Equity Field Notes from temporal sources

[DanWebzster]

VOXX is an under-delivering buy on fundamentals, despite the fact that the company is a prime example of merchant-based capitalism.

Mgmt is paid 8.75% of pre-tax profits.

Mgmt has over promised on guidance for nearly 5 years running.

The most bullish case revolves around analyzing the company ex-consumer accessories business.

MC = 133mn @ P/S of 5.55

Conservative sum-of-parts analysis:

Cash = 31mn
Klipsch Brand = 104mn
ASA = 80mn
Automotive ex ASA = 40mn
360 fly = ( 11mn in liabilities )