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Thursday, 23 October 2003
October 23, 2003 Shenandoah Telecommunic. (SHEN)
Market opened down sharply but is trying (?) to come back a bit as I write. Scanning through the lists of greatest percentage gainers on money.cnn.com, I came across Shenandoah Telecommunications (SHEN). SHEN is having a nice day trading at $43.50 as I write, up $2.50 or 6.10%. They announced several things that will tend to boost the stock price: a 2:1 stock split, an increase in dividend, and great earnings for the quarter! I do not own any shares of SHEN.

According to money.cnn.com, SHEN "...is a diversified telecommunications holding company providing both regulated and unregulated services in the Northern Shenandoah valley, including telephone, cable, Internet access, paging, mobile, and other services."

As reported yesterday, after the close of the market, on PRNewsire-First Call and picked up by Yahoo Finance, Shenandoah released results for the third quarter of 2003. Unaudited results for the period ended September 30, 2003 showed net income for the quarter was $2.7 million compared to $0.4 million in the same quarter last year, and total third quarter revenues grew by 12% from the same quarter last year. In addition, as noted above, SHEN announced a stock split for shareholders of record as of January 30, 2004. In addition, they declared a cash dividend of $.78/share, which is a 5.4% increase over the 2002 dividend. Nice report don't you think?

Morningstar.com shows SHEN with a nice sequential revenue growth from $36 million in 1998, $42 million in 1999, $44 million in 2000, $69 million in 2001, $93 million in 2002 and $97 million in the trailing twelve months.

Earnings/share have been a bit erratic but have increased from $1.49 in 1998, to $7.08 in the trailing twelve months.

Free cash flow has also been improving the latest few years: ($34) million in 2000, ($18) million in 2001, $0 in 2002 and $9 million in the trailing twelve months.

The balance sheet is reasonable with cash reported of $36.3 million, enough to cover the current liabilities of $29.3 million with an additional $11.1 million of other current assets. The company does have a bit of long-term debt at $63.2 million.

Yahoo shows a market cap of only $164.86 million. Trailing p/e at 26.11, PEG ratio reasonable at 1.18, and price/sales nice at 1.56.

There are only 3.79 million shares outstanding and 3.30 million of them that float. Only 7,000 shares are reported out short as of 9/8/03. However, this stock is lightly traded and this represents 2.333 days of trading. Per Yahoo, the yield is currently at 1.90%. Last stock split was a 2:1 in March of 1995.

This company is small, but it appears to be doing well. Pays a dividend, is growing its revenue and earnings, positive and improving cash flow, moderate p/e with outstanding PEG ratio and Price/Sales. Looks nice to me!

If you have any questions, comments or words of encouragement, please contact me at bobsadviceforstocks@lycos.com

Remember, all commentary here is my personal opinion, and you should be aware of the risks of investing including losses and all decisions that you make should involve consultation with your own certified financial advisor.

Bob


Posted by bobsadviceforstocks at 9:45 AM CDT | Post Comment | Permalink

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