Activist Targets: Potential Sales, Liquidations Or Recaps (10x45 Bargain Hunter), June 14, 2009

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10x45 Bargain Hunter

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

Dear Fellow ll Idea d Seekers, k We are pleased to bring you this week's 10x45 Bargain Hunter , based on stock prices as of June 12, 2009. –Your Manual of Ideas Team

This Week's Top p Bargain Hunter Screen Results

Price

Market Value

Contrarian: Shunned by the market, but not by insiders 1 Unico American / UNAM $7.62 $42mn

Enterprise p Value

n/m

Insider Buys $15mn

2 Cogdell Spencer / CSA

$4.19

$82mn

$524mn

$4mn

3 * Ideation Acquisition / IDI

$7.72

$97mn

n/m

$3mn

Contrarian: Biggest Losers (deleveraged & profitable) 1 ViroPharma / VPHM $5.96 $461mn

' Price YTD $350mn

-54%

2 Questcor Pharma / QCOR

$4.75

$306mn

$245mn

-49%

3 Medicines Company / MDCO

$7.52

$397mn

$232mn

-49%

On the Hunt for Value? Get the 10x45 Bargain Hunter now FREE with your subscription to Downside Protection Report

' Shares Q-Q

Value with Catalyst: Cheap Repurchasers of Stock 1 Societe Generale / SCGLY

$12.11

$33,750mn

n/m

-22%

2 QLT / QLTI

$2.46

$134mn

$4mn

-18%

3 EXFO El Electro-Optical t O ti l / EXFO

$3.32 $3 32

$198mn $198

$140mn $140

-10% 10%

Profitable Dividend Payors with Decent Balance Sheets 1 Am. Capital Agency / AGNC $19.16 $288mn

$258mn

Div. Yield 18%

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2 Anworth Mortgage / ANH

$6.80

$691mn

$717mn

18%

3 TICC Capital / TICC

$4.27

$114mn

n/m

14%

$1,312mn

EV/Revenue .06x

Deep Value: Lots of Revenue, Low Enterprise Value 1 Tech Data / TECD $31.23 $1,569mn

Standalone price of 10x45 Bargain Hunter: $99/year

* New addition to top 45 screen results.

10x45 BARGAIN HUNTER is published weekly by BeyondProxy LLC, P.O. Box 1375, New York, NY 10150. Website: www.manualofideas.com. Email: [email protected]. 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 reserved. Photocopying, reproduction, quotation, or redistribution of any kind is strictly prohibited without written permission from the publisher. This newsletter bases screening results on techniques and sources believed to be reliable in the past and cannot 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 “Related Persons”) may have positions in and may, from time to time, make purchases or sales of the securities or other investments listed or discussed in newsletter. John Mihaljevic, this newsletter Mihaljevic Chairman of BeyondProxy, is also a principal of Mihaljevic Capital 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 the investment partnership or other accounts it manages. Use of this newsletter and its content is governed by the Terms of Use described in detail at www.manualofideas.com/terms.html. Pictured in the top left corner is the Zeiss 10x45 Victory Binocular with built-in laser rangefinder.

2 World Fuel Services / INT

$41.79

$1,232mn

$917mn

.06x

3 Ingram Micro / IM

$17.38

$2,814mn

$2,135mn

.07x

$397mn

$32mn

EV/GP .09x

Deep Value: Neglected Gross Profiteers 1 * RealNetworks / RNWK $2.95 2 Kindred Healthcare / KND

$11.26

$439mn

$505mn

.13x

3 Humana / HUM

$29.41

$4,989mn

$831mn

.15x

$4mn

NCAV / MV 153%

Activist Targets: Potential Sales, Liquidations or Recaps 1 QLT / QLTI $2.46 $134mn 2 Trident Microsystems / TRID

$1.95

$123mn

-$80mn

131%

3 Silicon Graphics / SGI

$5.21

$156mn

-$18mn

128%

"Magic Formula," Formula " based on Trailing Financials 1 KHD Humboldt Wedag / KHD $9.22 $281mn

-$77mn

LTM EBIT / EV infinite

2 i2 Technologies / ITWO

$12.00

$264mn

$213mn

52%

3 ePlus / PLUS

$15.44

$124mn

$123mn

26%

$2,115mn

EPS Yield FY0 15%

"Magic Formula," based on This Year's EPS Estimates 1 Endo Pharma / ENDP $17.71 $2,075mn 2 Pre-Paid Legal g / PPD

$42.88 $

$471mn $

$481mn $

15%

3 EarthLink / ELNK

$7.77

$824mn

$535mn

12%

"Magic Formula," based on Next Year's EPS Estimates 1 GigaMedia / GIGM $5.39 $291mn

$208mn

EPS Yield FY1 14%

2 Endo Pharma / ENDP

$17.71

$2,075mn

$2,115mn

16%

3 Pre-Paid Legal / PPD

$42.88

$471mn

$481mn

15%

Activist Targets: Potential Sales, Liquidations or Recaps Companies that may unlock value through a corporate event  Move To Price Company / Ticker

($)

52-Week Low

High

Price to

Net Net

Next

MV

EV

Tangible

Net Cash

ST Assets

EV/

FY

($mn)

($mn)

Book

(% of MV)

(% of MV)

Sales

P/E

1 QLT / QLTI

2.46

-43%

66%

134

4

.5x

97%

153%

.0x

-

2 Trident Microsystems / TRID

1.95

-37%

125%

123

(80)

.6x

165%

131%

n/m

n/m

3 Silicon Graphics / SGI

5.21

-34%

178%

156

(18)

.7x

112%

128%

n/m

n/m n/m

4 TomoTherapy / TOMO

2.67

-32%

275%

139

(19)

.7x

114%

121%

n/m

5 Adaptec / ADPT

2.63

-16%

61%

317

(59)

.8x

118%

117%

n/m

-

6 Imation / IMN

9.04

-23%

193%

343

240

.6x

30%

115%

.1x

24x n/m

7 Facet Biotech / FACT

9.98

-41%

401%

245

(73)

.6x

130%

105%

n/m

8 SMART Modular / SMOD

2.70

-72%

94%

167

123

.8x

26%

104%

.2x

15x

9

4.37

-65%

426%

129

95

.7x

26%

103%

.1x

13x

* Xyratex / XRTX

10 Tech Data / TECD

31.23

-55%

16%

1,569

1,312

.9x

16%

99%

.1x

12x

11 Opnext / OPXT

2.34

-45%

200%

213

97

.8x

54%

98%

.3x

n/m

12 Ascent Media / ASCMA

27.17

-37%

25%

382

45

.6x

88%

98%

.1x

n/m

13 Silicon Image / SIMG

2.55

-20%

201%

191

22

.9x

89%

95%

.1x

14 Benchmark Electron. / BHE

14.50

-41%

32%

947

552

.9x

42%

83%

.2x

17x

15 Syneron Medical / ELOS

8.42

-46%

114%

231

47

1.0x

80%

82%

.5x

n/m

16 Microtune / TUNE

2.35

-44%

80%

122

35

1.2x

72%

82%

.3x

n/m

17 Electro Scientific / ESIO

10.72

-56%

53%

292

136

.9x

53%

81%

.9x

n/m >99x

18 Bel Fuse / BELFB

16.49

-47%

91%

190

84

.9x

56%

80%

.3x

19 CDI / CDI

11.97

-46%

138%

227

162

1.0x

29%

79%

.2x

46x

20 Ingram Micro / IM

17.38

-50%

15%

2,814

2,135

1.1x

24%

79%

.1x

13x >99x

21 Cutera / CUTR

8.87

-38%

41%

118

24

1.1x

80%

79%

.3x

22 Exar / EXAR

7.22

-32%

23%

311

70

1.1x

77%

77%

.6x

52x

23 Lattice Semi / LSCC

2.06

-50%

92%

237

144

.9x

40%

76%

.7x

n/m

24 Nabi Biopharma / NABI

2.87

-20%

115%

148

40

1.3x

73%

76%

n/m

-

25 White Electronic / WEDC

4.88

-39%

8%

112

55

1.1x

51%

76%

.9x

16x

26 Rudolph Technologies / RTEC

5.78

-66%

91%

178

105

1.1x

41%

75%

1.0x

n/m

27 Vital Images / VTAL

11.24

-24%

51%

162

29

1.0x

82%

74%

.4x

n/m

28 InfoSpace / INSP

7.21

-30%

66%

252

56

1.2x

78%

73%

.4x

38x

29 * Universal Stainless / USAP

15.27

-48%

173%

103

91

.7x

11%

73%

.4x

13x

30 SuperGen / SUPG

1.98

-44%

29%

117

27

1.2x

77%

73%

.6x

n/m 9x

31 Aceto / ACET

6.38

-24%

83%

158

118

1.2x

25%

72%

.3x

32 ModusLink Global / MLNK

6.57

-75%

94%

300

132

1.0x

56%

71%

.1x

-

33 Oplink Comms / OPLK

12.00

-58%

19%

246

99

1.1x

60%

70%

.7x

27x

34 LSI Industries / LYTS

4.75

-42%

130%

103

94

.9x

8%

69%

.4x

43x

35 * iPass / IPAS

1.71

-48%

46%

105

37

1.2x

65%

69%

.2x

10x

36 Infinity Pharma / INFI

5.96

-37%

49%

156

2

1.2x

99%

68%

.0x

n/m

37 * Progenics Pharma / PGNX

5.05

-2%

255%

157

38

1.3x

76%

66%

.5x

n/m

38 DivX / DIVX

5.40

-28%

71%

175

55

1.2x

68%

66%

.6x

26x

39 Silicon Storage / SSTI

1.99

-35%

78%

191

101

.8x

47%

65%

.4x

-

40 * Skyline / SKY

19.69

-26%

55%

165

66

1.1x

60%

65%

.3x

n/m 21x

41 SonoSite / SONO

19.89

-23%

95%

344

181

1.5x

48%

64%

.7x

42 Gilat Satellite / GILT

3.77

-42%

197%

151

58

.7x

61%

64%

.2x

-

43 * Cardiac Science / CSCX

4.39

-44%

151%

102

64

1.0x

37%

64%

.3x

29x

44 * ActivIdentity / ACTI

2.30

-53%

27%

105

25

1.3x

76%

64%

.4x

46x

45 Alvarion / ALVR

3.17

-26%

162%

200

65

1.3x

68%

63%

.2x

16x

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 ™

June 14, 2009

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