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 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% |
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