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Bolt Technology Corp 0

(BOLT) June 28, 2010


Figures in Millions except per share values
Company Overview Low Risk
Bolt Technology Corporation consists of three operating units that manufacture and 5
sell marine seismic data acquisition equipment: Bolt Technology Corporation (Bolt), A- 4
G Geophysical Products, Inc. (A-G) and Real Time Systems Inc. (RTS). Bolt
develops, manufactures and sells marine seismic energy sources (air guns) and 3
Strong Moat High Growth
replacement parts, and is referred to as the seismic energy sources segment. A-G 2
develops, manufactures and sells underwater cables, connectors, hydrophones, depth 1
and pressure transducers and seismic source monitoring systems, and is referred to
as the underwater cables and connectors segment. RTS develops, manufactures and 0
sells air gun controllers/synchronizers, data loggers and auxiliary equipment, and is
referred to as the seismic energy source controllers segment. In May 2008, the
Company completed the selling of Custom Products Corporation (Custom), a wholly Good Financial
Under Valued
owned subsidiary of Bolt. Health

Valuation Well Managed


Current Price $ 8.60 Margin of Safety
NCAV $ 6.10 -29%

Total Net Reprod. Cost $ 5.13 -40%


5 Year Historical Price vs DCF Intrinsic Value
40
Earnings Power Value (EPV) $ 16.57 93%

Discounted Cash Flow (DCF) $ 14.39 67% 35


Ben Graham Formula $ 8.28 -4% 30
25
Key Statistics Valuation Ratios
20
Market Cap (millions) $ 74.76 P/E (TTM) 13.4
52-Week High $ 13.40 P/S (TTM) 2.3 15
52-Week Low $ 8.09 P/Tang.B (MRQ) 1.3 10
% off 52-Week Low 6% P/Tang. BV (MRQ) 1.3
FCF/EV (TTM) 8.0% 5

Cash Flows P/FCF (TTM) 6.5 0


Free Cash Flow EV/Sales (TTM) #REF! 10/13/2003 10/13/2005 10/13/2007 10/13/2009
5 yr FCF Growth 84.6% EV/FCF (TTM) 12.5 Historical Price Intrinsic Value Buy Price
10 yr FCF Growth 20.5%
Margins & Profitability Balance Sheet
Effectiveness Gross Cash and Equiv $ 36.77
CROIC Gross Margin Short-Term Investments $ -
Avg 9.7% Operating Accts Rec $ 4.52
FCF/S Operating Margin Inventory $ 13.42
Avg 6.8% Net Profit Total Current Assets $ 56.26
ROA Net Margin Net PP&E $ 3.99
Avg 15.9% Intangibles $ 12.01
ROE Financial Strength (MRQ) Total Assets $ 72.46
Avg 18.9% Quick Ratio 24.6
Current Ratio 32.4 Total Current Liabilities $ 1.73
Efficiency LT Debt to Equity 0.0 Long-Term Debt $ -
Receivable Turnover (TTM) 4.5 Total Debt to Equity 0.0 Total Liabilities $ 1.72
Inventory Turnover (TTM) 1.2
Asset Turnover (TTM) 0.5