ASEI Valuation and Industry Analysis

SIF Valuation Jason Turo Spring 2009 BA 455

Weekly Graph Long Horizon American Science Monro Muffler Applied Signal

60 Minute Graph Short Horizon American Science

Applied Signal Technology APSG Competition: L-3 Communications, BAE Systems, Boeing, Raytheon Corporation, General Dynamics, Harris Corporation, Lockheed Martin

Monro Muffler & Brake MNRO Automotive car repair- Consumer Services ,[object Object]

American Science & Engineering ASEI X-Ray Security Products for Homeland Security Microelectronics Industry ,[object Object],[object Object],[object Object],NYT.COM

What they do ,[object Object],[object Object],[object Object],[object Object]

What happened in October? ,[object Object],[object Object]

[object Object],Z Backscatter™ Technology: Photo-like images that reveal organic threats and contraband, including explosives, plastic weapons and drugs. Transmission X-rays, a traditional detection technology Dual-energy transmission Radioactive Threat Detection technology helps locate dirty bombs and nuclear devices, in addition to conventional threats during X-ray screening.

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Customer Service Packages ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],$1.74 Revenue per $1 spent on service contracts $1.96 $1.77 Service Contracts

Management Discussion 10-K ,[object Object],[object Object],[object Object],[object Object]

Ziri Analysts Reports Morgan Keegan 2/10/09 2/4/09- Stifel Nicolaus

R&D The fiscal 2008 R&D efforts were focused on design modifications and enhancements to existing products , the development of new applications and the development of new products .

1. Burden of Tax (tax bracket) 2. Burden of Interest (how much is financed at what rate) 3. Revenue that is left over after paying variable costs, used for fixed (interest on debt). How much a company makes (before interest and taxes) on each dollar of sales WANT HIGH 4. Determines how efficient company uses assets to make sales/cash WANT HIGH 5. How much growth in roe is financed GREATER POWER TO GENERATE ROE

[object Object],[object Object],[object Object],[object Object],48.9% 31.7%

2006 85% increase in sales??? ,[object Object],[object Object],[object Object]

Competitors Decrease Operating Margin as well

Realized Risks 10-K Sales in foreign countries Currency risk Small # of customers for large portion of revenue ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Growth Drivers 10-K ,[object Object],[object Object]

Patents The Company believes that its patents, proprietary technology, know-how, and trademarks provide substantial protection for the Company’s competitive position

Insider Trades Options Express

Calls or Puts ,[object Object],[object Object],[object Object]

Forward PE 80/4= 20 Morningstar

Industrials Performance Daily

Industrials Performance 60 min

Portfolio Fit ,[object Object],[object Object],[object Object]

Sources ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

ASEI Valuation and Industry Analysis

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ASEI Valuation and Industry Analysis