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Microcap & Penny Stocks : The Microcap Kitchen: Stocks 5¢ to $5
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From: Yves Beylen3/16/2008 8:40:28 AM
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PSP.V ... is at lowest since long time.

As I have been involved in a project related to bullet proof vests etc. I learned the following the last month (it even "scared" me a bit) :

- market of vests is still very fragmented, many small players (of 10-60M) are present
- the bottom line profit is low, very low sometimes (sometimes some %, 2%-5% for a leading company in Europe, competing with US companies) (high operational costs, material costs etc.). Non integrated players (eg who do not make the ceramics themselves) suffer more.
- turnover very contract dependent (we all know that but I have seen variations of 50% from one year to another).

PSP.V is still in a transition phase and still faces these low profits and contract depending turnover.

PSP.V took the right measures to deal with the above mentioned problems :
- working on operational efficiency (cfr. closing of plant)
- more stable turnover by going international and buying distributors (bought APS when share price was very high, and financed it with shares partially, so good deal)

So I think they are working on the right issues.

Given its current turover the company is undervalued, however it looks like PSP.V goes into the same direction as DFNS : very low share compared to the value of the company. I have no idea how low this could go. Any comments welcome.
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