2. investorSCOREcard
Grand Power Logistics (GPW-V)
Company Overview and Market Opportunity
Headquartered in Hong Kong, Grand Power is a leading logistic services provider of airfreight and ocean freight
services, rail and land transportation, customs brokerage, warehouse and distribution, and global freight
management services.
Grand Power has established operations in various regions throughout Asia and North America, particularly in the
Greater Pearl River Delta, China’s largest economic zone. Grand Power maintains offices in Macau, Shenzhen,
Guangzhou, Shanghai, Xianen, Tianjin, Beijing and Los Angeles.
The Company’s growth is due a number of factors, driven primarily by the expansion of China’s economy. In
particular, China’s burgeoning economy is driving the need for logistics services necessary to handle the export of
manufactured goods as well as the import of luxury goods for the country’s growing middle class.
Recent Operational and Financial Highlights
• Signed a memorandum of understanding to develop Yangshan International Container Transit Logistics
Park. The MOU was signed with the Shengsi County People's Government in Zhejiang Province, China.
• Entered into agreements with two major airline carriers to handle the Company’s dangerous cargo
shipments in Northern China.
• Signed an agency agreement with a leading, international ocean carrier to act as a broker for the carrier,
selling directly to China-based exporters of manufactured goods.
• Formed a special Project Team that will oversee the development of Yangshan International Container
Transit Logistics Park.
• Increased revenue for Q2 FY2010 by 4.7% to $21.3 million and generated a net profit of $308,000,
representing a positive turnaround of $855,000.
• Adopted the US dollar as the Company’s reporting currency since the majority of the Company’s
transactions are conducted in Hong Kong currency, which is pegged to the US dollar. The change will
reduce the effect of Canadian/US exchange rate fluctuations on financial results going forward.
• Increased gross profit per ton shipped by 195% to $208 per ton, up from $70 as a result of direct sales
strategy and increased concentration of higher margin sales opportunities.
Growth Strategy
Grand Power’s strategy for growth is focused on:
• capitalizing on the increasing demand for logistics services due to China’s burgeoning economy
• driving higher margins through increased direct sales activities with customers and negotiating volume
discounts on the cost of cargo space with carriers
• expanding into higher margin services, such as dangerous cargo handling
• leveraging its joint ventures with Air China and ECS for increased sales
• developing a logistics handling park affiliated with Shanghai’s new deep-sea port.
3. investorSCOREcard
Grand Power Logistics (GPW-V)
Competitive Advantages
Grand Power has a number of competitive advantages. The Company
• is a full service provider of logistics services
• has partners in Europe, China and North America that strengthen its service offerings to exporters and
importers alike.
• has local knowledge and presence in China, unlike major international competitors
• Maintains long-standing relations with logistics service providers and agents around the world.
Directors and Management
Mr. Ricky Chiu
President, Chief Executive Officer and Director
As a key founder and visionary for GPW, Mr. Chiu brings a Western business perspective to the Company. He
received his education in England , Oxford College and Beijing University and began his career in Australia and
Canada . He has a diversified background in a wide range of industries with roles in finance, audit, property/real
estate, merchandise trading and travel, as well as logistics. Mr. Chiu founded Grand Power Express International
Ltd in Hong Kong in 2002.
Mr. Alan Chan
Chief Financial Officer, Secretary-Treasurer, and Director
Mr. Chan holds an Engineering Degree from the University of Saskatchewan. He has many years of experience in
Chinese projects, including taking a number of companies public in Western Markets and assisting in financing.
This experience is extremely important to understand the business cultures of North America and the Asia Pacific
Region.
Mr. Jones Chu
Independent Director
Mr. Chu is an Equity Derivatives Director with a leading Hong Kong-based securities firm and a Director and
shareholder of Grand Power Logistics Development Limited (“GPLD”) – the business unit of Yangshan Logistics Park
. Mr. Chu has more than 15 years of capital markets experience. Mr. Chu is responsible debt and equity raises of
GPLD .
Mr. Mike Lam
Director
Mr. Lam has over 10 years of experience in air cargo and logistics services. With his extensive knowledge on sales
and pricing, he has developed solid relationships with local and overseas clients. Since May 2002, Mr. Lam served
as General Manager of Grand Power Express; since May 1997, General Manager of Grand Power Express
Forwarders Co. Ltd., & Grand Power Express Tourism Co. Ltd. (Macau).
4. investorSCOREcard
Grand Power Logistics (GPW-V)
Mr. Kim Oishi
Director
Mr. Oishi has 15 years experience in financing and advising growth companies, and has served in senior
management and board positions on a number of public and private companies. His experience in Asia dates back
to the early 1990s and he has a keen interest in the growth potential of China based companies as they develop
links with the North American capital markets. He has an MBA from the University of British Columbia.
Mr. Gerry Peacock
Independent Director
Mr. Peacock is a Calgary-based lawyer with many years of experience and operates as a sole practitioner providing
legal/advisory services to clients in a wide range of sectors. Mr. Peacock also serves as a Member of the
Corporation's Audit Committee.
Ms Candace Wong
Director
Ms. Wong has over 10 years of experience as a Credit Controller in Human Resources, Advertising, and Real Estate
Firms. Currently she is the regional credit head of Underwriters Laboratories (UL) in Asia Pacific, Middle East and
Africa. Before that she was the Group Credit Controller/Compliance, Asia with Hudson Global Resources (HK) Ltd.,
a recruitment agency listed on nasdaq; from August 1999 to June 2000, Credit Controller with JC Decaux Pearl &
Dean Limited; from March 1997 to August 1999, Credit Controller with Colliers Jardine (Hong Kong) Limited.
Comparables
Cargojet Income Fund – CJT.UN-T
TransForce Inc. – TFI-T
Mullen Group Ltd. – MTL-T
5. investorSCOREcard
Grand Power Logistics Group (GPW-V)
Stock Market Performance Rating 0.9
Stock Market Returns 200,000 $1.00
180,000 $0.90
Return Percentile Rating
Three Months 22% 72% 3.6 160,000 $0.80
Six Months (31.7%) 11% 0.6
140,000 $0.70
Stock Price
1 Year (30.0%) 2% 0.1
Volume
3 Years (CAGR) (36.6%) 1% 0.0 120,000 $0.60
5 Years (CAGR) (23.7%) 3% 0.1 100,000 $0.50
80,000 $0.40
Market Data 60,000 $0.30
Price $0.14
Mkt Cap (Mil) $7.39 40,000 $0.20
Shs Outstanding (Mil) 52.79 20,000 $0.10
Dividend Yield % 0.0%
Avg Vol Last 3mos. (000's) 52.52 - $-
2004
2005
2006
2007
2008
2009
2010
P/E (TTM) NA
Insider Ownership Rating 4.1
Value of Shares and Options Percent of Ownership
Shares Options Total Value Rating Percent Rating 37.8% Insiders
* Adjusted 0.0% > 10% Holders
# of # of $ Value if Adjusted $
$ Value $ Value if Rating Percent of Rating 62.2% Other
Shares Options Exercised Value
Exercised (Add all) Mkt. Value (Add all)
Tong (Ricky) Chiu
15,247,922 $2,134,709 1,500,000 $210,000 $105,000 $2,239,709 0.9 30.3% 5.0
President and CEO
Alan Chan
305,000 $42,700 235,000 $32,900 $16,450 $59,150 0.0 0.8% 0.2 Jan-10
CFO
Other Officers Dec-09
200,000 $28,000 200,000 $28,000 $14,000 $42,000 0.0 0.6% 0.1
Board of Dir. (excl. CEO & Nov-09
CFO)
2,582,837 $361,597 1,270,000 $177,800 $88,900 $450,497 0.2 6.1% 1.2
Oct-09
> 10% Holders - $0 - $0 $0 $0 0.0% Sep-09
For info only
Total (excl. >10% Holders) $2,567,006 $448,700 $224,350 $2,791,356 1.1 37.8% 4.0 0% 20% 40% 60% 80% 100%
(Max of 4) (Max of 4) CEO CFO
Other Officers Directors
> 10% Holders Public Float
* Adjusted $ Value of Options is 50% of their full value if exercised to account for volatility. Furthermore, our view is that shareholders would rather management owned shares vs. options.
Add: Compensation Type
Category Rating Addition Percent of Compensation
Share and Total Perform- Share and
16.8%
Salary Perform- Unit Option All Other Comp. ance Unit Option
ance Bonus Awards Awards Comp. Bonus Awards Awards
Tong (Ricky) Chiu Salary
$223,207 $223,207
President and CEO 0.0% Bonus
Alan Chan Shares & Units
$45,000 $45,000
CFO Options
All Other
83.2%
Total $223,207 $0 $0 $0 $45,000 $268,207 0.00 0.00 0.00
(Max Score)
Bonus: Net Buying/Selling Last Six Months
Insider Holdings Beginning and Ending Value
Transactions
Adjusted Share and
$3,000,000
Rating $2,500,000
Option Value
Buying Selling Net Bonus
$2,000,000
$1,500,000
Tong (Ricky) Chiu, President and CEO $0 $0 $0 0.00
Alan Chan, CFO $0 $0 $0 0.00 $1,000,000
Other Officers $312,189 -$9,189 $321,378 0.12 $500,000
Board of Dir. (excl. CEO & CFO) $0 $0 $0 0.00
$-
> 10% Holders (info only) $0 $0 $0
Total (excl. >10% Holders) $312,189 -$9,189 $321,378 0.12 (Total Score) Beg Trans- Ending
Value actions Value
6. investorSCOREcard
Grand Power Logistics Group (GPW-V)
Balance Sheet Analysis Rating 4.3
Short-Term Liquidity Quadrant 3: Quadrant 1:
"RECOVERING" "OPTIMAL"
$ 2.0
+ VE
This Company's cash flow is considered NOT SEASONAL, therefore this report uses the last
quarter's cash flow multiplied by 4 as a proxy for annual cash flow. Jun-10
$ 1.0
Sep-09
Quadrant Rating Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 $-
Working Capital $ 9.3 $ 11.4 $ 10.4 $ 10.6 $ 8.6
Cash Flow Ops (Q in mil) ($0.3) $ 0.2 ($0.6) ($0.4) $ 0.3 ($1.0)
Cash Flow
Cash Flow Ops (Ann Q's in mil) ($1.4) $ 0.7 ($2.6) ($1.7) $ 1.3 Jun-09
Mar-10
Quadrant Rating 3.0 4.0 3.0 3.0 4.0 ($2.0)
Dec-09
Addition to Quadrant Rating ($3.0)
Our methodology accounts for the 'nearness' to improving or worsening a Company's quadrant
ranking based on current cash generation/burn rate and working capital position. The ($4.0)
- VE
Company's short term liquidity situation is OPTIMAL. At the current cash generation rate the
($7) ($2) $3 $8 $ 13
Company's working capital will double in 77 month(s). Quadrant 2:
Quadrant 4:
"URGENT" "DRAWING DOWN"
Add: 0.0 - VE Working Capital + VE
Short-Term Liquidity Rating 4.0
Debt to Equity
Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Utilities
Telecom
Equity
Number of Companies
Materials
Common Stock Equity $ 10.6 $ 11.4 $ 9.9 $ 10.3 $ 11.3 Info Tech
Industrials
Total Equity $ 10.6 $ 11.4 $ 9.9 $ 10.3 $ 11.3
Health Care
Energy
Cons Staples
Debt and Equivalents Cons Disc
Pref. Securities of Sub Trust - - - - -
Pref. Equity Outside Stock Equity - - - - -
Preferred Stock Equity - - - - -
Minority Interest (Bal. Sheet) $ 0.2 $ 0.3 $ 0.6 $ 0.2 $ 0.3
Short-Term Debt $ 9.6 $ 10.6 $ 10.2 $ 5.6 $ 8.2
Long-Term Debt $ 0.8 $ 1.9 $ 3.3 $ 3.0 $ 2.3
Capital Lease Obligations - - - - -
Total Debt and Equivalents $ 10.6 $ 12.9 $ 14.0 $ 8.8 $ 10.8
0.00 1.00 2.00 3.00 4.00
Debt to Equity 1.01 1.13 1.42 0.85 0.95
Debt to Equity Rating 4.6 Low Risk Debt to Equity High Risk
Debt to Equity Rating 4.6
Interest Coverage
Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 3.5 x
EBIT 3.0 x
Interest Coverage
Quarterly ($0.5) $ 0.4 ($0.9) ($0.6) $ 0.6
TTM ($3.9) ($2.8) ($0.9) ($1.6) ($0.5) 2.5 x
N/A
2.0 x
Interest Expense
Quarterly $ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 0.2
1.5 x
TTM $ 0.7 $ 0.7 $ 0.8 $ 0.8 $ 0.9
1.0 x
Interest Coverage
0.5 x
Quarterly #N/A 1.7 x #N/A #N/A 2.9 x
TTM #N/A #N/A #N/A #N/A #N/A
0.0 x
Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
Interest Coverage Rating
Qtrly Interest Coverage Rating 0.5 Quarterly
TTM Interest Coverage Rating TTM
Interest Coverage Rating N/A
7. investorSCOREcard
Grand Power Logistics Group (GPW-V)
Revenue, EBITDA and EPS Rating 0.9
Revenue (in millions)
Revenue (in milions) on Rolling TTM
$160.00
$140.00
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
$120.00
Revenue $ 40.2 $ 59.2 $ 99.6 $ 142.0 $ 112.6
$100.00
Quarterly Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
Basis
Quarter Ending $ 22.2 $ 17.0 $ 47.9 $ 15.5 $ 22.7
$80.00
TTM $ 130.9 $ 107.9 $ 112.6 $ 102.6 $ 103.1
$60.00
Growth Percent Rating Stability R² Rating $40.00
Rev. Growth % TTM -21.3% 0.0
$20.00
Rev. Growth % LFY -20.7% 0.0 Revenue Stability Last 2 Yrs 23.3% 0.6
Rev. Growth % 3 Year CAGR 11.1% 2.7 Revenue Stability Last 3 Yrs 24.8% 1.2 $-
Rev. Growth % 5 Year CAGR Revenue Stability Last 5 Yrs Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
Revenue Growth Rating 0.9 Overall Revenue Stability Rating 0.9 01 02 03 04 05 06 07 08 09 10
Revenue Growth and Stability Rating 0.9
EBITDA (in millions)
EBITDA (in milions) on Rolling TTM
$ 2.00
$ 1.00
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
EBITDA $ 1.1 $ 1.4 $ 0.6 ($4.7) ($0.6)
$-
Quarterly Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 ($1.00)
Basis
Quarter Ending ($0.4) $ 0.5 ($0.8) ($0.5) $ 0.7
TTM ($3.5) ($2.4) ($0.6) ($1.3) ($0.2) ($2.00)
($3.00)
Growth Percent Rating Stability R² Rating
EBITDA Growth % TTM 94.7% 2.5
($4.00)
EBITDA Growth % LFY 87.9% 2.5 EBITDA Stability Last 2 Yrs 5.0% 0.2
EBITDA Grwth % 3 Yr CAGR -149.4% 0.0 EBITDA Stability Last 3 Yrs 26.0% 0.6 ($5.00)
EBITDA Grwth % 5 Yr CAGR EBITDA Stability Last 5 Yrs Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
EBITDA Growth Rating 1.7 Overall EBITDA Stablitity Rating 0.4 01 02 03 04 05 06 07 08 09 10
EBITDA Growth and Stability Rating 1.1
Basic Earnings Per Share (EPS*) $0.15
* (excluding acquired in process R&D, restructuring and M&A, special income & charges and discontinued ops)
$0.10
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
EPS on Rolling TTM
$0.05
EPS $ 0.05 $ 0.03 ($0.01) ($0.19) ($0.03)
$-
Quarterly (TTM)
Basis
Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
Quarter Ending ($0.02) NC ($0.01) ($0.02) $ 0.01 ($0.05)
TTM ($0.16) ($0.14) ($0.03) ($0.05) ($0.02)
($0.10)
Growth Percent Rating Stability R² Rating ($0.15)
EPS Growth % TTM 87.5% 2.5
($0.20)
EPS Growth % LFY 84.2% 2.5 EPS Stability Last 2 Yrs 0.6% 0.0
EPS Grwth % 3 Year CAGR -158.5% 0.0 EPS Stability Last 3 Yrs 32.6% 0.8 ($0.25)
EPS Grwth % 5 Year CAGR -200.0% 0.0 EPS Stability Last 5 Yrs Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
EPS Growth Rating 1.2 Overall EPS Stablitity Rating 0.4 01 02 03 04 05 06 07 08 09 10
EPS Growth and Stability Rating 0.8
8. investorSCOREcard
Grand Power Logistics Group (GPW-V)
Return On Capital Rating 1.5
Return On Invested Capital (ROIC)
20%
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 15%
Invested Capital Period Ending $ 7.6 $ 16.5 $ 25.0 $ 23.6 $ 23.7
Average Invested Capital $ 6.6 $ 12.0 $ 20.8 $ 24.3 $ 23.6 10%
ROIC on Rolling TTM
* Net Income $ 0.7 $ 0.7 ($0.1) ($7.2) ($1.2)
5%
Add Back: After Tax Interest Expense $ 0.1 $ 0.4 $ 0.4 $ 0.4 $ 0.5
Annual ROIC 12.2% 8.8% 1.1% -28.0% -2.9% 0%
Basis
Level Rating 3.3 2.9 2.0 0.1 1.6
Consistency Rating 2.0 (5%)
(10%)
Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
Invested Capital Period Ending $ 20.9 $ 23.9 $ 23.7 $ 19.2 $ 22.0 (15%)
Average Invested Capital $ 24.2 $ 23.9 $ 23.0 $ 22.1 $ 22.0
(20%)
* Net Income ($6.1) ($5.2) ($1.2) ($1.9) ($0.9)
Add Back: After Tax Interest Expense $ 0.4 $ 0.5 $ 0.5 $ 0.5 $ 0.6 (25%)
Quarterly ROIC -23.3% -19.8% -3.0% -6.0% -1.5%
Level Rating 0.2 0.4 1.6 1.3 1.8 (30%)
Consistency Rating 1.0 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
01 02 03 04 05 06 07 08 09 10
Return on Invested Capital (ROIC) Rating 1.6
Return On Assets (ROA)
10%
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
Total Assets Period Ending $ 14.1 $ 24.0 $ 35.4 $ 38.2 $ 38.9
5%
Average Total Assets $ 12.6 $ 19.0 $ 29.7 $ 36.8 $ 38.6
ROA on Rolling TTM
* Net Income $ 0.7 $ 0.7 ($0.1) ($7.2) ($1.2)
Add Back: After Tax Interest Expense $ 0.1 $ 0.4 $ 0.4 $ 0.4 $ 0.5 0%
Annual ROA 6.3% 5.6% 0.7% -18.5% -1.8%
Basis
Level Rating 2.7 2.7 2.2 0.6 1.9
Consistency Rating 2.0 (5%)
Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 (10%)
Total Assets Period Ending $ 29.5 $ 34.0 $ 38.9 $ 26.9 $ 31.3
Average Total Assets $ 38.6 $ 36.8 $ 34.8 $ 32.5 $ 32.1
* Net Income ($6.1) ($5.2) ($1.2) ($1.9) ($0.9) (15%)
Add Back: After Tax Interest Expense $ 0.4 $ 0.5 $ 0.5 $ 0.5 $ 0.6
Quarterly ROA -23.3% -19.8% -3.0% -6.0% -1.5%
Level Rating 0.4 0.5 1.8 1.5 1.9 (20%)
Consistency Rating 1.2 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
01 02 03 04 05 06 07 08 09 10
Return on Assets (ROA) Rating 1.8
Return On Common Equity (ROE)
30%
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
20%
Total Equity Period Ending $ 4.6 $ 8.4 $ 12.9 $ 11.2 $ 9.9
Average Common Equity $ 3.3 $ 6.5 $ 10.7 $ 12.1 $ 10.6 10%
ROE on Rolling TTM
* Net Income $ 0.7 $ 0.7 ($0.1) ($7.2) ($1.2)
Add Back: NA $ - $ - $ - $ - $ - 0%
Annual ROE 21.2% 10.3% -1.3% -59.8% -11.3%
Basis
Level Rating 3.6 2.7 1.8 0.0 1.1 (10%)
Consistency Rating 1.8
(20%)
Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 (30%)
Total Equity Period Ending $ 10.6 $ 11.4 $ 9.9 $ 10.3 $ 11.3
Average Common Equity $ 12.3 $ 11.8 $ 11.0 $ 10.8 $ 10.7 (40%)
* Net Income ($6.1) ($5.2) ($1.2) ($1.9) ($0.9)
Add Back: NA $ - $ - $ - $ - $ - (50%)
Quarterly ROE -49.3% -44.1% -10.8% -17.2% -8.3%
Level Rating 0.0 0.1 1.1 0.7 1.3 (60%)
Consistency Rating 0.6 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
01 02 03 04 05 06 07 08 09 10
Return on Common Equity (ROE) Rating 1.2
* Net Income - Excludes Net Income from Discontinued Operations, Income Acquired in Process R&D, Income Restructuring And M&A, and Other Special Income/(Charges)
9. investorSCOREcard
Grand Power Logistics Group (GPW-V)
Valuation Rating 4.2
Price to Earnings (P/E)
90.0 x
(Lower numbers receive higher rankings)
80.0 x
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
* Price $ 0.60 $ 0.80 $ 0.82 $ 0.12 $ 0.30 70.0 x
P/E on Rolling TTM
Earnings Per Share (EPS) $ 0.05 $ 0.03 ($0.01) ($0.19) ($0.03)
60.0 x
Annual P/E 12.0 x 26.7 x
Basis
50.0 x
Annual P/E Rating 3.5 1.6
40.0 x
Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 30.0 x
* Price $ 0.22 $ 0.22 $ 0.30 $ 0.17 $ 0.14
Earnings Per Share (EPS) ($0.16) ($0.14) ($0.03) ($0.05) ($0.02) 20.0 x
10.0 x
Quarterly (TTM) P/E
Quarterly (TTM) P/E Rating 0.0 x
Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
01 02 03 04 05 06 07 08 09 10
Price to Earnings (P/E) N/A
Price to Book (P/Book)
3.0 x
(Lower numbers receive higher rankings)
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 2.5 x
P/Book on Quarterly
* Price $ 0.60 $ 0.80 $ 0.82 $ 0.12 $ 0.30
Book Equity Per Share $ 0.26 $ 0.35 $ 0.37 $ 0.25 $ 0.21
2.0 x
Annual P/Book 2.3 x 2.3 x 2.2 x 0.5 x 1.4 x
Basis
Annual P/Book Rating 3.1 3.2 3.2 4.6 4.0 1.5 x
Quarterly Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 1.0 x
* Price $ 0.22 $ 0.22 $ 0.30 $ 0.17 $ 0.14
Book Equity Per Share $ 0.23 $ 0.25 $ 0.21 $ 0.19 $ 0.21
0.5 x
Quarterly P/Book 1.0 x 0.9 x 1.4 x 0.9 x 0.6 x
Quarterly P/Book Rating 4.3 4.4 4.0 4.4 4.5 0.0 x
Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
01 02 03 04 05 06 07 08 09 10
Price to Book (P/Book) 4.2
Enterprise Value to EBITDA (EV/EBITDA)
160.0 x
(Lower numbers receive higher rankings)
140.0 x
EV/EBITDA on Rolling TTM
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
* Enterprise Value $ 13.5 $ 27.1 $ 40.7 $ 17.9 $ 27.8 120.0 x
EBITDA $ 1.13 $ 1.40 $ 0.64 ($4.67) ($0.57)
100.0 x
Annual EV/EBITDA 11.9 x 19.4 x 63.4 x
Basis
Annual EV/EBITDA Rating 2.5 0.4 80.0 x
Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 60.0 x
* Enterprise Value $ 20.4 $ 22.7 $ 27.8 $ 18.0 $ 18.1
40.0 x
EBITDA ($3.47) ($2.39) ($0.57) ($1.28) ($0.18)
20.0 x
Quarterly (TTM) EV/EBITDA
Quarterly (TTM) EV/EBITDA Rating 0.0 x
Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
01 02 03 04 05 06 07 08 09 10
Enterprise Value to EBITDA (EV/EBITDA) N/A
* Price - Delayed 60 days to reflect the fact that financial statements are public approximately 60 days after the last day of the reporting period. For the last period the most recent price is used.
10. investorSCOREcard
Disclosure and Disclaimer
The issuer (“Issuer”) covered under this investor scorecard (“Investor Scorecard”) has paid a fee or has been charged a fee for the
production and distribution of this Investor Scorecard. The fee paid or charged for the production and distribution of this Investor
Scorecard was not subject to the rankings or information provided herein, nor was any securities of the Issuer accepted as
payment for such fee. FSA Financial Science & Art Ltd. (“FSA”), The Equicom Group Inc. (“Equicom”) and their respective
employees and directors may have had or from time to time acquire, hold or sell an interest in the listed securities of the Issuer.
Unless specified otherwise, all forward looking statements in this Investor Scorecard have been approved by the Issuer, and the
Issuer has advised FSA and Equicom, without independent verification by FSA or Equicom that a reasonable basis exists for such
forward looking statements. Other information contained in this Investor Scorecard has been compiled by FSA or Equicom from
sources believed to be reliable, which may include but not limited to, public information, research reports and discussions with
management of the Issuer. Prior to its publication, this Investor Scorecard had been submitted to the management of the Issuer
for review for factual accuracy.
No representation or warranty, express or implied, is made by FSA, Equicom, its affiliates, any other person that provided
information or data for this Investor Scorecard or any person that distributes this Investor Scorecard with respect to the adequacy,
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opinions and other information in this Investor Scorecard are provided by FSA, Equicom or another party as of the date of this
Investor Scorecard. Such estimates, opinions and other information are subject to change without notice, and are provided in
good faith but without any legal responsibility. Past performance is no guarantee of future results.
This Investor Scorecard is provided for informational purposes only and does not constitute an offer or solicitation to buy or sell
any securities discussed herein in any jurisdiction. The securities discussed in this Investor Scorecard may not be eligible for sale in
some jurisdictions. This Investor Scorecard is not, and under no circumstances should be construed as, a solicitation to act as a
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This Investor Scorecard is prepared for general circulation and to provide an overview of Issuer’s business. This Investor Scorecard
does not consider the investment objectives, financial situation or particular needs of any particular person, and is not tailored to
the needs of any person receiving this Investor Scorecard. Readers of this Investor Scorecard should obtain professional advice
based on their own individual circumstances before making an investment decision. Nothing in this Investor Scorecard constitutes
individual investment, legal or tax advice. To the fullest extent permitted by law, FSA, Equicom, Morningstar Inc., its content
providers, any other person that has provided information or data for this Investor Scorecard nor any authorized person that
distributes this Investor Scorecard accepts any liability whatsoever for any direct, indirect, special, economic or consequential loss
(whether in contract or tort even if FSA, Equicom or the other party has been advised of the possibility of such loss) arising from
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altered, in whole or in part, without prior express written consent of Equicom. Furthermore, Investor Scorecard can only be
distributed in its entirety. Information or data herein, including any trade mark, service mark or logo is the intellectual property of
FSA, Equicom, Morningstar Inc. and/or its content providers, Issuer or other persons that have provided such information or data,
including but not limited to the organizations listed below and their respective content providers.
This report was produced in part with information from the following organizations: