Seeking Alpha

Austin Lehman

View Austin Lehman's Comments BY TICKER:
  • Collectors Universe: Best Micro Cap on the Market Offering Dividends and Value [View article]
    Dbtunr, good clarification. We both would agree that recurring EPS is at .68 or so, as the tax items are non-recurring, and approximately 22 PE on recurring earnings.
    May 12 04:36 PM | 1 Like Like |Link to Comment
  • Collectors Universe: Best Micro Cap on the Market Offering Dividends and Value [View article]
    Nicholas, thanks for the article. I agree that CLCT has been outperforming recently and continues to benefit from the surge in commodity prices. A few clarifications:
    1. CLCT's EPS was dramatically affected in the prior fiscal year by the releasing of net operating losses. Forward P/E is about 22 on 6/30/11 earnings (assumed EPS of $.68 and stock price of $15). Company will probably begin paying cash for taxes in FY '12. I would think your discounted cash flow valuation should be based on the $.68... re-run the numbers at that EPS and valuation is more like $13/share.
    2. CLCT will be hard pressed to increase its dividend once cash taxes begin being paid. The Company appears just to be focused on earning out its current dividend and projects to do that in the next 3-5 years, which implies 14-24% earnings growth to reach $1.30 in 3-5 years (seekingalpha.com/artic...).

    Thus, CLCT may be slightly overvalued. I do agree with you, however, that it's a well managed company and offers an attractive dividend yield.
    May 12 12:36 PM | 1 Like Like |Link to Comment
  • Collectors Universe Is Not a Mark McGwire Home Run, But Is a Good Value Play [View article]
    Jyoung, great comments and that is good to know. From their 10k, they talked about a number of high priced collectibles they had valued, but it's nice to hear from someone in the industry as well about CLCT's reputation. While it shouldn't be a direct one for one correlation with the price of gold & silver, I would think CLCT's value should have some correlation. Commodity prices have continued to increase, and I believe CLCT may lag but should follow the trend of increased commodity prices. I also expect a robust Q3 earnings report.
    Apr 25 09:22 PM | Likes Like |Link to Comment
  • Collectors Universe Is Not a Mark McGwire Home Run, But Is a Good Value Play [View article]
    Yep, I saw the Coinfacts initiative and also the France initiative, which they expect to be profitable in 2011- both small parts but positive. Good points. As you stated, a fairly low risk, albeit low growth business. I do think the continued high commodity prices will help them as well.
    Apr 11 06:52 PM | 2 Likes Like |Link to Comment
  • Collectors Universe Is Not a Mark McGwire Home Run, But Is a Good Value Play [View article]
    Thanks for the kind words and for the clarification. The secondary appears to have been used for financing acquisitions then.
    Apr 11 12:23 PM | 1 Like Like |Link to Comment
More on CLCT by Austin Lehman
COMMENTS STATS
30 Comments
16 Likes