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Firan Technology Group Corp T.FTG

Alternate Symbol(s):  FTGFF

Firan Technology Group Corporation is a Canada-based aerospace and defense electronics product and subsystem supplier to customers around the globe. The Company has two operating units: FTG Circuits and FTG Aerospace. FTG Circuits is a manufacturer of printed circuit boards within the global marketplace. FTG Circuits has operations in Toronto, Ontario, Chatsworth, California, Fredericksburg, Virginia, Minnetonka, Minnesota, Haverhill Massachusetts and a joint venture in Tianjin, China. FTG Aerospace manufactures and repairs illuminated cockpit panels, keyboards and electronic assemblies for original equipment manufacturers of aerospace and defense equipment. FTG Aerospace has operations in Toronto, Ontario, Chatsworth, California, and Tianjin, China. FTG Circuits products include high temperature rigid flex, rigid flex and assembly, and thermal management. FTG Aerospace products include aerospace chassis and assembly, backlit control panels, and backlit control panel assemblies.


TSX:FTG - Post by User

Bullboard Posts
Post by Scott27on Apr 06, 2016 3:09pm
162 Views
Post# 24737802

Paradigm Valuation

Paradigm Valuation
Paradigm's valuation of $3.50 to $4.00 actually may be on the conservative side. Recall that FTG sold its Fernau Avionics division in 2007. Comparables between the Fernau transaction in 2007 and FTG today would value FTG at $7.00 to $8.00 on a takeover basis. FTG as it is today is a much more attractive takeover target. A takeover target? By whom? Maybe TTMI? TTMI has recently reorganized in order to grow its aerospace operations as a separate division. Given FTG's position as the North American premier aerospace/defense PCB manufacturer an FTG acquisition would be highly attractive to TTMI. An FTG acquisition would be immediately accretive to TTMI with solid and sustainable revenues going forward. Investors will note that TTMI already has bought up or amalgamated all of its competitors (except FTG) in recent years so that, in actuality, TTMI is now the #1 publicly-traded North American PCB manufacturer. And the #2 is, yes, that's right -- FTG!
 
Here are two reports on the Fernau sale at the time in 2007:
 
https://www.dunedin.com/case-studies/fernau/12
 
https://www.theglobeandmail.com/report-on-business/glendale-international-sells-fernau-avionics-unit/article1087713/
 
Interestingly, this next report is about how Fernau was resold just two years later in 2009 for a further significant increase in price indicating the substantial value to be recognized in well-managed high tech manufacturers that are leaders in their sector. 
 
https://www.moog.com/news/corporate-press-releases/2009/moog-acquires-fernau-avionics-limited/
 
Also, don't forget that Fernau's sale was handled by the same management team that is now running FTG. Could FTG management be positioning FTG for a takeover acquisition?

Any thoughts??
 
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