Duncan:
We seem to travel in the same circles. Now if only you could arrange for ECGOF to be added to this list! I've been in this one quite awhile. It's comforting to see you here, as you seem to very knowledgeable with your investments, and perform due research.
The downside here is that this is basically a one customer company; and the acute shortage of engineers that exists at present. The counter to this, however, is that APSG seems to dominate their speciality niche; besides their expertise in the niche', their forte is their procurement savvy, which is bred of years of learning the ropes. Their strategy of "off-the-shelf" electronics surveillance solutions seems to be playing out very well in a cost conscious defense budget environment. Also, as of yet, they seem to have managed quite well with the engineering talent they have.
I'd advise you to read their 10Qs. This is one of the easiest companies I have yet encountered to get a feel for, as future results are tied to new order and backlog levels which are published in the 10Q. However,one caveat--there is always the chance of margin erosion due to unfavorable contract negotiations, or underbidding. But again, the company's recent history is quite good here as well.
Best of luck to you (and us!). Nice to see you here.
best regards |
