Conclusion
We think game-changing program awards are a question of when, not if. We believe SuperCom will win major awards in 2015, perhaps tomorrow, or perhaps in a week or 3 months. And there could be, and likely will be, multiple awards both in 2015 and beyond. If we are correct, this is potentially a 70% GM / 40% OM company with high visibility, and EPS approaching $2 in 2016 (with a strong growth trajectory thereafter) versus the $1+ currently expected. If we're wrong, this is a stock trading at 10x earnings, ex-cash - perhaps $1-2 of downside. If our industry checks are accurate, and management's commentary is correct - they already have wins, and are now negotiating the details. We believe this could quickly become a 15-20x EPS story on an EPS number approaching $2. At just $11.72 per share, we find the risk/reward compelling.
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