10x45 Bargain Hunter

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10 Essential Stock Screens for Value Investors x 45 Stocks per Screen = up to 450 Investment Candidates

Dear Fellow Idea Seekers,
We are pleased to bring you this
week's 10x45 Bargain Hunter ,
based on stock prices as of
May 29th
29th, 2009
2009.
–Your Manual of Ideas Team

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This Week's Top
Bargain Hunter Screen Results

Price

Market
Value

Contrarian: Shunned by the market, but not by insiders
1 Unico American / UNAM
$7.48
$42mn

Enterprise
Value

Price to
Tangible Book

n/m

.5x

2 GTx / GTXI

$8.57

$312mn

$230mn

17.5x

3 O.I.
O I Corp.
Corp / OICO

$7 59
$7.59

$18mn

$14mn

1 1x
1.1x

Contrarian: Biggest Losers (deleveraged & profitable)
1 Emergent BioSolution / EBS
$10.94
$331mn

$326mn

1.6x

2 Questcor Pharma / QCOR

$4.26

$274mn

$213mn

4.2x

3 CryoLife / CRY

$4.69

$133mn

$115mn

1.4x

Value with Catalyst: Cheap Repurchasers of Stock
1 Societe Generale / SCGLY

$11.62

$32,385mn

n/m

.8x

2 China TransInfo Tech / CTFO

$4.99

$111mn

$103mn

2.6x

3 QLT / QLTI

$2.27

$124mn

-$6mn

.5x

www.manualofideas.com
Profitable Dividend Payors with Decent Balance Sheets
1 Anworth Mortgage / ANH
$6.66
$677mn

$702mn

1.0x

2 Am. Capital Agency / AGNC

$18.99

$285mn

$256mn

1.0x

3 TICC Capital / TICC

$4 38
$4.38

$116mn

n/m

.6x
6

$936mn

2.7x

Deep Value: Lots of Revenue, Low Enterprise Value
1 World Fuel Services / INT
$42.44 $1,251mn

Standalone price of
10x45 Bargain Hunter: $99/year

2 Tech Data / TECD

$32.01

$1,604mn

$1,347mn

.9x

3 Ingram Micro / IM

$16.52

$2,674mn

$1,995mn

1.0x

Deep Value: Neglected Gross Profiteers
1 Kindred Healthcare / KND
$13.13

$512mn

$578mn

.6x

2 Humana / HUM

$31.33

$5,314mn

$1,157mn

2.2x

3 Winn-Dixie Stores / WINN

$15.26

$831mn

$692mn

1.3x

Activist Targets: Potential Sales, Liquidations or Recaps
1 QLT / QLTI
$2.27
$124mn
10x45 BARGAIN HUNTER is published weekly by
BeyondProxy LLC, P.O. Box 1375, New York, NY
10150. Website: www.manualofideas.com. Email:
support@manualofideas.com. Please email or call if
you have any subscription questions. Managing
Editor: John Mihaljevic. Subscription $99 per year. ©
Copyright 2008 by BeyondProxy LLC. All rights
reserved. Photocopying, reproduction, quotation, or
redistribution of any kind is strictly prohibited without
written permission from the publisher. This newsletter
bases screening results on techniques and sources
believed to be reliable in the past and cannot
guarantee future accuracy and results. The stocks
listed in this newsletter should not be construed as
investment recommendations. BeyondProxy’s officers,
directors, employees and/or principals (collectively
“Related Persons”) may have positions in and may,
from time to time, make purchases or sales of the
securities or other investments listed or discussed in
this newsletter. John Mihaljevic, Chairman of
BeyondProxy, is also a principal of Mihaljevic Capital
Management LLC (“MCM”), which serves as the
general partner of a private investment partnership.
MCM may purchase or sell securities and financial
instruments discussed in this newsletter on behalf of
the investment partnership or other accounts it
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Pictured in the top left corner is the Zeiss 10x45
Victory
Binocular
built-in
Vi
t
Bi
l with
ith b
ilt i llaser rangefinder.
fi d

-$6mn

.5x

2 Trident Microsystems / TRID

$1.72

$108mn

-$94mn

.6x

3 TomoTherapy / TOMO

$2.29

$119mn

-$39mn

.6x

"Magic Formula," based on Trailing Financials
1 KHD Humboldt Wedag / KHD
$8.22
$251mn

-$107mn

1.0x

2 i2 Technologies / ITWO

$12.28

$270mn

$219mn

34.6x

3 ePlus / PLUS

$14.30

$115mn

$114mn

.8x

"Magic
Magic Formula,
Formula " based on This Year
Year's
s EPS Estimates
1 Endo Pharma / ENDP
$15.93 $1,866mn

$1,906mn

12.1x

2 Pre-Paid Legal / PPD

$42.36

$465mn

$476mn

13.1x

3 EarthLink / ELNK

$7.84

$831mn

$542mn

2.2x

$1,906mn

12.1x

"Magic Formula," based on Next Year's EPS Estimates
1 Endo Pharma / ENDP
$15.93 $1,866mn
2 GigaMedia / GIGM

$6.05

$327mn

$242mn

2.9x

3 Pre-Paid Legal / PPD

$42.36

$465mn

$476mn

13.1x

"Magic Formula," based on Trailing Financials
Companies with high returns on capital employed, trading at high trailing EBIT-to-enterprise value yield
Move To
Price
Company / Ticker

52-Week

MV

EV

EV/

Trailing

EBIT/

EBIT/

Capital

Price to
Tax

Tangible
Book

($)

Low

High

($mn)

($mn)

Sales

EV

Employed

Rate

1 KHD Humboldt Wedag / KHD

8.22

-21%

335%

251

(107)

n/m

infinite

infinite

>99%

1.0x

2 i2 Technologies / ITWO

12.28

-55%

19%

270

219

.9x

50%

infinite

7%

34.6x

3 ePlus / PLUS

14.30

-45%

5%

115

114

.2x

28%

infinite

43%

.8x
2.2x

4 EarthLink / ELNK

7.84

-30%

30%

831

542

.6x

29%

640%

n/m

5 PDL BioPharma / PDLI

6.95

-25%

30%

830

1,148

3.7x

23%

3152%

8%

n/m

6 KBR / KBR

18.42

-47%

109%

2,956

2,035

.2x

26%

338%

38%

2.2x
2.7x

7 CF Industries / CF

77.64

-51%

123%

3,758

2,923

.7x

35%

230%

36%

8 Hawaiian Holdings / HA

5.26

-59%

111%

271

276

.2x

64%

207%

22%

n/m

9 Foster Wheeler / FWLT

26.52

-52%

199%

3,353

2,783

.4x

19%

infinite

14%

9.6x

10 Centene / CNC

18.18

-17%

36%

783

663

.2x

19%

infinite

38%

2.8x

11 Terra Industries / TRA

27.79

-60%

107%

2,771

2,110

.8x

33%

199%

26%

2.5x

12 Hugoton Royalty / HGT

13.88

-47%

173%

555

553

5.5x

18%

infinite

n/m

3.8x

13 Dell / DELL

11.57

-32%

125%

22,574

14,946

.3x

18%

infinite

27%

12.5x

14 GT Solar / SOLR

6.42

-86%

165%

919

811

1.5x

18%

infinite

38%

27.9x

15 Universal Travel / UTA

7.90

-88%

7%

110

86

1.0x

25%

205%

23%

3.2x

16 Pre-Paid Legal / PPD

42.36

-38%

8%

465

476

1.0x

21%

253%

38%

13.1x

17 Accenture / ACN

29.93

-17%

44%

21,485

18,495

.7x

17%

infinite

29%

13.3x

18 Permian Basin / PBT

11.42

-35%

140%

532

531

5.7x

17%

infinite

n/m

443.6x

19 MicroStrategy / MSTR

46.80

-35%

74%

557

394

1.1x

17%

infinite

41%

3.9x

20 Administaff / ASF

21.50

-38%

45%

547

351

.2x

17%

119800%

37%

2.7x

21 Gentiva Health / GTIV

15.91

-19%

88%

460

615

.5x

34%

163%

17%

n/m

22 Terra Nitrogen / TNH

123.51

-47%

27%

2,308

2,191

2.5x

17%

4047%

n/m

12.8x

23 USA Mobility / USMO

11.18

-37%

21%

253

188

.5x

37%

156%

57%

2.2x

24 Endo Pharma / ENDP

15.93

-13%

64%

1,866

1,906

1.5x

20%

261%

36%

12.1x

25 Ambassadors Group / EPAX

12.33

-50%

62%

232

126

1.3x

22%

199%

34%

4.5x

26 Energen / EGN

37.22

-38%

114%

2,669

3,196

2.1x

17%

1079%

38%

1.3x

27 Georgia Power / GPW

24.49

-27%

4%

227

8,261

1.0x

19%

266%

35%

.0x

28 Primoris Services / PRIM

5.30

-39%

63%

172

123

.2x

28%

152%

20%

3.0x
2.9x

29 GigaMedia / GIGM

6.05

-56%

196%

327

242

1.3x

16%

infinite

3%

30 Interpublic Group / IPG

5.24

-51%

93%

2,507

3,482

.5x

16%

infinite

34%

n/m

31 Questcor Pharma / QCOR

4.26

-27%

130%

274

213

2.1x

28%

129%

31%

4.2x

32 NutriSystem / NTRI

13.70

-27%

66%

421

347

.5x

21%

169%

43%

3.7x

33 AmSurg / AMSG

18.68

-35%

55%

573

819

1.3x

26%

128%

40%

n/m

34 Net1 UEPS / UEPS

12.22

-33%

140%

680

564

2.3x

17%

326%

34%

4.7x
7.2x

35 EMCOR Group / EME

22.47

-50%

60%

1,479

1,283

.2x

25%

125%

39%

36 Corporate Executive / EXBD

17.39

-29%

165%

593

522

1.0x

15%

infinite

43%

n/m

37 TiVo / TIVO

7.00

-43%

30%

731

516

2.1x

15%

infinite

1%

4.8x

38 VAALCO Energy / EGY

4.56

-23%

97%

266

183

1.2x

39%

102%

72%

1.7x

39 Herbalife / HLF

29.21

-59%

67%

1,798

1,949

.9x

16%

346%

32%

n/m

40 Korn/Ferry / KFY

11.09

-32%

85%

496

276

.4x

20%

153%

49%

1.6x

41 Solutia / SOA

4.90

-79%

267%

462

1,776

.6x

93%

94%

15%

n/m

42 True Religion / TRLG

23.06

-66%

38%

584

508

1.3x

19%

164%

38%

3.9x

43 China Sky One / CSKI

14.74

-57%

30%

244

196

1.9x

20%

134%

21%

2.8x

44 Comfort Systems USA / FIX

9.33

-34%

70%

361

262

.2x

30%

97%

38%

2.0x

45 Innophos / IPHS

15.59

-51%

166%

331

523

.5x

63%

88%

23%

1.9x

Criteria: ► Market value > $100 million ► ADRs and banks excluded
MV = market value. EV = enterprise value. Number of insider transactions relates to most recent six-month period.
© 10x45 Bargain Hunter ™

June 1, 2009

www.manualofideas.com

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