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VOXX International Corporation (VOXX)
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starting to like this stock saw it at 2$ last year but didn't pull the trigger if I did would've been up huge but there might be 100% return here. reading the 10-k at the moment
I use EBITDA multiples rather than multiple of sales. If you like 9x (seems reasonable to me, but predicated on growth rate and whether annualizing a single quarter is "reasonable") , the 24M x 4 x 9 = 864. Subtract debt of 6M results in market cap of 858M divided by 27M shares = $31.77.
Looks like this stock had an amazing run $1.83 to $23 in a short period.
So, looking at the SEC filing today. Company is warning about difficulties in some segments even though revenue is higher. The big problem seem to be drain in the cash balance.
Cash balance went down from $58 million 9 months ago to just $21 million now.
At this rate, expect cash raise thru equity offer, imo.
Probably, this is a good short. But, watch it closely.
Insiders hold 31% and institution 51% is perhaps a suppressing reason for this great growing company. They need to do more on analyst coverage and highlight accomplishment more often. Six months ago the stock was $24 to $17 three months ago to $12 now with growth since then, clearly a disconnect.
I was reviewing the recent filings and realized that I had not fully appreciated what was going on. The Company has said it has accepted the IOI from Kahli to acquire 60% of Eyelock. (I'd previously thought they were more still in discussions. This is the outcome from the process that VOXX had engaged an investment banker for. Thomas Kahn had pushed for an IPO but I'd guess revenues were too low at 260k for the last quarter for that to be feasible.)
So now they are in diligence process. Let's assume for this discussion that Kahli acquires the 60% of Eyelock in exchange for some of his 4.5M shares, which the Company then retires.
Let's see what happens to valuation metrics. I'm going to assume an EBITDA multiple of 9 for annualized Q1 numbers, and 1M of Mr. Kahli's shares for this example - you should use your own estimates.
EBITDA for Q1 was 11.3M x 4 x 9 = 406M - 27M in debt = 380M market cap => $15.82/share based on 24M shares.
Eyelock had (1.6M) of EBITDA for the quarter on 263k of sales and no gross margin. So now we add about 1M of EBITDA (60% of 1.6) to get 12.3M of new EBITDA x4 x9 = 443M - 27M =$19.25/share based on the now 23M shares.
The numbers get better if you use a higher multiple of EBITDA, or a higher EBITDA which the Company has guided. And I'm just guessing/using as example the purchase price.
The base numbers would improve further if they sold all of Eyelock, but if you think that Eyelock has great potential, well, VOXX will still have 40% of it.
Bottom line - the standstill agreement foretells a significant improvement in VOXX's fundamental metrics.
Being reported $0.38 profit and $162.5 mil for the quarter quite impressive.
“ Voxx International Corp. (VOXX) on Thursday reported fiscal fourth-quarter net income of $9.4 million, after reporting a loss in the same period a year earlier.
The Orlando, Florida-based company said it had profit of 38 cents per share.
The consumer electronics maker posted revenue of $162.5 million in the period.”
Fundamentals have this as a $30+ stock easy...eyelok news would add to that. Holding....
with the share price well below book and an upcoming stockholder meeting, I'm assuming today's announcement was supposed to give stockholders some comfort; if so, it didn't succeed with me. the only part I welcomed was the greater authorization for share repurchases.
Regarding the convertible Class B shares owned by Shalom........anyone have any idea as to how
many class A VOXX shares they could be converted to ? Thanx
Is there a mistake with growth in Newswire PR. It says 42.7% but below in the text, the broken down figures, show much faster growth. Also Q4 (Q1 in Yahoo) 2020 was 102M and this Q4 is 169M. So it should be 67% growth. Am I wrong?
Thank you to the first caller on the CC today. Was refreshing to hear some direct frustration hearing very similar outlooks each CC from mngmnt and the positivity being met with all these messes they find themselves in.
I personally felt the 360 camera would be a bust due to the distorted picture view and competition and mentioned it to a couple investor friends. I also think Eyelock will be a bust given there are several evolving platforms using much more than just the iris for facial recognition etc in the biometrics space. It’s a great potential growth area but these guys clearly are not the ones to be market leaders capturing massive market share. On the contrary I doubt it will ever break even on a meaningful basis and it will be the big fish that win the battle longer term. If the company was efficient, they would’ve already partnered with bigs in ways that gave upfront $ to fund further research rather than trying to be cute and fund it on their own tiny budget (around $50+ mill and growing as far as debt/IOUs). They still have basically meaningless revenues from Eyelock (less than $1 mill for last fiscal year looked like).
These guys never learn. Their existing businesses are fine if they cut out heavy overhead with the GMs they have but over time they manage to blow $ here and there while continuing the very hefty payouts top execs and chairman. The 50/50 owned distributor biz they partner with is consistently profitable yet VOXX is massively unprofitable and has been for years.
That’s the big problem with being a minority voter little shareholder in a company structured like this. Let history be the guide I guess. They have a very proven long term track record (decades now) of doing next to nothing for minority common shareholder value realization.
At least the executives and chairman still get paid millions.
All in my opinion only.
Despite criticism, the empirical evidence is clear; share prices and operating performance at targeted companies often improve after activist involvement.
So it is best summed up by W Buffet who said: “If every company were well managed, there would be no reason for activists. The truth is, at some companies, the managers forget who they’re working for.”
Share price when Lavelle became CEO in 2005 was $14.25. Thirteen years later the share price is $5.45. Dow in 2005 was around 10,000, now it's around 25,000. Can anyone respond with a reason why he should still be CEO?
I don’t usually like to say anything directly to shorties (after all it takes both to make a market), but, folks, it’s a whole new day.
Some key points:
- Cash went down only because they paid off all their debt and they built inventory to support orders in the pipeline.
- Although Q3 is traditionally the strongest quarter, they guided for sequential stability, if not growth.
- Growth was significantly driven by a couple of recent acquisitions. Since they didn’t need any outside capital to accomplish that, the product lines/customer base is now broader and hence, more sustainable. Put another way, the Company used its retained earnings to reinvest in the business. And it seems like they got some good value for their money.
- Plus, they’ve got plenty of dry powder and are still in the market for more opportunities. My sense from the call is that integration of the newly acquired businesses was smooth.
- The deal to offload (60% of) Eyelock is moving ahead. Even with recent growth and theoretical upcoming contracts, that’s a very small revenue generator, with significant operating losses. So just getting it off the financial statements will be a positive, plus whatever they get for it. (I’ve previously postulated that they will get back some of Mr. Kahli’s shares, which will be accretive.)
I previously posted about annualizing Q3 to get a back-of-the-envelope number ($35/share using 9x EBITDA). You might not want to annualize a single quarter, but I get the feeling that these numbers have some durability, so my own view is that that’s not too far off. You can and should make your own valuation theses.
What did we miss in earnings? Obviously someone is selling hard this morning. Was the guidance low?
Here is the chairman’s own words in 2016 shareholder meeting: “Let's start with Automotive, which comprises more than half of our business.
We reported approximately $352 million in automotive sales last year, down less than $17 million excluding the Euro impact. More than a third of the decline was related to the sale and licensing of our Jensen 12-volt business, and the remainder was in the domestic aftermarket. On a dollar-to-dollar basis, our OEM business was up and we have secured a large number of multi-year contracts, which bodes well for our future. This year, we expect the category to be flat to down slightly as the aftermarket will continue to decline, and we have a few OEM programs that will be ending throughout the year.
What’s fueling my optimism is the pace at which we’re winning new awards and the volume! Over the past five years, since we acquired Hirschmann, our automotive business has secured over $850 million in new contracts. What’s more telling, however, is the fact that more than $500 million has been awarded over the past 12-18 months and approximately $350 million over the past two quarters. Investors have seen increased R&D spending without the sales to match, but with all of these awards and the volume of booked business we now have in place, we fully expect to see growth from Automotive in Fiscal ‘18 and continuing for years to come. Technology is the key and with our smart antennas, our multi-tuners, our rear-seat infotainment systems and our other advanced technologies in the works, we have differentiated and innovative solutions for the global markets.”
Here is link to full read:
Good luck all, all in my opinion only.
The Company previously announced on June 12, 2019 that it had reached a definitive agreement to sell VOXX German Accessory Holdings GmbH, which comprised the operations of Oehlbach Kabel GmbH ("Oehlbach") and Schwaiger GmbH ("Schwaiger") to HF Company for approximately $19.0 million, based on the Euro to US dollar conversion at that time.
The notice of rescission received by the Company was due to HF Company's inability to secure bank financing for the implementation of the transaction. As such, VOXX International Corporation will retain the Oehlbach and Schwaiger operations and will continue to market and distribute their diverse and innovative accessory offerings. Further, the Company believes that based on the changes previously announced to realign these units into one operating entity, it will be in a stronger position to improve bottom-line performance of an already profitable unit. Additionally, the rescission notice received includes the purchase option by VOXX German Holdings GmbH to HF Company relating to the real estate leased by Schwaiger.
"On September 25, 2020, Avalon Park Group Management, LLC, an affiliate of the Reporting Persons, submitted to the Issuer a non-binding indication of interest (the “IOI”) with respect to a proposed acquisition of 60% of Eyelock, LLC, a subsidiary of the Issuer. The IOI was accepted by the Issuer on October 5, 2020. "
Frank Fiscal 2021 nine month net sales of $401.1 million... last quarter was a $201 mil and did not include Christmas... so I am expecting $600 million this year or more
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