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Strategies & Market Trends : Value Investing
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From: Dan Meleney4/7/2010 8:11:19 PM
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EDAC...tiny company I just took 1/2 position in...boring little (17M market cap) business...but just made a couple value investments itself by picking up two small troubled firms for what appears to be a song. I had to restate the IS, BS, and CF from the 10K to adjust for the "bargain purchase" accounting of the last acquisition (hence the current PE of 2). Backlog is huge. I expect them to bring margins back in line. Management doesn't seem to talk except to make SEC filings. Insiders have been buying. Analysts don't follow. Fairly new director was CFO of United Technologies which happens to be their largest customer.

If I was to spend more time, I'd try to lay out the cashflows for the next couple years to forecast debt coverage. They took some loans to finance the acquisition.

Comments welcome.
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