upg-universal power group

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-Universal Power Group

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Corner of Berkshire & Fairfax Message Board General Category Investment Ideas UPG-Universal Power Group

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Aut hor Top ic : UPG-Universal Pow er Group (Read 80 t im es)

UPG-Universal Pow er Group on: January 03, 2012, 09:50:04 PM

Hey guys here is a short writeup for UPG. Any thoughts and what am I missing?

Universal Power Group

Business: Universal power group(UPG) is a distributor of batteries and power

accessories and a supply chain management company specializing in third party

logistics and value added services.

The value added services are as follows

Battery Pack Assembly

Battery Replacement Program

Battery Recycling

Kitting

Product development

Private Labeling

Graphic Design

Sales & Marketing Support

Why is it cheap?

The current balance sheet profile looks constricting to UPG in paying down the

line of credit and operating lease for the upcoming year. Even though the

working capital shows plenty of current assets compared to total liabilities, most

of the Current Assets are in inventories and A/R. The inventories are usually not

liquid and cant be converted to cash very fast. It seems priced as if UPG will run

into trouble in the future with the balance sheet. Also it is a very small microcap

company many institutions will not take a look at this at all.

Ratios

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P/E(TTM) 7.2

P/S(TTM) 0.1

EV/EBITDA(TTM) 5.0

P/Tang BV(MRQ) 0.5

Earnings Yield 19%

P/FCF 1.6

Perusing through the financials, the company makes money although the margins

are low. EBIT margins in 2008, 2009, and 2010 have been 2.7%, 1.9%, and

4.8% respectively.

Ownership

The company is majority owned by Zunicom which has a 41% stake and there is

a 49% ownership by the directors and Executive officers. It signals management

incentive is aligned. Although looking at compensation expense it is 13% of

market cap. Which I consider is a lot compared to most public companies. It is a

family held company. William Tan used to be the CEO of the company but still

owns majority of the company through Zunicom. He handed the reins over to his

son in law Ian Edmonds.

Valuation

Figures in Millions BV

Cash & Equivalents $0.36

Accounts Receivable $12.40

Inventories $20.30

Current Assets - Total $36.30

Total Liabilities $16.97

Shares Outstanding 5.02m

NCAV 19.33M

NCAV Per Share $3.85

Discount to NCAV 50%

Currently the stock is trading at a 50% discount below NCAV. It looks attractive.

Unfortunately since it majority owned. There doesnt seem to be an immediate

catalyst in the future. Although the company still makes money from operations.

Risks

Technology Obsolesce

Writedown on A/R and Inventory

Overall it seems to be an earnings play, meaning if the stock can generate

enough cash. UPG will most likely ward off a possibility of a bankruptcy as it is

currently priced by the market.

UPG-Universal Pow er Group on: January 03, 2012, 09:50:04 PM

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