China Tracker - Details for Funtalk China Holdings (FTLK)


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 WARNING: Form 15 filed with the SEC!
 Funtalk China Holdings
Shares Outstanding (MRQ): 58.85 mill
New Shares / Dilution (TTM): 8.47 mill16.81% 
New Shares / Dilution (since Dec 31, 2008): 13.85 mill30.78% 
Cash (MRQ): 37.40 mill8.83%
Account Receivables (MRQ): 74.52 mill17.59% 
Account Receivables (Q/Q): -7.77 mill-9.45%
Long-Term Debt (MRQ): 6.46 mill1.52%
Revenue Growth (Q/Q): 15.29% 
Revenue Growth (Y/Y): 86.63%
Net Income Growth (Q/Q): 29.63% 
Net Income Growth (Y/Y): 34.47%
EPS Growth (Y/Y): 15.12%
Net Margin (Q/Q): 4.2% (3.8%)0.50% 
Net Margin (Y/Y): 4.2% (5.9%)-1.60% 
EPS | P/E (2 MRQ Projection): $0.769.44
Price/Sales (2 MRQ Projection): 0.38
Price/Book (MRQ): 1.64 
Auditor: Deloitte Touche
* operating cash flow data not (yet) included
 
 Forward Projections (Fiscal Year)
EPS | P/E (Estimates updated 2010-10-31): $0.809.00 
 Basic Facts and History (show more)
Reporting Type: Foreign Company (20-F Filings) 
Going Public: Reverse Merger on 2009-07-09 
Uplisting to Senior Exchange: on 2009-12-17 at $7.00 (2.85% since Uplisting)

 Business Outlook

Under the terms of the definitive agreement, which was adopted by the Company's shareholders at an extraordinary general meeting held on August 22, 2011, each ordinary share of the Company issued and outstanding immediately prior to the effective time of the Transaction has been cancelled in exchange for the right to receive US$7.20 per share in cash. The Company also announced today that it requested that trading of its ordinary shares on the NASDAQ Global Market be suspended.

Trading China is discontinuing coverage of FTLK, effective immediately.

(Source: PR Newswire, 2011-08-25)

Funtalk China Holdings announced today that the Company's shareholders voted in favor of the proposal to adopt the previously announced definitive agreement, pursuant to which the Company will be the surviving entity in the going private transaction. The parties currently expect to complete the transaction by the end of August 2011, subject to the satisfaction or waiver of the conditions set forth in the Agreement. If completed, the proposed transaction would result in the Company becoming a privately held company and its ordinary shares would no longer be listed on the NASDAQ Global Market.

(Source: PR Newswire, 2011-08-22)

Funtalk China Holdings Limited announced today that it has entered into a definitive agreement with Fortress Group Limited and Fortress Merger Sub Limited pursuant to which Parent will acquire Funtalk for US$7.20 per share. The Transaction values Funtalk's equity at approximately US$443 million on a fully diluted basis, and represents a 35.9% premium over the Company's 30 trading day average price as quoted by NASDAQ on March 24, 2011, the last trading day prior to the Company's announcement on March 25, 2011 that it had received a "going private" proposal.

(Source: PR Newswire, 2011-05-31)

    see all Business Outlook notes

 Analyst Coverage (show less)
2011-08-25Rodman & RenshawDowngradeTerminatedn/a
 

Effective immediately, we are terminating coverage on Funtalk China Holdings (Nasdaq: FTLK) due to the closing of the company's going private transaction that was announced on August 25, 2011. As a result, Funtalk China became a private company wholly owned by a consortium of investors backed by a private equity firm. Our last rating for the company was Market Outperform with a price target of $10.00.

2011-07-26Roth CapitalDowngradeNeutral$7.20
 

FTLK will host a shareholder meeting on August 22, 2011 to vote for its privatization agreement. As the principle shareholders and management own 77.1% of the outstanding shares, more than the two-thirds needed to approve the transaction, we expect shareholders will approve the privatization. We are downgrading FTLK to NEUTRAL as current share price reflects limited upside to the take-out price.

2011-05-31Rodman & RenshawReiterationOutperform$10.00
 

At current levels FTLK is trading at P/E multiples of ~6.1x to our calendarized CY2011 earnings estimates. This compares to industry averages of ~12.7x to CY2011 consensus earnings for similar players listed in the US, and ~15.2x for peers listed in China. We believe FTLK should be trading closer to industry averages given the growth opportunity associated with it. We are comfortable maintaining a $10.00 price target for FTLK, which translates into P/E multiple of ~9.2x to our EPS estimate for CY2011, bringing it in line with comparable companies listed in China and the US. We believe this is a reasonable multiple for a company that has substantial growth opportunities ahead, a strong market position and a healthy balance sheet.

2011-03-28Bank of AmericaDowngradeSuspendedn/a
2011-03-25Rodman & RenshawReiterationOutperform$10.00
 

In our opinion the two key hurdles in going private would be the exchange's dislike for the 'going dark' effort and the current proposed price. In our opinion, if this Consortium is serious about this proposal the offered price should be above its all time high of ~$9.50 levels. We believe a $10.00 per share offer would provide a serious premium of 40%-50% to the current levels and yet would be in line with P/E multiples of 8x to 10x that management has been paying for its own acquisitions of private phone retailers in China. We believe an outcome on these lines would have a higher probability to be supported by all the parties concerned and leave room for the Consortium to unlock value.

FTLK is currently followed by 3 analysts. All 3 give the stock a neutral rating.


    see all Analyst Ratings

 Recent Financings
2010-10-25Filing$0.00 mill7.00 mill shares-
2010-07-19Filing$70.00 mill10.39 mill shares-
2009-12-18Priced$21.70 mill3.10 mill shares$7.00

 Investor Presentations
2010-03-24 (Powerpoint)   DOWNLOAD (right click, save as)
FTLK
Telecommunications

COVERAGE SUSPENDED OR TERMINATED
 
READ: Score Cards Explained
SAFETY/RISK SCORE
MODERATE RISK
DETAILS: Safety/Risk Model for FTLK
Current Price:  $7.20
F10k Day (2009-11-13): -20.00%$9.00
2009 Close: 7.62%$6.69
2010 Close: 26.98%$5.67
High (2010-10-15): -11.01%$8.09
Low (2011-02-25): 50.00%$4.80
Exchange: PRIVATE
Market Capitalization: 423.74 mill
Total Shares: 58.85 mill
Float: n/a
Avg Volume: 102.20 k
Short Interest: 1.30 mill
Short Ratio: 4.88%12.7 d
Last Quarter: 2010-12-31
Revenue (MRQ): 300.23 mill
Net Income (MRQ): 12.67 mill
all financial data provided without warranty