News • Thu, Nov. 6
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TCP International's 1H Has Me Down Big And Looking To Sell
- TCPI had a very disappointing 1H in which the company fell victim to all the IPO flaws that forced its offering to lower prices.
- TCPI appears to have no real strategy for introducing control into the FX and commodity volatility that its income statement has been held hostage to for years.
- TCPI faces an uphill battle in Q3 and Q4 and I'm expecting a FY miss of consensus guidance.
- TCPI is trading at less than 12 month trailing sales.
- TCPI is trading at only 2.9X cash.
- TCPI has several margin expansion drivers that should help move the share price higher over the balance of 2014.
TCP International: Opportunities And Risks In This LED-Based OfferingThe Value Investor • Fri, Jun. 27
- TCP International operates in the rapidly growing market for LED and CFL lighting.
- The company grows quickly and is profitable.
- After a disappointing offering, the appeal has improved, yet key risks remain.
- TCPI believes that the market for LED lighting solutions is at an inflection point that will drive increased adoption.
- However, it's not necessarily growing the market, it appears to be cannibalizing the CFL (compact fluorescent lamplighting) market from itself.
- There was a $4 million foreign exchange swing in TCPI's favor for Q1 '14 vs. Q1 '13, resulting in a 3.9% Q1 '14 profit vs. a 1% Q1 '13 profit.
Future Looks Bright For TCP International Holdings IPO
- TCPI, a manufacturer of LED and CFL lighting technologies, plans to raise $100.0 million in its upcoming IPO.
- McKinsey estimates that global markets for LED and CFL lighting will grow from $22.1 billion in 2011 to $87.4 billion in 2020.
- With a broad customer base and attainment of profitability, we are optimistic on this IPO.
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Thu, Nov. 6, 4:54 PM
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TCPI vs. ETF Alternatives
TCP International Holdings Ltd is a producer and provider of energy efficient light bulbs to the structures light bulb market. It designs, develops, manufacture and deliver quality energy efficient lamps, fixtures & among others.
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