DC Capital
Long/short equity, special situations, event-driven, arbitrage

IEC Electronics: Internal Restructuring, Low Risk Capital Structure, Undervalued By 25%-70%

IEC Electronics (NYSEMKT:IEC) is a highly specialized provider of electronic manufacturing services. IEC operates in the electronic contract manufacturing services (NYSE:EMS) industry and serves as a key supplier for advanced technology companies in the military, aerospace, medical, and industrial industries. The industry's narrow focus has become highly advantageous for small firms with a unique skill set. However, this has also created an extremely competitive landscape for existing firms. Regarding size, IEC lies towards the lower of the spectrum in comparison to its peers. Its market cap is only $41.87mm, but management continues to maintain a strong position within the industry. Moreover, the industry's attractive market structure provides high barriers to entry that minimize the ability for...

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