Archive for September, 2010

Audiovox (VOXX)

Thursday, September 30th, 2010

Audiovox Corporation, through its subsidiaries, operates as a distributor and value added service provider in the accessory, mobile, and consumer electronics industries. The company sells mobile multi-media video products, including in-dash, overhead, headrest, and portable mobile video systems; autosound products comprising radios, speakers, amplifiers, and CD changers; satellite radios, such as plug and play models, and direct connect models; automotive security and remote start systems; and automotive power accessories. It also offers rear observation and collision avoidance systems; home and portable stereos; digital multi-media products, including personal video recorders and MP3 products; camcorders; clock-radios; digital voice recorders; home speaker systems; portable DVD players; and digital picture frames and e-readers. In addition, the company sells high-definition television and wireless fidelity antennas, high-definition multimedia interface accessories, home electronic accessories, other connectivity products, power cords, performance enhancing electronics, TV universal remotes, flat panel TV mounting systems, iPod specialized products, wireless headphones, rechargeable battery backups (UPS), power supply systems, electronic equipment cleaning products, and set-top boxes. Further, it provides value added management services, which include product design and development, engineering and testing, sales training and customer packaging, instore display design, installation training and technical support, product repair services and warranty, nationwide installation network, warehousing, and specialized manufacturing. The company sells its products to power retailers, mass merchants, regional chain stores, specialty and Internet retailers, independent 12 volt retailers, distributors, new car dealers, vehicle equipment manufacturers, and the U.S. military. Audiovox Corporation was founded in 1960 and is headquartered in Hauppauge, New York.

  • Market Cap (intraday): 178.19M
  • Enterprise Value: 112.82M
  • Trailing P/E (ttm, intraday): 8.51
  • Price/Sales (ttm): 0.30
  • Price/Book (mrq): 0.47
  • Enterprise Value/EBITDA (ttm): 13.08

Current assets – total liabilities > market cap. Gross profit is roughly equal to enterprise value (EV). Book value is 75% tangible, and price/book ratio < 1.

Revenue is increasing by single-digits.

VOXX is a pick of Baupost (Seth Klarman).

It’s dirt-cheap, growing (albeit slowly), and vetted by a reliable expert. Bought with real money @ $7. Added to CAPS account.