Russell Peters & Naruto anime
This mix of part of comedian Russell Peters' set with Naruto is just hilarious:
For his whole set from this show, click here.
Winning at Zen, since March of 2007.
This mix of part of comedian Russell Peters' set with Naruto is just hilarious:
For his whole set from this show, click here.
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I know it's a boring, tight industry, but has anyone noticed that the EMS (Electronics Manufacturing Services) sector has been on fire lately?
Most of the majors have already released their 4Q07 results and they were surprisingly good for the usually bland sector.
For example, Singapore-based Flextronics nicely beat profit estimates and maintained its forecast , Canada's Celestica exceeded on revenue while profit was at the high end of consensus and Wisconsin's Plexus' net income increased 81% from 4Q06 and guided higher.
Meanwhile, smaller PCB maker Multi-Fineline absolutely crushed revenue and earnings estimates with large orders from Apple and the stock took an immediate 40% jump. That jump to the $18 level from $13 has held.
There are, however, a few even smaller and hence riskier players in the industry that haven't caught the attention of analysts or investors at large. This leaves a relative value gap as those companies with solid fundamentals play catch up. One small company, which is the subject of this research piece, is Toronto-based SMTC Corp. (Nasdaq: SMTX).
SMTC is not a small company by most measures, as it does about $250 million in revenue annually. But the market cap is an astonishingly low $19 million.
In reviewing the numbers you can't help but be puzzled as to why the market is valuing SMTX so badly - the stock is near an all-time low - as the company appears to be in better financial shape than ever before. The valuation is especially strange since the other EMS players have been reporting such great results.
Look these comparative valuation ratios for some color into the value gap:
Ticker | Market Cap | P/S | P/E | EV/EBITDA |
FLEX | $9.2 billion | 0.38 | N/A | 10.9 |
JBL | $2.9 billion | 0.23 | 29.9 | 6.35 |
CLS | $1.4 billion | 0.18 | N/A | 4.49 |
PLXS | $1.0 billion | 0.63 | 13.37 | 6.51 |
MFLX | $457 million | 0.90 | 153.14 | 15.17 |
TTMI | $445 million | 0.64 | 15.93 | 5.90 |
DDIC | $98 million | 0.53 | N/A | 4.57 |
MERX | $57 million | 0.15 | N/A | 5.0 |
SIMC | $27 million | 0.20 | 8.18 | 5.72 |
SMTX | $19 million | 0.07 | 5.00 | 3.18 |
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10:57 AM
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