Player Avatar IlanBigfoot (83.15) Submitted: 3/20/2010 1:11:45 AM : Underperform Start Price: $9.16 SPOK Score: +0.72

Straight-lining declining revenue over past three years indicates company is out of business in four more years. Currently at trailing P/E of 4.3, should be more like 3. 2x book value, 2.5x cash. Dividend currently higher than next year's predicted earnings.

Key question is how they handle the decline. Can pagers find a core must-have customer base, and can costs be under that core revenue by 30% or more? Otherwise USA Mobility will have to close shop or sell off. Will leadership do this in a shareholder-friendly manner, or just grab what they can and flee?

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