Wednesday, May 25, 2016 12:23:28 PM
I have been in and out of this one a couple times over the years. But have always had an eye on it. There have been ups and downs. Bends and twists. Been sitting under the market picking off shares here and there for at least 6 months.
It appears SPIN is presently on the cusp of turning the corner to bigger and better things. Somewhat of a rebirth. Clean balance sheet and low share count. Evidence of margin expansion and affect of QVH on legacy business showing in the financials.
As with all microcaps it boils down to:
1. The idea .... is it something the marketplace needs and wants ???
2. Management and execution
3. Sometimes money ..... I don't believe this company will have any difficulty if it needs money to expand if the ball starts rolling on both lines of business.
Assuming basic execution from mgmt. over the next couple years on both business lines with a minimal growth plan, I see no reason why this company cannot yield an 8-10 bagger from current prices. Could be much more but there is still an open question as to how aggressive and how big mgmt. growth plans are.
Execution on expansion is the current rub with shareholders. Some expectation had built up with regard to adding new legacy affiliates early in 2016 as mgmt. offered they were in discussions with 3 potential affiliate late last year. Additionally some expectation of 3rd party QVH sales (albeit small) towards end of first quarter. Thus far nothing in 2016. Recent F1Q CC mgmt. indicated they are still working on securing new affiliates and 3rd party sales and will announce as soon as the ink dries.
Tick ... tock ....... tick ..... tock ..... this one should be a slow and steady gainer ........
Amigo Mike
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