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UniTek Global Services, Inc. Message Board

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  • All,

    Another upgrade from Moody....

    "New York, April 14, 2014 -- Moody's Investors Service changed UniTek Global Services, Inc. ("UniTek")'s outlook to stable from developing due to the company's recent filing of its 10-K for the fiscal year ending December 31, 2013 with an unqualified audit opinion and its steady operating performance in 2013."

    Although, frankly, we don't need the rating at this stage, it is nice to see that Moody recognizes the work done.

    Best,

    pajacobsen

  • All,

    The current BID/ASK spread is $0.11 cents (~7.5%.) A Mexican stand-off, where, this morning, the BID side blinked first, moving a 100 share order to $1.75, hitting the high end of the spread.

    Best,

    pajacobsen

  • All,

    Someone just bought 25 thousand shares in one go and at a $0.05 per share (or 3%) premium over the market price.

    A bit unusual for UNTK, I think. We normally see dribble transactions (except for a couple of institutional +500 thousand shares moves into UNTK over the last four months.)

    Best,

    pajacobsen

  • Reply to

    50,000+ traded at 1.73?

    by lollipimps Apr 3, 2014 10:14 AM

    Lol,

    Thank you for you contribution to the discourse. You are an intellectual giant.

    Pajacobsen

  • lol,

    The you go again with you CAPITALIZATION. Perhaps, you should pay for a PACER account and actually read the court filings instead of running around and making IGNORANT, UNINFORMED, and LIBELOUS exclamations. I know, I know... It would be stretch, but still.

    Pajacobsen

  • Once again it is not nonsense. They got sued for FRAUD and they settled. UNTK is near its 52 week low. Enjoy your settlement.

  • Reply to

    50,000+ traded at 1.73?

    by lollipimps Apr 3, 2014 10:14 AM

    You always have to say something don't you? You always have to get in the last post, huh? It would devastate you if I was right that something might be happening soon.

    Enjoy your settlement.

  • Lol,

    Oh, there you go with your nonsense, again. Here is my free advice to you, which, of course, you can ignore at you own peril: read the company's filings for the last 18 months and, then, login to PACER and read the filings for the class action lawsuit.

    Your are welcome!

    pajacobsen

  • Reply to

    50,000+ traded at 1.73?

    by lollipimps Apr 3, 2014 10:14 AM

    Lol,

    Yes, it might rain. Or, it may snow, or the Redskins may win the Superbowl.

    You spend enormous effort puking all over a 6 month-100% performer, only to suddenly shifting to "believing," and now you start reading tea-leaves. Great job, as always.

    Did you -- even for one second -- consider that someone who had experienced a +50% upswing and had taken a "largish" position might want to take some money off the table at this point? No? Ok, 'nuff said.

    pajacobsen

  • Weird. Or my data is wrong. Just maybe something might happen soon.

  • The headline is fine. Nothing is wrong with it. It's just you.

    Clearly, anyone can see from the headline why UNTK is near its 52 week low.

  • I meant $0.13, of course, not $13

  • All,

    Zacks (which is not, frankly speaking a tier-1 analyst shop) wrote:

    "UniTek Breaks Even in Q4, Posts Loss in 2013

    Shares of UniTek Global Services, Inc. (UNTK) fell around 5% on Mar 31 as the company reported breakeven results for the fourth quarter of 2013 and a loss per share of $2.73 for the full year.

    The fourth-quarter breakeven results, however, compared favorably with the prior-year quarter loss of 13 cents per share as well as the Zacks Consensus Estimate of a loss per share of 16 cents. UniTek Global Services’ loss of $2.73 per share in 2013 was narrower than the loss per share of $4.28 in 2012."

    It is weird how headlines make the the story. To my mind, the headline could just as well has been "Unitek beats consensus, goes from $13 per share loss in 4th quarter 2012 to breakeven in 2013"

    Best,

    pajacobsen

  • Reply to

    Free Cash Flow: $5 stock price

    by fiberbull Apr 1, 2014 10:03 AM

    Fiber,

    By paper, I mean, of course, as you gathered, equity.

    I hope that you are right. If UniteK Global can refinance without paper, simply swapping the obscene interest for something pedestrian, we would be cruising. However, I am not hopeful on this simply because their 2013 hick-up may screen them out of traditional financing.

    Again, we will see soon enough. Certainly, in spite of an almost doubling in value, I am dug in for the long run here.

    pajacobsen

  • Reply to

    Free Cash Flow: $5 stock price

    by fiberbull Apr 1, 2014 10:03 AM

    I'm not sure what you mean by "expense of paper", but they don't have to issue shares to refinance. In fact, very, very few companies issue share on a refinance, and only those in extremely dire circumstances issue shares (like UNTK last year). But, UNTK is in a different position now, and it's doubtful they will need to issue any shares to refinance, especially considering how attractive the EBITDA is to lenders..

  • All,

    So just a piece of kick myself trivia. After the early leap to $1.9 per share and the subsequent drop on someone offloading 50 thousand, or so, shares in one go, I thought that we plateaued at $1.75, so I optimistically started my BUY vacuum cleaner and grabbed a nice handful at what I thought would be the bargain price of three months Feeling good, I went to get coffee, and, oooppppssss, when I returned, the price had dropped another 4%.

    Just one of those days, I guess.

    Pajacobsen

  • Reply to

    Free Cash Flow: $5 stock price

    by fiberbull Apr 1, 2014 10:03 AM

    Fiber,

    I more or less agree. Two points: (1) the REFI may come at the expense of paper, in which case your PSP will shift somewhat in the short-term, and (2) I am hoping for a wholesale REFI, which really will free up this awesome cash-flow machine to do do its things

    The $5 is, in my view, just bringing us back to the pre-scandal valuation, and does not allow for the fact that the company is now much stronger, leaner, and safe. Even If I take a very negative REFI look, I expect that the company will be worth far more than $5 in the not distant future. And then, of course, there is the declaw, which in a best case scenario will amount to almost 2/3 of the yearly interest burden plus the enormous NOL, which is just lying there, waiting to be discovered.

    We will see soon enough. For now, we have to lean back and watch this day of volatility unfold.

    Best,

    Pajacobsen

  • Let's talk free cash flow here for 2014, to get a proper stock price.

    UNTK did around $45 million in EBITDA in 2013. They paid a whopping $30 million in interest, spent $2.4 million on cap-x, and $8 million capital leases. In 2014, leases should go down by about $5 million (they are moving towards operating leases), and interest will go up by a similar amount, so it's a wash. Basically, UNTK is doing around $0.20 per share in free cash flow, even with obscenely high interest rates that most people don't even pay on their credit cards.

    With a refinance, they can probably knock off $10 million in interest expenses annually, which would bring free cash flow to around $14 million a year. Let's be conservative and call it $10 million a year in free cash flow with a refi. That's around $0.50 per share. Which leads to my price target of $5 within the next 12 months.

  • Reply to

    boooooooooooooooom

    by realshazard Mar 31, 2014 6:43 PM

    UNTK's interest rates are obscene (over 15%). Surely there are many funds who would be more than willing to lend to them at much lower rates, given the EBITDA here. I suspect there are or will be many people knocking out their doors to do a refi. I'm surprised it hasn't happened yet, but perhaps management is being mum for strategic reasons. The current lenders have no say in a refi, they'll be taken out, as there is no reason why UNTK can't raise funds to pay off the current loan sharks.

    Once the debt is refinanced, I dare say, UNTK is a $7 stock.

  • Reply to

    10-K filing

    by per_a.jacobsen Mar 26, 2014 8:50 AM

    Harrison,

    Well, also, that they managed to grow that magnificent YOY revenue line in spite of the enormously bad PR they got and the end-of-life wireless contracts was great.

    What was not great was the call, with the droning by the new CFO, the weird delivery by the CEO, and the no Q&A. Ultimately, that may be what ends up costing momentum in the per share price.

    Best,

    Pajacobsen

UNTK
1.65+0.03(+1.85%)Apr 17 4:00 PMEDT

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