Activist Targets: Potential Sales, Liquidations or Recaps Companies that may unlock value through a corporate event ▼ Move To Price
52-Week
Price to
Net Net
Next
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 n/m
10 Silicon Image / SIMG
2.40
-15%
211%
179
16
.9x
91%
96%
.1x
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 n/m
35 * Integr. Electrical / IESC
9.26
-57%
141%
135
113
1.0x
17%
66%
.1x
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 16x
43 Universal Stainless / USAP
18.19
-56%
113%
123
111
.9x
10%
61%
.5x
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
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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
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 July 24, 2009. –Your Manual of Ideas Team
On the Hunt for Value? Get the 10x45 Bargain Hunter now FREE with your subscription to Downside Protection Report
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 $7.86 $44mn
Enterprise p Value
n/m
Insider Buys $15mn
2 GHL Acquisition / GHQ
$9.75
$473mn
n/m
$3mn
3 Ideation Acquisition / IDI
$7.78
$97mn
n/m
$2mn
Contrarian: Biggest Losers (deleveraged & profitable) 1 Cardionet / BEAT $6.14 $146mn
Price YTD $96mn
-75%
2 ViroPharma / VPHM
$6.86
$531mn
$420mn
-47%
3 Celera / CRA
$5.98
$489mn
$1,755mn
-46% Shares Q-Q
Value with Catalyst: Cheap Repurchasers of Stock 1 Societe Generale / SCGLY
$12.67
$35,311mn
n/m
-22%
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%
Profitable Dividend Payors with Decent Balance Sheets 1 Anworth Mortgage / ANH $7.30 $742mn
$767mn
Div. Yield 18%
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2 TICC Capital / TICC
$4.50
$120mn
n/m
13%
3 Pioneer Southwest / PSE
$19.31
$580mn
$503mn
10%
$906mn
EV/Revenue .06x
Deep Value: Lots of Revenue, Low Enterprise Value 1 World Fuel Services / INT $41.41 $1,220mn
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 this newsletter. newsletter John Mihaljevic, 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 Tech Data / TECD
$35.44
$1,780mn
$1,524mn
.07x
3 Ingram Micro / IM
$18.36
$2,972mn
$2,293mn
.07x
$547mn
$614mn
EV/GP .16x
Deep Value: Neglected Gross Profiteers 1 Kindred Healthcare / KND $14.03 2 * RealNetworks / RNWK
$3.22
$433mn
$68mn
.19x
3 Humana / HUM
$31.53
$5,348mn
$1,191mn
.22x
-$33mn
NCAV / MV 142%
Activist Targets: Potential Sales, Liquidations or Recaps 1 Silicon Graphics / SGI $4.72 $141mn 2 Trident Microsystems / TRID
$1.99
$125mn
-$77mn
129%
3 Facet Biotech / FACT
$8.28
$203mn
-$115mn
126%
"Magic Formula," Formula " based on Trailing Financials 1 KHD Humboldt Wedag / KHD $9.29 $284mn
-$75mn
LTM EBIT / EV infinite
2 i2 Technologies / ITWO
$13.34
$293mn
$242mn
46%
3 ePlus / PLUS
$15.12
$124mn
$101mn
28%
"Magic Formula," based on This Year's EPS Estimates 1 EarthLink / ELNK $7.96 $844mn
$555mn
EPS Yield FY0 12%
2 Endo Pharma / ENDP
$19.81 $
$2,321mn $ ,
$2,361mn $ ,
13%
3 Pre-Paid Legal / PPD
$51.62
$567mn
$577mn
13%
"Magic Formula," based on Next Year's EPS Estimates 1 GigaMedia / GIGM $4.98 $272mn
$189mn
EPS Yield FY1 13%
2 Endo Pharma / ENDP
$19.81
$2,321mn
$2,361mn
14%
3 China-Biotics / CHBT
$9.77
$167mn
$115mn
14%