+ Watch TNAV
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Growth in new automotive segment at 50%+ p.a.
Trading at a little over $6/share with $5/share in net cash and less than 1X EBITDA. Investors rightfully concerned about Sprint and AT&T revenue (~80% revenue). However, even if all of that disappeared (unlikely), the company still has many strategic growth areas such as auto (Ford GPS). Company has purchased $25 mm in stock the past two years. Sprint had ability to terminate contract as early as June 1st, the fact it has not happened is good news. Last time there was this concern over Sprint, the company ended up renegotiating and the stock went above $22. Probably will not happen again, but plenty of upside here to like the risk/reward at $6. Biggest risk here is dumb acquisition or capital allocation from insiders. Don't like how they have been net sellers in the marketplace lately, but still enough downside protection to make me give the up thumb.
200M in cash, nice net income and FCF growth, 24% inside ownership and current assets 4x total liab
Magic formula pick
A small cap with good financial ratios - Quick of 4.2, peers 1.7.
Magic formula + insider buying
Ongoing partnerships with AT&T, Sprint, and Ford. Strong return on equity, good margins, and a stellar & debt-free balance sheet. Big thumbs up.
Mobile is the trend. GPS/Maps is needed by everybody
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