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Contrarian, event-driven, special situations

Unilens Vision: 50% Near-Term Upside With Long-Term Multibagger Potential

Overview

Unilens Vision ((OTCQX:UVIC)) is a micro-cap contact lens manufacturer headquartered in Florida. The company has an internal manufacturing operation (~75% of total revenue) which I could care less about for the purposes of this idea: the real value resides within UVIC's licensing arrangement with Bausch & Lomb, whereby B+L is entitled to use UVIC's multifocal technology on a worldwide exclusive basis in exchange for 2-5% of net product sales. Historically this royalty stream has accounted for over 30% of UVIC's total revenues, but tailed off in recent years due to market share contraction at Bausch. Bausch's new owner as of August 2013, Valeant (NYSE:VRX) has reinvigorated the company via aggressive new product launches, resulting in...

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