Seeking Alpha

Lou Basenese

 
View as an RSS Feed
View Lou Basenese's Comments BY TICKER:
Latest  |  Highest rated
  • Parametric Sound Merger Not Likely To Be Positive For Shareholders [View article]
    Ok. We'll use your share count. But your math is wrong.

    At $750m for entire co. that values TB at $600m. ($750*.8)

    Divided by $46m EBITDA = 13.04x EBITDA
    Aug 10 08:40 AM | 1 Like Like |Link to Comment
  • Parametric Sound Merger Not Likely To Be Positive For Shareholders [View article]
    There IS a way to value it. People are erroneously assuming PAMT's stock needs to trade 5 times higher than current price. That's not accurate.

    There are currently 6,769,051 shares outstanding with another 1,365,354 subject to options (not all exercisable). But let's call it 8 million fully diluted.

    So if 8m shares represents 20% of the merged company, PAMT needs to issue 32m shares to pay for TB.

    At $17 per share, roughly the price before the announcement, that values TB at $544 million. Given TB's EBITDA of $46 million that works out to 11.83 times EBITDA, which is a fair price, not a rich price in this market.

    Case in point: the Washington Post just sold for 17 times EBITDA!
    Aug 9 04:12 PM | 2 Likes Like |Link to Comment
  • Introducing The New 'Scariest Jobs Chart Ever' [View article]
    SA syndicates from our main website (http://bit.ly/13p9zrL) and chops off some copy.

    Each Friday we feature 3-5 charts that are meant to stand on their own, although sometimes they do relate.
    Aug 9 02:31 PM | 1 Like Like |Link to Comment
  • Parametric Sound Merger Not Likely To Be Positive For Shareholders [View article]
    Well, your "could" DID happen...

    Turtle Beach confirmed EBITDA margins well above SKUL and LOGI at 22%

    And I wouldn't be surprised if the actual margin reported in the proxy is a few points higher, once adjustments are made to various expenses to account for being private vs. public co.
    Aug 9 09:59 AM | 1 Like Like |Link to Comment
  • Parametric Sound Merger Not Likely To Be Positive For Shareholders [View article]
    Call me crazy, but I spoke with management to get clarity on this discrepancy instead of guessing.

    The difference is b/c the BW article reported total sales based on the retail sales price, which the reporter should have specified, not what TB sold. The $205 million is correct for TB for 2012.
    Aug 7 07:01 AM | Likes Like |Link to Comment
  • Parametric Sound Merger Not Likely To Be Positive For Shareholders [View article]
    J.P. is spot-on. SKUL and LOGI are not good comparables.

    We should wait for the proxy to get clarity on TB's financials before declaring it's "not likely" that the company is "much more profitable than either Skullcandy or Logitech" like Paulo.
    Aug 7 06:55 AM | 3 Likes Like |Link to Comment
  • Parametric Sound Merger Not Likely To Be Positive For Shareholders [View article]
    It would also be important to note, Paulo, if you ever personally demoed the speaker (i.e.- did actual due diligence.)

    Or is your assertion that "Parametric [only] trades on hope" based soley on internet research?

    As far as "its inexistent business activity" the facts paint a slightly different picture...

    McDonald's, Rite-Aid, Epsilon, Build-a-Bear and now Turtle Beach. All legit companies engaged with PAMT.

    Others are clearly interested, too, as the company had more than 20 NDA's signed - and was involved in 3 co-development projects - prior to the receipt of a strategic proposal.

    Before anyone trades based on Paulo's "info" I recommend you do your own due diligence.
    Aug 6 12:15 PM | 6 Likes Like |Link to Comment
  • Parametric Sound Merger Not Likely To Be Positive For Shareholders [View article]
    Full rebuttal coming. But Paulo, PLEASE focus on facts, instead of trying to mislead people...

    You said, "Gaming headsets, and headsets in general, are deeply competitive."

    Yet you fail to mention that Turtle Beach commands more than 50% market share in video game market, according to the NPD Group.

    So they clearly boost competitive (and sustainable) advantages over every other competitor. That's kind of a major point when considering valuation multiples. TB is anything but an also-ran.
    Aug 6 11:47 AM | 5 Likes Like |Link to Comment
  • Is Microsoft Suddenly A Screaming Bargain? [View article]
    Sorry, but it's inaccurate to say "msft has numerous divisions most all of which are making money."

    In the most recent quarter, 3 out of the 6 business segments reported operating losses.

    http://bit.ly/12J3PJd
    Jul 23 08:09 AM | 2 Likes Like |Link to Comment
  • Need More Income? Consider This Merger Arbitrage Play [View article]
    Deal closed... http://yhoo.it/15LeOSK
    Jun 27 10:17 PM | Likes Like |Link to Comment
  • Debunking The Food Inflation Myth In 2 Charts [View article]
    Here's another data point to consider...

    http://bit.ly/Zgzqnb
    Apr 22 01:53 PM | Likes Like |Link to Comment
  • Debunking The Food Inflation Myth In 2 Charts [View article]
    If you include eating out, the cost for food, as a % of income, is going down, too. It doesn't change the numbers that much at all. See here: http://buswk.co/11vQs0d
    Apr 22 01:52 PM | 2 Likes Like |Link to Comment
  • Why You Should Ignore the Masses [View article]
    In the first set of data, I evaluated sentiment readings for this bull market. Then, in the second set, I extended it and went all the way back to when AAII started tracking sentiment. So not sure how including all data qualifies as cherry-picking.
    Apr 15 10:17 PM | Likes Like |Link to Comment
  • The 3 Smartest Screens To Identify Takeover Targets [View article]
    Not exactly. Powerball numbers are drawn completely at random, whereas takeovers are very calculated and intentional. There are fundamental reasons why a specific takeover could occur. But there is no reason why any set of numbers would appear in Powerball.
    Apr 12 08:12 AM | Likes Like |Link to Comment
  • Caveat Emptor Beckons [View article]
    I'm sorry. But that makes no sense. By that logic, TI should partner with every last tech company that might have viable innovation... just in case.
    Apr 4 08:42 AM | 3 Likes Like |Link to Comment
COMMENTS STATS
86 Comments
109 Likes