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  • Value Stock Screen: Potential Activist Targets, July 25, 2009

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    The Manual of Ideas
    2K просмотров2 страницы
    10x45 Bargain Hunter value stock screen, July 25, 2009, published by The Manual of Ideas, BeyondProxy LLC 10x45 Bargain Hunter: Your Companion in the Hunt for Value The Manual of Ideas is pleased to provide a unique screening service for investors looking to uncover hidden value in the stock market. Inspired by the best-in-class Zeiss 10x45 Victory Rangefinding Binocular, which is described as "essential equipment for long range hunting and a reliable shot," the 10x45 Value Hunter is designed as an essential tool for any value investor's "arsenal." Whether you run your own screens or not, you'll find the 10x45 Value Hunter a valuable ally as you seek out undervalued companies trading on U.S. stock exchanges. We have worked hard to overcome the drawbacks of typical stock screeners. Most of all, we have designed the 10x45 Value Hunter stock screens in a way that minimizes the inclusion of companies on the basis of non-recurring or irrelevant data. We have also sought to exclude companies that may meet certain narrow screening criteria but are otherwise fatally flawed as value investments. Of course, no screening tool is perfect, but we believe the 10x45 Value Hunter represents a step up from the alternatives. The 10x45 Value Hunter brings you 10 screens featuring 45 companies each — and it does so every two weeks. Inside, you'll find the following array of essential screens for value investors: 1. Contrarian: Shunned by the market, but not by insiders — Companies close to 52-week lows, with consistent insider buying and no selling 2. Contrarian: Biggest Losers (deleveraged & profitable) — Non-financial companies with no net debt, positive analyst estimates for next year's EPS, and large YTD price drop 3. Value with Catalyst: Cheap Repurchasers of Stock — Companies that may be creating value by reducing their shares outstanding at relatively cheap prices 4. Profitable Dividend Payors with Decent Balance Sheets — Dividend-paying companies with no net debt and positive EPS estimates 5. Deep Value: Lots of Revenue, Low Enterprise Value — Companies that trade at low multiples of net revenue 6. Deep Value: Neglected Gross Profiteers — Companies that trade at low multiples of gross profit 7. Activist Targets: Potential Sales, Liquidations or Recaps — Companies that may unlock value through a corporate event 8. "Magic Formula," based on Trailing Financials — Companies with high returns on capital employed, trading at high trailing EBIT-to-enterprise value yield 9. "Magic Formula," based on This Year's EPS Estimates — Companies with high returns on capital employed, trading at high earnings yields (based on this FY EPS estimates) 10. "Magic Formula," based on Next Year's EPS Estimates — Companies with high returns on capital employed, trading at high earnings yields (based on next FY EPS estimates) http://www.manualofideas.com

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    10x45 Bargain Hunter value stock screen, July 25, 2009, published by The Manual of Ideas, BeyondProxy LLC 10x45 Bargain Hunter: Your Companion in the Hunt for Value The Manual of Ideas is pleased to provide a unique screening service for investors looking to uncover hidden value in the stock market. Inspired by the best-in-class Zeiss 10x45 Victory Rangefinding Binocular, which is described as "essential equipment for long range hunting and a reliable shot," the 10x45 Value Hunter is designed as an essential tool for any value investor's "arsenal." Whether you run your own screens or not, you'll find the 10x45 Value Hunter a valuable ally as you seek out undervalued companies trading on U.S. stock exchanges. We have worked hard to overcome the drawbacks of typical stock screeners. Most of all, we have designed the 10x45 Value Hunter stock screens in a way that minimizes the inclusion of companies on the basis of non-recurring or irrelevant data. We have also sought to exclude companies that may meet certain narrow screening criteria but are otherwise fatally flawed as value investments. Of course, no screening tool is perfect, but we believe the 10x45 Value Hunter represents a step up from the alternatives. The 10x45 Value Hunter brings you 10 screens featuring 45 companies each — and it does so every two weeks. Inside, you'll find the following array of essential screens for value investors: 1. Contrarian: Shunned by the market, but not by insiders — Companies close to 52-week lows, with consistent insider buying and no selling 2. Contrarian: Biggest Losers (deleveraged & profitable) — Non-financial companies with no net debt, positive analyst estimates for next year's EPS, and large YTD price drop 3. Value with Catalyst: Cheap Repurchasers of Stock — Companies that may be creating value by reducing their shares outstanding at relatively cheap prices 4. Profitable Dividend Payors with Decent Balance Sheets — Dividend-paying companies with no net debt and positive EPS estimates 5. Deep Value: Lots of Revenue, Low Enterprise Value — Companies that trade at low multiples of net revenue 6. Deep Value: Neglected Gross Profiteers — Companies that trade at low multiples of gross profit 7. Activist Targets: Potential Sales, Liquidations or Recaps — Companies that may unlock value through a corporate event 8. "Magic Formula," based on Trailing Financials — Companies with high returns on capital employed, trading at high trailing EBIT-to-enterprise value yield 9. "Magic Formula," based on This Year's EPS Estimates — Companies with high returns on capital employed, trading at high earnings yields (based on this FY EPS estimates) 10. "Magic Formula," based on Next Year's EPS Estimates — Companies with high returns on capital employed, trading at high earnings yields (based on next FY EPS estimates) http://www.manualofideas.com

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    Value Stock Screen: Potential Activist Targets, July 25, 2009

    Загружено:

    The Manual of Ideas
    10x45 Bargain Hunter value stock screen, July 25, 2009, published by The Manual of Ideas, BeyondProxy LLC 10x45 Bargain Hunter: Your Companion in the Hunt for Value The Manual of Ideas is pleased to provide a unique screening service for investors looking to uncover hidden value in the stock market. Inspired by the best-in-class Zeiss 10x45 Victory Rangefinding Binocular, which is described as "essential equipment for long range hunting and a reliable shot," the 10x45 Value Hunter is designed as an essential tool for any value investor's "arsenal." Whether you run your own screens or not, you'll find the 10x45 Value Hunter a valuable ally as you seek out undervalued companies trading on U.S. stock exchanges. We have worked hard to overcome the drawbacks of typical stock screeners. Most of all, we have designed the 10x45 Value Hunter stock screens in a way that minimizes the inclusion of companies on the basis of non-recurring or irrelevant data. We have also sought to exclude companies that may meet certain narrow screening criteria but are otherwise fatally flawed as value investments. Of course, no screening tool is perfect, but we believe the 10x45 Value Hunter represents a step up from the alternatives. The 10x45 Value Hunter brings you 10 screens featuring 45 companies each — and it does so every two weeks. Inside, you'll find the following array of essential screens for value investors: 1. Contrarian: Shunned by the market, but not by insiders — Companies close to 52-week lows, with consistent insider buying and no selling 2. Contrarian: Biggest Losers (deleveraged & profitable) — Non-financial companies with no net debt, positive analyst estimates for next year's EPS, and large YTD price drop 3. Value with Catalyst: Cheap Repurchasers of Stock — Companies that may be creating value by reducing their shares outstanding at relatively cheap prices 4. Profitable Dividend Payors with Decent Balance Sheets — Dividend-paying companies with no net debt and positive EPS estimates 5. Deep Value: Lots of Revenue, Low Enterprise Value — Companies that trade at low multiples of net revenue 6. Deep Value: Neglected Gross Profiteers — Companies that trade at low multiples of gross profit 7. Activist Targets: Potential Sales, Liquidations or Recaps — Companies that may unlock value through a corporate event 8. "Magic Formula," based on Trailing Financials — Companies with high returns on capital employed, trading at high trailing EBIT-to-enterprise value yield 9. "Magic Formula," based on This Year's EPS Estimates — Companies with high returns on capital employed, trading at high earnings yields (based on this FY EPS estimates) 10. "Magic Formula," based on Next Year's EPS Estimates — Companies with high returns on capital employed, trading at high earnings yields (based on next FY EPS estimates) http://www.manualofideas.com

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    из 2

    Activist Targets: Potential Sales, Liquidations or Recaps

    Companies that may unlock value through a corporate event


    ▼
    Move To Price to Net Net Next
    Price 52-Week MV EV Tangible Net Cash ST Assets EV/ FY
    Company / Ticker ($) Low High ($mn) ($mn) Book (% of MV) (% of MV) Sales P/E
    1 Silicon Graphics / SGI 4.72 -28% 177% 141 (33) .7x 123% 142% n/m n/m
    2 Trident Microsystems / TRID 1.99 -39% 115% 125 (77) .6x 162% 129% n/m n/m
    3 Facet Biotech / FACT 8.28 -29% 504% 203 (115) .5x 156% 126% n/m n/m
    4 QLT / QLTI 3.01 -53% 36% 164 34 .6x 79% 125% .3x -
    5 Opnext / OPXT 1.93 -33% 240% 171 55 .6x 68% 122% .2x n/m
    6 Adaptec / ADPT 2.57 -14% 65% 310 (66) .8x 121% 119% n/m -
    7 TomoTherapy / TOMO 2.75 -34% 262% 143 (15) .7x 110% 118% n/m n/m
    8 Imation / IMN 8.67 -20% 194% 328 239 .6x 27% 112% .1x 26x
    9 SMART Modular / SMOD 2.85 -73% 43% 176 118 .8x 33% 99% .2x 17x
    10 Silicon Image / SIMG 2.40 -15% 211% 179 16 .9x 91% 96% .1x n/m
    11 Ascent Media / ASCMA 28.05 -39% 21% 395 58 .6x 85% 94% .1x -
    12 Syneron Medical / ELOS 7.78 -42% 122% 214 29 .9x 86% 89% .3x n/m
    13 Tech Data / TECD 35.44 -60% 3% 1,780 1,524 1.0x 14% 88% .1x 14x
    14 Microtune / TUNE 2.16 -39% 78% 113 23 1.1x 80% 87% .3x n/m
    15 Insmed / INSM 1.07 -70% 140% 134 8 1.1x 94% 85% .7x -
    16 Nabi Biopharma / NABI 2.57 -16% 140% 132 24 1.2x 82% 85% n/m n/m
    17 White Electronic / WEDC 4.46 -33% 18% 102 45 1.0x 56% 83% .8x 15x
    18 Cutera / CUTR 8.56 -36% 46% 114 20 1.0x 83% 82% .3x >99x
    19 * Hurco Companies / HURC 19.01 -56% 101% 122 94 1.1x 23% 77% .6x 28x
    20 Lattice Semi / LSCC 2.12 -51% 29% 244 140 1.0x 43% 77% .7x n/m
    21 Exar / EXAR 7.20 -32% 24% 313 72 1.1x 77% 77% .6x 51x
    22 Benchmark Electron. / BHE 15.68 -45% 19% 1,024 629 1.0x 39% 76% .3x 18x
    23 CDI / CDI 12.51 -48% 128% 237 172 1.0x 27% 76% .2x 54x
    24 Ingram Micro / IM 18.36 -53% 9% 2,972 2,293 1.1x 23% 75% .1x 13x
    25 PCTEL / PCTI 6.00 -42% 96% 113 45 1.0x 60% 74% .7x 35x
    26 Bel Fuse / BELFB 17.96 -51% 75% 207 101 1.0x 51% 74% .4x 24x
    27 Heckmann / HEK 3.70 -11% 190% 363 132 1.0x 64% 73% 7.2x -
    28 * Miller Industries / MLR 9.40 -55% 3% 109 90 .9x 18% 72% .3x 27x
    29 Xyratex / XRTX 6.44 -76% 139% 190 163 1.0x 14% 71% .2x 12x
    30 InfoSpace / INSP 7.60 -33% 57% 266 70 1.2x 74% 70% .5x 40x
    31 Oclaro / OCLR 0.64 -67% 227% 118 80 1.0x 32% 69% .4x -
    32 Electro Scientific / ESIO 12.75 -63% 28% 348 192 1.0x 45% 67% 1.7x n/m
    33 ModusLink Global / MLNK 6.97 -77% 82% 318 150 1.1x 53% 67% .1x -
    34 Oplink Comms / OPLK 12.73 -60% 13% 261 113 1.2x 56% 66% .8x 28x
    35 * Integr. Electrical / IESC 9.26 -57% 141% 135 113 1.0x 17% 66% .1x n/m
    36 Aceto / ACET 6.99 -30% 67% 173 133 1.3x 23% 66% .4x 12x
    37 DivX / DIVX 5.44 -29% 70% 176 57 1.2x 68% 65% .6x 26x
    38 * Progenics Pharma / PGNX 5.13 -12% 240% 159 41 1.3x 75% 65% .5x n/m
    39 RTI Int'l Metals / RTI 16.39 -52% 115% 379 357 .7x 6% 63% .6x 21x
    40 Vital Images / VTAL 13.10 -35% 29% 188 56 1.2x 71% 63% .8x n/m
    41 * Haynes International / HAYN 24.77 -56% 152% 298 269 .9x 10% 62% .5x 13x
    42 * Coherent / COHR 19.51 -27% 97% 476 269 1.0x 43% 62% .5x 26x
    43 Universal Stainless / USAP 18.19 -56% 113% 123 111 .9x 10% 61% .5x 16x
    44 OraSure Technologies / OSUR 2.92 -26% 114% 134 64 1.3x 52% 61% .9x -
    45 SonoSite / SONO 20.96 -27% 85% 363 199 1.5x 45% 61% .8x 23x
    Criteria: ► Tang. book > 50% of MV ► ST assets - liabilities > 50% of MV ► Net cash ► Insiders < 20% ► MV > $100 million
    MV = market value. EV = enterprise value. Number of insider transactions relates to most recent six-month period.
    * New additions are highlighted.

    © 10x45 Bargain Hunter ™ July 25, 2009 www.manualofideas.com Page 8 of 11


    10x45 Bargain Hunter
    Brought To You By

    10 Essential Stock Screens for Value Investors x 45 Stocks per Screen = up to 450 Investment Candidates

    This Week's Top


    p Market Enterprise
    p
    Price
    Dear Fellow
    ll Idea
    d Seekers,
    k Bargain Hunter Screen Results Value Value

    We are pleased to bring you this Contrarian: Shunned by the market, but not by insiders Insider Buys
    week's 10x45 Bargain Hunter , 1 Unico American / UNAM $7.86 $44mn n/m $15mn
    based on stock prices as of 2 GHL Acquisition / GHQ $9.75 $473mn n/m $3mn
    July 24, 2009. 3 Ideation Acquisition / IDI $7.78 $97mn n/m $2mn

    –Your Manual of Ideas Team


    Contrarian: Biggest Losers (deleveraged & profitable)  Price YTD
    1 Cardionet / BEAT $6.14 $146mn $96mn -75%
    2 ViroPharma / VPHM $6.86 $531mn $420mn -47%
    3 Celera / CRA $5.98 $489mn $1,755mn -46%
    On the Hunt for Value?
    Get the 10x45 Bargain Hunter Value with Catalyst: Cheap Repurchasers of Stock  Shares Q-Q
    now FREE 1 Societe Generale / SCGLY $12.67 $35,311mn n/m -22%
    with your subscription to
    Downside Protection Report 2 QLT / QLTI $3.01 $164mn $34mn -18%
    3 * Silicon
    Sili Motion
    M ti Tech
    T h / SIMO $3.86
    $3 86 $107mn
    $107 $45mn
    $45 -16%
    16%

    www.manualofideas.com
    Profitable Dividend Payors with Decent Balance Sheets Div. Yield
    1 Anworth Mortgage / ANH $7.30 $742mn $767mn 18%
    2 TICC Capital / TICC $4.50 $120mn n/m 13%
    3 Pioneer Southwest / PSE $19.31 $580mn $503mn 10%

    Deep Value: Lots of Revenue, Low Enterprise Value EV/Revenue


    1 World Fuel Services / INT $41.41 $1,220mn $906mn .06x
    2 Tech Data / TECD $35.44 $1,780mn $1,524mn .07x
    3 Ingram Micro / IM $18.36 $2,972mn $2,293mn .07x

    Deep Value: Neglected Gross Profiteers EV/GP


    Standalone price of 1 Kindred Healthcare / KND $14.03 $547mn $614mn .16x
    10x45 Bargain Hunter: $99/year 2 * RealNetworks / RNWK $3.22 $433mn $68mn .19x
    3 Humana / HUM $31.53 $5,348mn $1,191mn .22x

    * New addition to top 45 screen results. Activist Targets: Potential Sales, Liquidations or Recaps NCAV / MV
    1 Silicon Graphics / SGI $4.72 $141mn -$33mn 142%
    10x45 BARGAIN HUNTER is published weekly by 2 Trident Microsystems / TRID $1.99 $125mn -$77mn 129%
    BeyondProxy LLC, P.O. Box 1375, New York, NY
    10150. Website: www.manualofideas.com. Email: 3 Facet Biotech / FACT $8.28 $203mn -$115mn 126%
    support@manualofideas.com. Please email or call if
    you have any subscription questions. Managing
    Editor: John Mihaljevic. Subscription $99 per year. ©
    Copyright 2008 by BeyondProxy LLC. All rights "Magic Formula,"
    Formula " based on Trailing Financials LTM EBIT / EV
    reserved. Photocopying, reproduction, quotation, or 1 KHD Humboldt Wedag / KHD $9.29 $284mn -$75mn infinite
    redistribution of any kind is strictly prohibited without
    written permission from the publisher. This newsletter 2 i2 Technologies / ITWO $13.34 $293mn $242mn 46%
    bases screening results on techniques and sources
    believed to be reliable in the past and cannot 3 ePlus / PLUS $15.12 $124mn $101mn 28%
    guarantee future accuracy and results. The stocks
    listed in this newsletter should not be construed as
    investment recommendations. BeyondProxy’s officers,
    directors, employees and/or principals (collectively "Magic Formula," based on This Year's EPS Estimates EPS Yield FY0
    “Related Persons”) may have positions in and may,
    from time to time, make purchases or sales of the
    1 EarthLink / ELNK $7.96 $844mn $555mn 12%
    securities or other investments listed or discussed in 2 Endo Pharma / ENDP $19.81
    $ $2,321mn
    $ , $2,361mn
    $ , 13%
    this newsletter.
    newsletter John Mihaljevic,
    Mihaljevic Chairman of
    BeyondProxy, is also a principal of Mihaljevic Capital 3 Pre-Paid Legal / PPD $51.62 $567mn $577mn 13%
    Management LLC (“MCM”), which serves as the
    general partner of a private investment partnership.
    MCM may purchase or sell securities and financial
    instruments discussed in this newsletter on behalf of "Magic Formula," based on Next Year's EPS Estimates EPS Yield FY1
    the investment partnership or other accounts it
    manages. Use of this newsletter and its content is
    1 GigaMedia / GIGM $4.98 $272mn $189mn 13%
    governed by the Terms of Use described in detail at 2 Endo Pharma / ENDP $19.81 $2,321mn $2,361mn 14%
    www.manualofideas.com/terms.html.
    Pictured in the top left corner is the Zeiss 10x45 3 China-Biotics / CHBT $9.77 $167mn $115mn 14%
    Victory Binocular with built-in laser rangefinder.

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