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Friday, 29 August 2003
August 29, 2003 Wilson Greatbatch (GB)
Now here is an interesting stock for you to consider! I was scanning the lists and was pleased to see AHS one of our early picks make the top of the largest % gainers. Also noted a couple of our other selections but was having a bit of a problem finding any NEW picks....at least until I came across Wilson Greatbatch (GB). I do not own any shares of this stock and in fact have NEVER HEARD OF IT before looking at the numbers the last few minutes!

According to money.cnn.com, Wilson Greatbatch (GB) is "...a manufacturer of power sources, feedthroughs, wet tantalum capacitors and other components used in implantable medical devices." I guess a company similar to this that I have looked at in the past is Surmodics which makes the coatings for the implantable stents for JNJ....but then again that is a DIFFERENT story..so staying on track....

GB is having a nice day in the market, trading as I write, at $39.24 up $1.79 or 4.78% on the day. On August 5, 2003, per the NYTimes on the Web, GB reported record second quarter results: Sales were $55.8 million an increase of 46% compared to $38.3 million reported in the second quarter of 2002. Net income was $5.0 million or $.23/share compared to $3.6 million or $.17/share last year. These results are, in my humble opinion, nothing short of stellar.

Morningstar.com shows a history of past growth consistent with the current quarter: revenue of $77.4 million in 1998, $79.2 million in 1999, $97.8 million in 2000, $135.6 million in 2001, $167.3 million in 2002. With extrapolation of the current quarter, we would estimate at the current rate something north of $200 million in revenue for 2003.

Free cash flow, while inconsistent, had been positive: $14 million in 2000, $12 million in 2001, $7 million in 2002 and $13 million in 2003. Actually, operating cash flow has consistently increased over that same period of time, but capital spending has varied resulting in variable free cash flow.

Assets and liabilities are slightly in favor of liabilities, a minor negative, with $2.2 million in cash and $67.2 million in other current assets vs. $17.9 million in current liabilities and $77.1 million in long-term liabilities.

Looking under Yahoo.com on the net, we find that the Market Cap is $792.7 million with 21.2 million of shares outstanding and only 8.70 million of them that float. No dividend is paid. According to Yahoo, the company is quite flush with cash with $4.84/share of cash...so actually looks nicer than Morningstar report. The p/e is a bit steep at 43.45, and price/sales also pricey at 3.94. There is a WONDERFUL short interest out there as of 8/8/03 of 1.42 million shares representing 8.15 days of average trading volume or 16.3% of the float.

O.K., I know I sound like a cheerleader sometimes...but this IS a pretty stock...I love the nature of the growth business they are in, the implantable device market is sure to continue to grow...especially with the implantable defibrillators, etc., although MDT has had some questions placed on that stock regarding the rate of growth in that business....this company looks like a winner to me.

Anyhow, I have one for you to chew on for the weekend! Thanks for stopping by. Please feel free to email me with any comments or questions at bobsadviceforstocks@lycos.com or leave your comments right here. Also remember to think about linking to this page if you have a webpage of your own! That WOULD be greatly appreciated!

Bob


Posted by bobsadviceforstocks at 10:38 AM CDT | Post Comment | Permalink

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