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Pulse Electronics Corporation C (PULS) Message Board

sage533 13 posts  |  Last Activity: Jul 11, 2014 3:25 PM Member since: Dec 4, 2001
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  • Moody's rates GOV as 'strained'. GOV will need all the dividends they can get to service the new debt. This can only lead to increased div from the new SIR position. GOV looks dicey as they are very exposed to rising rates and leases are very long term with few escalators. SIR's BS is in great shape and could take on growth.

    Sentiment: Buy

  • Reply to

    That was a surprise

    by sage533 Jul 10, 2014 9:42 AM
    sage533 sage533 Jul 10, 2014 10:37 AM Flag

    Good points. It may be easier with GOV as an activist will draw attention to the success at CWH oust. In the long run the Portnoys will be out as shareholders will not stand for the conflicts. SIR is ex dividend in a couple of weeks so the CY is 6.8%. Seems to discount many risks.

  • Now GOV becomes the target. They are not owned by CWH so now activists can get 2 for 1 by going after GOV. At least the fair value is over $30. Cannot believe CWH did not become activist on SIR.

  • Reply to

    SIR board to change

    by analyst112 May 29, 2014 10:24 AM
    sage533 sage533 Jun 26, 2014 12:29 PM Flag

    He is right on SIR. CWH will vote Portneys out and the REIT will become self managed. As such, the FFO multiple should rise. This is a given since CWH owns 40% of SIR.

  • sage533 by sage533 May 13, 2014 9:54 AM Flag

    Shares up to 17.2MM, Earnings down, EBITDA down, interest cost up, Working capital down to $29 million. Debt up 20%. Sure not going the right direction!!

    Sentiment: Strong Sell

  • Reply to

    Not WFM

    by analyst112 May 7, 2014 10:07 AM
    sage533 sage533 May 7, 2014 10:39 AM Flag

    WFM stores are twice as big and have almost double the overhead. TFM is much smaller format and higher returns than WFM. TFM has closed CA stores to concentrate on its core area. WFM is all over the place. They just put in a store in Del Mar CA that is across the street from Albertson's. It is hugely expensive and Albertson's seems to be doing just fine.

  • sage533 by sage533 May 6, 2014 11:38 AM Flag

    Military business weak but nearing an end. keep in mind they have $6.50/shr in excess cash. That is after adjusting WC for a 2/1 current ratio. That means we are selling at 10.5x earnings and 6x ebibda. Pretty cheap. They are looking acquisitions. If they deployed that cash and it earned 10%, it would add 45% to earnings. I wish they would buy back shares as the stock is bone cheap.

    Sentiment: Strong Buy

  • Reply to

    Earnings

    by analyst112 May 1, 2014 9:28 AM
    sage533 sage533 May 2, 2014 12:07 PM Flag

    They have been saying this for awhile. However, there is no reason not to expand the balance sheet if they meet regulatory requirements. They could double the lease portfolio today and since costs are fixed, it all flows to the bottom line.

  • Reply to

    Earnings

    by analyst112 May 1, 2014 9:28 AM
    sage533 sage533 May 1, 2014 1:12 PM Flag

    also current book of business is earning at $1.50/shr rate. New business will add to that but may have slightly lower margin but margins are still very high. They only need an added $50-60 million of leases to $.30/shr to earnings--that seems pretty doable. Not worried about funding costs.

  • Reply to

    Earnings

    by analyst112 May 1, 2014 9:28 AM
    sage533 sage533 May 1, 2014 12:23 PM Flag

    I think volumes will be much higher as 1Q was very slow. Also thye are cutting costs. Short rates will stay low so spreads will only contract a little. 14x reflects the high growth rate. BOFI (Bank of the Internet) is 4x BV and sells at 18x earnings as they have 35% growth rate.

  • Reply to

    Earnings

    by analyst112 May 1, 2014 9:28 AM
    sage533 sage533 May 1, 2014 10:44 AM Flag

    redemptions have been high in small cap index funds-- I bet that is the seller. Good news. We will find out when 1Q 13F's are filed.

  • Reply to

    Earnings

    by analyst112 May 1, 2014 9:28 AM
    sage533 sage533 May 1, 2014 10:41 AM Flag

    900,000 shares traded since March 19. We must be close to the seller being finished. When they are, the stock should pop 25%. Should be selling ate 14x 2015 earnings of $1.90 or $26.

  • Reply to

    Earnings

    by analyst112 May 1, 2014 9:28 AM
    sage533 sage533 May 1, 2014 10:35 AM Flag

    looks like they lowered expenses also-- a few less employees. They are at the point where the unproductive salesmen are being let go. Yields down slightly but portfolio yield still 13% with cost of funds .8%. Those are crazy margins which when the balance sheet is fully levered would yield earnings of $4/shr + at current metrics. Stock drop is a mystery. I agree one of the funds trying to get out---could be an index fund as selling was every day and they have no regard for fundamentals.

PULS
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