Tuesday, August 23, 2005 9:25:53 AM
IVCM just reported last Q. I just compared both companies last Q's. Both are otcbb and have very close business plans. The main differences are IVCM owns a company that turnkeys wireless, design and equipment. IVCM plan is to buy dialup and convert to wireless. Syte owns some retail stuff but is buying ISP's with BB and fight to keep BB. The main reason for IVCM's huge loss is a legal settlement. But the point is... IVCM has a much larger mkt cap vs SYTE... yet IVCM has a much less appealing balance sheet. Why?
Item..................SYTE.OB 2Q05..... IVCM.PK 1Q05
Revenue............... $780,618 ...... $777,836
Cost of good sold..... $205,111....... $488,622
Operating Income...... $198,763....... ($54,230)
Net income before tax. $155,743....... ($947,013)
Current Assets........ $302,930 ...... $462,231
Curren Liabilities.... $929,362 ...... $5,220,027
Total Liabilities..... $1,876,519 .... $5,615,429
Networth/Shr Equity... $337,628 ...... ($1,661,615)
Gross profit margin... 74%............ 37%
Operat profit margin.. 20%............. -7%
Net profit margin..... 14%............. -122%
Cash & equivalents.... $30,775.......... $6,785
Current ratio......... 0.33............... 0.09
Return on assets...... 0.14............. -122%
Debt to worth ratio... 5.56............ -338%
Working capital....... ($626,432).... ($4,757,796)
EPS................... $0.002 ............. ($0.014)
PPS 8/22/05........... 0.035................ $0.06
PE ratio 12moth trail. 5.................. None
OS reported........... 82,013,305..... 69,113,997
MKT CAP............... $2,870,466...... $4,146,840
SYTE Val Comparisons.. SYTE.OB (2Q's)..... IVCM.PK 1Q05
Rev Size compare ratio ............ 1 ................ 0.996
MKT CAP compare
Rev size x mkt cap)........ $2,870,466 ..................$4,132,061
What SYTE PPS should.
be in comparison......... $0.035 ............... $0.050
Conclusion... As you can see.. Our pps is $.035. If we traded like IVCM then our pps should be $.05
Now consider this.... Close the new buy...
Revs double...
.........................SYTE .......IVCM
Rev Size compare ratio..... 1 ......... 0.498
MKT CAP compare
(Rev size x mkt cap)..$2,870,466... $2,066,031
What SYTE PPS should
be in comparison.........$0.035 .... $0.025
This is more like what you would expect. But! If SYTE then continues to make same profit margins PE would be about a 2.5 at this level... So is SYTE undervalued or IVCM overvalued?
All IMO and welcome any response.
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