RE:RE:RE:RE:RE:Substantive AnalysisSee below for the Past Due disclosure in the Year ended Dec 31, 2015 MD&A. It may not come through properly but you can see it is in very good shape. If you cannot see it properly below, you can look it up and you will see that for 15% of a $62 million portfolio that is not performing at 25% return, the past due amounts are very small (<$350K) and not indicative of a toxic and deeply troubled portfolio implied by the current share price.
Perhaps if more people simply looked at the primary data and not what others sayfor whatever selfish reason, the market would be more efficient and properly reflect the value in the stock. I don't care what 3rd parties like analyts have to say. I care about what the primary value drivers indicate. If you have a legitimate reason why the stock should be worth $0.40, I would be happy to hear it.
Free cashflow last year was more than $7 million. The market cap is currently $40 MM. That is less than 6x multiple. Alaris trades at 17x cashflow. IF this were to trade at 10x cashflow, the stock would be $0.66 or 65% upside from here.
P
ast due
The following table shows for each past due period the actual outstanding royalty payment:
Dec
.
31, 201
5
Sept
.
30, 2015
June 30, 2015
March 30, 2015
Dec
.
31, 2014
Past due
-
30 days or less
$
270,437
$
181,102
$
190,450
$
25,948
$
36
,
253
-
30 to 60 days
99,329
27,245
-
79,163
-
-
61 to 90 days
83,079
27,245
-
-
-
-
Over 91 days
113,172
-
-
-
-
Total
$
566,017
$
235,592
$
1
90
,
450
$
105,111
$
36,253
As of December 31, 2015,
80% of the
investments included in the 30 days or less past due category were collected during January
2016. As of April
26
, 2016, one of the accounts in the 61 to 90 days category
is
current. This was achieved by
modifying the
agreement effective March 31, 2016 and
including
part of the
outstanding royalty as part of the investment balance