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Gold/Mining/Energy : Carmanah Technologies Corporation (TSX - CMH)
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To: TheSlowLane who wrote (33)8/10/2003 3:38:09 PM
From: Stephen O  Read Replies (1) of 101
 
CARMANAH TECHNOLGIES INC. (CMH : TSX-V : C$0.85) - BUY - 12-MONTH TARGET
PRICE: C$1.25
Sara Elford, CFA
Comment: Carmanah Q2/F03 sales were softer than expected
Carmanah reported its Q2/F03 financial results yesterday. Sales were
softer than expected, but higher gross margins (56.2%, which is up from
52.6% in Q1/F03) and better cost containment overall allowed the company
to roughly break-even, as expected. Sales for the quarter increased 6.2%
year over year to $1.6 million (we were modeling sales of $2.2 million).
The appreciation of the Canadian dollar reduced sales by about 11%, as
virtually all of Carmanah’s products are sold in US dollars. Pricing
adjustments have now been implemented, which will limit the impact of a
strong Canadian dollar in future quarters. Carmanah continues to see good
growth in most of its end markets, but tight state budgets in the US have
resulted in delays in the roll-out (beyond field trials) of the company’s
transit products – i.e., its solar powered LED bus stops and bus shelters.
Interest in these products remains high and we are very comfortable that
the transit market will be a strong source of demand over the next several
years, despite any short-term lull. We are maintaining our BUY rating and
one-year target price of $1.25. Our target price is based on a P/E
multiple of just over 20 times our F04 EPS estimate.
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