VENDTEK: a potential “dark horse” for 2012, but too early to know
Clearly, VendTek was my biggest disappointment of 2011. It may turn out to be the biggest
upside surprise of 2012, but it is too soon to know, and I would prefer to hold off on making
any in-depth comments until further developments.
Management has regrouped, and I believe they are executing on what I would characterize as a
workman-like, block-and-tackle business plan which should see them turn the cashflow corner
in the late fall (Brazil will be using cash until then). There are a number of blue-sky
opportunities they are working on, too, but it is too early to say much about them, other than
to point out that there is nothing in the stock for them at the moment.