Wednesday, June 02, 2010

TNAV

An interesting new stock hit the screen yesterday: TNAV. They seem to be a "new" company on the stock exchange as their prices only go back to May 13th. They closed that first day at $9.80 (priced at $9.50 per their S-1) and now they are $8.50 a share.

Now I have learned to always be a little cautious about the MFI screen on new stocks as the screen doesn't always have it right (I had a post last year about my unpleasant surprise with RST (View)). There does seem to be at least one mistake, on the market cap the screen shows the following:

Company Name (in alphabetical order)

Ticker

Market Cap ($ Millions)

Price From

Most Recent Quarter Data

Amedisys Inc AMED 1,413.84 05/28 03/31
BioDelivery Sciences International Inc BDSI 61.69 05/28 03/31
China Biologic Products Inc CBPO 297.19 05/28 12/31
China Education Alliance Inc CEU 129.18 05/28 12/31
China Gerui Advanced Materials Group Ltd CHOP 253.85 05/28 03/31
China Sky One Medical Inc CSKI 212.57 05/28 03/31
Cytokinetics Inc CYTK 183.69 05/28 03/31
EarthLink Inc ELNK 926.84 05/28 03/31
Endo Pharmaceuticals Holdings Inc ENDP 2,439.24 05/28 03/31
Forest Laboratories Inc. FRX 7,825.85 05/28 03/31
GT Solar International Inc SOLR 785.23 05/28 03/31
Immunomedics Inc IMMU 261.79 05/28 03/31
InterDigital Inc IDCC 1,146.02 05/28 03/31
Lorillard Inc LO 10,937.97 05/28 03/31
Medicis Pharmaceutical Corp MRX 1,349.98 05/28 03/31
Net 1 Ueps Technologies Inc UEPS 649.81 05/28 03/31
Oshkosh Corp OSK 3,186.15 05/28 03/31
PDL BioPharma Inc PDLI 641.85 05/28 03/31
Pre-Paid Legal Services Inc. PPD 463.80 05/28 03/31
Providence Service Corp (The) PRSC 211.71 05/28 03/31
Santarus Inc SNTS 168.74 05/28 03/31
Sharps Compliance Corp SMED 81.83 05/28 03/31
Synta Pharmaceuticals Corp SNTA 126.71 05/28 03/31
TeleNav Inc TNAV 97.24 05/28 03/31

When I look at the S-1, I see that there are now 41,000,000 shares outstanding:














Shares purchased Total consideration

Average
price

per share

Number Percent Amount Percent

Existing stockholders

35,484,062 87% $ 49,703,408 49% $ 1.40

New investors

5,500,000 13 52,250,000 51 9.50



Total

40,984,062 100% $ 101,953,408 100% $ 2.49

Clearly at $8.50 per share, you blow past the $97m market cap shown above. I get about 349m. That being said, I think the stock looks interesting. They provide location based services for cell phones, including voice guided navigation. The big risks include the fact that a lot of their revenues are with just a couple companies (think AT&T) and they are competing against companies like Google that may give it away for free. So there does not seem to be much of a "moat".

They have been growing nicely as people's acceptance of smartphones grows. I think I will buy them, I tend to over analyze and obsess over the risks. I will likely also buy FLL and these will be my two new stocks to replace ENDP, PFE and FRX which roll over at the end of this week. Here are my stats on TNAV and FLL:



fll tnav
+ Operating Income After Depreciation 11.16 64.27
- Minority Interest - Income Account 3.49 -
= Income for Calculation 7.67 64.27

Diluted Shares Outstanding 18.002 41.083

Share Price 3.09 8.50
+ Market Cap Calc 55.63 349.21
+ Preferred Capital - 56.01
+ Debt in Current Liabilities - -
+ Long-Term Debt - -

Cash and Short-Term Investments 12.32 46.11
- Excess Cash 12.32 46.11
= Enterprise Value 43.31 359.10








+ Property Plant and Equipment - Net 8.03 9.46
+ Receivables 3.32 38.57
+ Inventories - -
+ Other Current Assests 0.69 7.66
+ Working Cash - -
- Accounts Payable 0.39 2.83
- Current Liabilities - Other 0.90 14.62
= Invested Capital 10.75 38.25
Earnings Yield 18% 18%
ROIC 71% 168%

1 comment:

安恬 said...

看看blog放鬆一下,工作累死了.... ..................................................