10 Comments
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StockOpine's avatar

Professionally structured with great visuals. A masterpiece man. Well done!

Fairway Research's avatar

Thank you guys! Appreciate you reading.

Alexandru Dragut's avatar

This is so well-researched and thorough. I'm impressed. Well done!

Andrés P.'s avatar

Thanks so much for your great article! It has been very usefull for me!

quinopunset_'s avatar

Excellent analysis!!

looking at all the events that have happened this year, including Mike's departure as CEO, how do you see buying shares at these prices? 9x PER and 6 x EV/Ebitda

Roberto's avatar

Hello,

very good thesis,

After seeing the latest results there are two points that catch my attention and I don't like them:

1 - high growth of inventories and accounts receivable

2 - both Ford and Creedon have sold a lot of shares, (Ford 33% since 2021, Creedon more than 50% in 2022.

These two points, especially the second, make me not buy more at these prices.

what's your opinion about it?

Thank you,

Charlie Sierra's avatar

Thank you for the great read!

A few questions about the projected segment EBITDA margins:

1) why do you keep margins at 42% in digital imaging even though these were inflated margins due to Covid?

2) How do you calculate projected Sensors and Controls EBITDA? If I take sensors and control revenue + projected revenue from acquisitions I get to 45m revenue. Applying 19% margin to that gets me 8.55m EBITDA, not 6.97. Am I missing something?

Fairway Research's avatar

If you email me on fairwayresearch@gmail.com, I’ll share the model

Leo Stauder's avatar

Very cool Research, now SDI got below their intrensic Value do you will invest or which price you will start to build a position

Fairway Research's avatar

Waiting for some more margin of safety.