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Strategies & Market Trends : Value Investing
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From: E_K_S10/24/2012 2:03:52 PM
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Mitcham Industries Inc. (MIND) - Small starter position (Perhaps as much as 50% undervalued)

Started a small starter position in this small cap company. Mitcham Industries, Inc., through its subsidiaries, engages in the leasing, sale, and service of geophysical and other equipment to the seismic industry worldwide. The company operates in two segments, Equipment Leasing and Seamap.

They are very profitable in their two business segments. They both service and lease the equipment. Their assets are in their techs and the services they provide.

Stock recently has sold off due to a so-so presentation w/ one or more institutions lightening up their holdings. The stock is thinly traded so it is easy to see a big change in price as large common sales are done.

The EKS$ value is around $22.00/share but really a lot depends on if they can maintain (and/or grow) their current annual revenues. I am still researching the company to see how their revenues are booked (are their future back logs?) and if one or more customers make up a large percentage of those sales.

I like the business model and maybe they will provide similar types of seismic reports in the domestic shale regions where there is a lot of new drilling. This is one where you have to stay alert to the current story, where they see "organic" growth and if they expand their foot print in the market(s) they are in.

EKS
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