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Thursday, 8 April 2004
April 8, 2004 ValueClick (VCLK)

Hello Friends! Thanks so much for stopping by. I am at it again...at least on my lunch hour! Sometimes I think that running this blog COULD be a full-time job...or just maybe it feels that way! But I love every minute of it. Remember to PLEASE do your own investigation of every stock that is discussed here before making any of your own investment decisions, and please consult with your investment advisors as I am truly just another fellow amateur investor!

I came across ValueClick Inc. this afternoon while checking out the lists of movers in the market. It sounds like another 'dot-com' to me...but the numbers deserve attention. Currently, as I write, VCLK is trading at $12.16 up $1.31 or 12.07% on the day. According to the "Snapshot" on money.cnn.com, VCLK's provides "...products and services that enable marketers to advertise and sell their products. The Group provides software that assists agencies with information management regarding their financial workflow and offline media buying and planning processes." Well, I guess that explains it (?).

On February 12, 2004, VCLK reported 4th quarter 2003 results. For the quarter ended December 31, 2003, revenue was $30.3 million, a 61% increase over the $18.8 million reported the prior year. The company does relate that these results include acquisitions, but at least for final results, this still looks nice as they reported that net income for the quarter (before taxes and minority interest) was $5.3 million compared to $1.8 million the prior year. This worked out to $.07/diluted share vs $.02/diluted share the prior year.

Morningstar.com "5-Yr Restated" financials shows revenue growth which while decreasing from 2000 to 2001, otherwise has been steady from 1998 when they reported revenue of $2.1 million, increasing to $81.0 million the prior twelve months. The company which was losing money at $(.20)/share in 2001, improved to a loss of $(.14)/share in 2002, and is reporting $.09/share for the trailing twelve months per Morningstar.com.

Free cash flow has been a bit erratic as well from $4 million in 2000, to $(7) million in 2001, $(2) million in 2002, but back to $8 million in the trailing twelve months.

Morningstar.com shows that this company has a beautiful balance sheet with $227.7 million in cash and $19.9 million in other current assets, compared to current liabilities of $17.3 million and $16.4 million in long-term liabilities. All of the liabilities, both long- and short-term, could be paid off about 7 times over just with the available cash!

Looking at "Key Statistics" from Yahoo on VCLK we see that the market cap is a mid-cap $951.42 million, with a trailing p/e of 98.23 (!), but a forward p/e of only 30.45 (fye 31-Dec-05). Thus, the PEG isn't too bad at 1.90, but price/sales a bit rich at 9.16.

There are 78.11 million shares outstanding with 71.60 million of them that float. There are 1.16 million shares out short representing 1.251 trading days as of 3/8/04, or 1.63% of the float.

No cash or stock dividend is reported by Yahoo.

If we look at a "Point and Figure Chart" , we can see that VCLK was trading lower through 2002 and then broke through a resistance level at about $3.50 in April, 2003, and has traded higher fairly consistently since then to its current level.

Overall, this is an interesting stock. No I do not own any shares nor have any short or option interest in it! The p/e is a bit rich for me although the growth is great, much of this is through acquisitions, which makes me a bit concerned...although they are clearly managing this growth well. Their balance sheet is super....and if you like this one, it may be for you.

Thanks again for stopping by. If you have any questions, comments, or words of encouragement please feel free to email me at bobsadviceforstocks@lycos.com

Bob


Posted by bobsadviceforstocks at 1:38 PM CDT | Post Comment | Permalink

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