China Tracker - Details for Fushi Copperweld (FSIN)

 Fushi Copperweld
Shares Outstanding (MRQ): 38.20 mill 
New Shares / Dilution (TTM): 8.43 mill28.32% 
Cash (MRQ): 134.44 mill0.00%
Account Receivables (MRQ): 63.24 mill0.00%
Account Receivables (Q/Q): -2.53 mill  
Long-Term Debt (MRQ): 6.24 mill0.00%
Revenue Growth (Q/Q): -5.70% 
Revenue Growth (Y/Y): 10.71% 
Net Income Growth (Q/Q): -48.94% 
Net Income Growth (Y/Y): -39.80%
EPS Growth (Y/Y): -53.09%
Net Margin (Q/Q): 10.4% (19.1%)-8.80% 
Net Margin (Y/Y): 10.4% (19.0%)-8.70% 
EPS | P/E (2 MRQ Projection): $1.060.00 
CFPS | P/CF (2 MRQ Projection): $1.860.00 
Price/Sales (2 MRQ Projection): 0.00
Price/Book (MRQ): 0.00 
Auditor: KPMG
 
 Forward Projections (Fiscal Year)
EPS | P/E (Estimates updated 2011-05-04): $1.220.00 
 Basic Facts and History (show more)
Reporting Type: U.S. Company (10-K Filings) 
Going Public: Other on 2006-01-30 
Uplisting to Senior Exchange: on 2007-08-31 at $12.40 (-100.00% since Uplisting)

 Business Outlook

Based on current business trends, the Company reiterates its previously announced annual guidance of fully diluted earnings per share between $1.15 and $1.25 based on an estimated weighted average diluted share count of 38.2 million shares, and an effective income tax rate of 25.0%. The Company expects profitability in subsequent quarters to improve over the first quarter due to higher revenues with the absence of the Chinese New Year, continued higher raw material prices, increased global demand and the increased capability to meet that demand.

(Source: PR Newswire, 2011-05-04)

Fushi Copperweld today announced that its Board of Directors has received a proposal letter from its Chairman and Chief Executive Officer, Mr. Li Fu and Abax Global Capital (Hong Kong) Limited on behalf of funds managed by it and its affiliates for Mr. Fu and Abax to acquire all of the outstanding shares of Common Stock of Fushi not currently owned by Mr. Fu and his affiliates in a going private transaction for $11.50 per share in cash, subject to certain conditions. Mr. Fu and his affiliates own approximately 29.2% of Fushi's Common Stock. Fushi's Board of Directors has formed a special committee of independent directors consisting of John F. "Jack" Perkowski, Barry Raeburn and Feng Bai to consider this proposal. The Special Committee intends to retain independent advisors, including an independent financial advisor, to assist it in its work. No decisions have been made by the Special Committee with respect to Fushi's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.

(Source: PR Newswire, 2010-11-03)

Based on current business trends, the Company expects adjusted fully diluted earnings per share to be between $ 0.29 and $ 0.31 for the fourth quarter and to be between $ 1.25 and $ 1.29 for the 2010 full-year period, based on an estimated weighted average diluted share count of 38.3 million shares for the fourth quarter of 2010 and 37.4 million for full-year periods. This expectation is based on the assumption that the effective tax rate at the consolidated level will be 23.0% and 12.8% % for the fourth quarter and 2010 full-year period, respectively, and includes the one-time increase in tax expense of $0.03 per diluted share related to the Company's Yixing facility investment.

(Source: PR Newswire, 2010-11-02)

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 Analyst Coverage (show less)
2011-08-04Roth CapitalReiterationBuy$10.50
2011-05-06JefferiesReiterationHold$11.00
2011-05-05Rodman & RenshawReiterationOutperform$11.50
 

Despite reporting disappointing 1Q11 results, Fushi Copperweld management maintained its full year EPS guidance of $1.15 - $1.25 per fully diluted share. At the same time, the company continued to generate strong cash flows from operations, ending the quarter with $128.9 million in net cash ($3.36 per fully diluted share), representing 41.2% of the company's current market cap. With the management buyout proposal at $11.50 per share still on the table, we believe there is a significant near-term upside potential to the stock. We are maintaining our Market Outperform/Speculative Risk rating and a price target of $11.50. Our price target is in line with the proposed management buyout price and implies the shares attaining a P/E level of approximately 10x our FY11 fully diluted EPS estimate of $1.15.

2011-05-04Roth CapitalReiterationBuy$11.50
 

FSIN reported 1Q11 results that we view as roughly in-line with our estimates, adjusting for a number of non-recurring items (audit fees, privatization fees, elevated tax rate). As expected, management maintained 2011 EPS guidance of $1.15 to $1.25. We continue to view the proposed privatization as the major value driver for shares.

2011-04-06Rodman & RenshawReiterationOutperform$11.50
 

Fushi Copperweld reported 4Q10 and FY10 results in line with the previously issued preliminary financial results. Revenues for 4Q10 and FY10 came in at $69.9 million (~ up 35.2% YoY) and $265.0 million (~44.9% YoY), respectively. The company reported 4Q10 and FY10 gross profit of $22.2 million (~ up 29.1% YoY) and $79.3 million (~44.7% YoY). Excluding stock-based compensation, 4Q10 and FY10 operating income increased to $16.4 million (~29.8% YoY) and $59.0 million (59.9% YoY), respectively. Non-GAAP net income adjusted for non cash charges including $14.3 million deferred tax expense was $13.4 million or $0.35 per fully diluted share in 4Q10 and $49.4 million or $1.32 per fully diluted share for the full 2010. On a GAAP basis, Fushi Copperweld reported a 4Q10 loss of $2.4 million or ($0.06) per fully diluted share and FY10 net income of $31.9 million or $0.85 per fully diluted share. Based on the company’s FY11 fully diluted EPS guidance of $1.15 - $1.25, we are forecasting FY11 revenues of $290.7 million, adjusted net income of $46.4 million and fully diluted EPS of $1.21. We are maintaining our Market Outperform rating and a price target of $11.50. Our price target is in line with the proposed management buyout price and implies the shares attaining a P/E level of approximately 9.5x our FY11 fully diluted EPS estimate of $1.21

FSIN is currently followed by 4 analysts. 3 give the stock a positive rating, 1 rate it neutral and 0 give it a negative rating. The average price target is 11.13.


    see all Analyst Ratings

 Recent Financings
2010-01-19Priced$52.55 mill5.00 mill shares$10.51

 Investor Presentations
2010-05-17 (HTML)   VIEW
FSIN
Infrastructure
SCORE
0
READ: Score Cards Explained
SAFETY/RISK SCORE
HIGH RISK
DETAILS: Safety/Risk Model for FSIN
Current Price:  n/a
F10k Day (2006-08-25): -100.00%$8.00
2009 Close: -100.00%$10.12
2010 Close: -100.00%$8.88
2011 Close: -100.00%$7.52
High (2012-10-19): -100.00%$9.30
Low (2012-04-09): -100.00%$5.72
Exchange: N/A
Market Capitalization: n/a
Total Shares: 38.20 mill
Float: n/a
Avg Volume: 519.80 k
Short Interest: 7.82 mill
Short Ratio: 34.33%15.0 d
Last Quarter: 2011-03-31
Revenue (MRQ): 65.93 mill
Net Income (MRQ): 6.83 mill
Op. Cash Flow (MRQ): 15.01 mill
all financial data provided without warranty