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Silicon Image, Inc. Message Board

  • singularstock singularstock Jan 22, 2013 9:24 PM Flag

    Cash-Heavy Silicon Image: What will they do with their passal of cash?

    Knowing the MHL opportunity, I thought I'd examine SIMG's cash resources to see how well they are prepared to support the MHL and WirelessHD standards and continue to develop new products. Here is the data:

    As of Sept. 30, 2012:
    145,262,000 Cash and short-term investments
    82,504,000 Shares outstanding
    That is $1.76 per weighted diluted shares outstanding, or, 36% of the current 4.86 price per share

    I like to adjust cash equivalents downward if the company has non-cash current assets less than total current liabilities. SIMG has 3,644,000 less in non-cash current assets than its total current liabilities. So, the adjusted cash per share is 1.72 or 35% of the current price of 4.86.

    Just for fun I compared the above balance sheet results to those of Dec. 31, 2002. Here are some facts about their performance over the last 9.75 years:
    Tangible ommon stock equity per share has increased from 0.55 to 2.01.
    Dollar tangible common stock equity has increased from $35,149,000 to $165,687,000.
    Cash and short-term investments have increased from $35,833,000 to $145,262,000.

    Just as an exercise, if we exclude cash beyond 1:1 coverage of liabilities, the company market cap would be 3.14 per share, or $259 million. ---Seems like a low valuation for the business of SIMG, especially with the MHL markets only now opening up.

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