69
Current Ratio (mrq):   0.97 ,Book Value Per Share (mrq):  27.18
52-Week Change:    -34.98%
52-Week High:  61.74 ,52-Week Low : 36.90
Shares Outstanding:    14.45M ,Float:  13.30M
% Held by Insiders:    7.79%, % Held by Institutions:   92.80%

Short % of Float : 3.60%



TWIN “Twin Disc Inc designs, manufactures and sells marine and heavy duty off-highway power transmission equipment. Its products include marine transmissions, surface drives, propellers, boat management systems, power-shift transmissions and controls systems.” Source Morningstar


Market Cap: 276.75M ,.Enterprise Value :   285.98M
Price/Sales (ttm):  1.10 ,Price/Book (mrq):  1.91
EV /Revenue (ttm): 1.08 ,EV/EBITDA (ttm): 13.00
Revenue (ttm):  263.91M ,Revenue Per Share (ttm): 23.44
Qtrly Revenue Growth (yoy): -3.10% ,Gross Profit (ttm):77.25M
EBITDA (ttm):  22.00M
Total Cash (mrq):  24.76M ,Total Cash Per Share (mrq): 2.19
Total Debt (mrq):  18.40M ,Total Debt/Equity (mrq):  12.08
Current Ratio (mrq):   3.16
Book Value Per Share (mrq): 13.46
Operating Cash Flow (ttm):25.75M ,Levered Free Cash Flow (ttm):17.07M
52-Week Change:   -0.97% ,S&P500 52-Week Change: 16.83%
52-Week High (Sep 4, 2014):  34.38 ,52-Week Low (Jan 28, 2014):    18.67
Shares Outstanding:    11.28M , Float:  8.79M
% Held by Insiders:    25.50% , % Held by Institutions:  53.30%
Short % of Float (as of Sep 15, 2014): 5.40%

Forward Annual Dividend Yield: 1.40%

 

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