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Pegasus Wireless - PGWC

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  7. [verwijderd] 28 september 2006 17:15

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    quote:

    rac69 schreef:

    yep en nu omhoog met da ding.
    crystalequityresearch.blogspot.com/

    Tuesday, September 26, 2006
    Short-sale Side-Step

    Pegasus Wireless (PGWC: Nasdaq) announced it intends to voluntarily delist its stock from the Nasdaq Market System and move to another exchange. At a time when many companies are fighting to retain their listing like Dell Computer (DELL: Nasdaq), why would one voluntarily give up listing?

    In a word, Pegasus has its back against the wall with its shareholders. The delisting action appears to be the second tactical move on the part of Pegasus management to thwart what appears to be a tenacious manipulation of the stock. Last month Pegasus attempted to get shareholders to pull shares out of brokerage accounts by offering a warrant available only to shareholders holding stock in certificate form.

    Here is the situation in summary. Pegasus shares have fallen dramatically from a 52-week high of $18.99 in early May 2006 to a closing price of $1.07 on September 25, 2006.

    What fundamental disaster has befallen this company? Well, by all appearances it has performed quite well for an early stage operation. Its wireless hardware and software products appear to have gained good traction in the portable networking and Internet access market. Sales climbed from just $1.1 million in the September 2005 quarter to $25.4 million in the June 2006 quarter. Pegasus first achieved profitability in 2005 on $17.6 million in sales and since then the company has built up net income to $2.2 million on $62.9 million in sales in the trailing twelve months ending June 2006.

    Despite the highly competitive nature of the networking and broadband access marketplace, it appears Pegasus’ prospects are strong. Its products embody leading edge technology such as its ECCO product for real-time video streaming presentation system. Management claims has new products in the pipeline that have the potential to take a bite out of Apple (AAPL: Nasdaq).

    So why the sudden drop in price on the back of such good news? Well, first of all at the 52-week high of $18.99 the price to trailing earnings multiple was 633. Since there are no published earnings estimates for PGWC we do not have a forward PE. Even if earnings improved ten-fold it might be an easy argument to make that at that price level PGWC was overvalued.

    This is what happens when the market sees a great story that is easy to hype.

    So if the price at the 52-week high was not justified, is the new price at a buck and change a fairer valuation? The current PE ratio is 36 times trailing earnings. Pegasus is not exactly flush with cash - $2.5 million at the end of June 2006 - but, it has no debt and new orders coming in the door.

    The short interest climbed to 8.8 million shares by mid-August 2006, representing 11% of the outstanding shares. The stock has been a frequent flyer on Nasdaq’s Reg SHO list, which includes securities for which shares have not been delivered against sales. (See our posts on Reg SHO, “Failure to Deliver,” and the SEC’s recent tests of the uptick rule, “Uptick.”)

    This is what happens when the market smells an overpriced stock for a vulnerable company.

    Pegasus Wireless (PGWC: Nasdaq) announced it intends to voluntarily delist its stock from the Nasdaq Market System and move to another exchange. At a time when many companies are fighting to retain their listing like Dell Computer (DELL: Nasdaq), why would one voluntarily give up listing.

    In short, Pegasus has its back against the wall with its shareholders. The delisting action appears to be the second tactical move on the part of Pegasus management to thwart what appears to be a tenacious manipulation of the stock. Last month Pegasus attempted to get shareholders to pull shares out of brokerage accounts by offering a warrant available only to shareholders holding stock in certificate form.

    Here is the situation in summary. Pegasus shares have fallen dramatically from a 52-week high of $18.99 in early May 2006 to a closing price of $1.07 on September 25, 2006.

    What fundamental disaster has befallen this company? Well, by all appearances it has performed quite well. Its wireless hardware and software products appear to have gained good traction in the portable networking and Internet access market. Sales climbed from just $1.1 million in the September 2005 quarter to $25.4 million in the June 2006 quarter. Pegasus first achieved profitability in 2005 on $17.6 million in sales and since then the company has built up net income to $2.2 million on $62.9 million in sales in the trailing twelve months ending June 2006.

    Despite the highly competitive nature of the networking and broadband access marketplace, it appears Pegasus’ prospects are strong. Its products embody leading edge technology such as its ECCO product for real-time video streaming presentation system, which apparently has the potential to take a bite out of the Apple.

    So why the sudden drop in price on the back of such good news? Well, first of all at the 52-week high of $18.99 the price to trailing earnings multiple was 633. Since there are no published earnings estimates for PGWC we do not have a forward PE. Even if earnings improved ten-fold it might be an easy argument to make that at that price level PGWC was overvalued.

    This is what happens when the market sees a great story that is easy to hype.

    So if the price at the 52-week high was not justified, is the new price at a buck and change a fairer valuation? The current PE ratio is 36 times trailing earnings. Pegasus is not exactly flush with cash - $2.5 million at the end of June 2006 - but, it has no debt and new orders coming in the door.

    The short interest climbed to 8.8 million shares by mid-August 2006, representing 11% of the outstanding shares. The stock has been a frequent flyer on Nasdaq’s Reg SHO list, which includes securities for which shares have not been delivered against sales. (See our posts on Reg SHO, “Failure to Deliver,” and the SEC’s recent tests of the uptick rule, “Uptick.”)

    This is what happens when the market smells an overpriced stock for a vulnerable company.

    With volatility like that evidenced in PGWC in recent months it is no wonder the company is taking such extraordinary measures to side-step the short-sellers. The delisiting action much like the warrant offer serve to remove shares from the access of short-sellers who must borrow shares to deliver on their sales.

    Stay tuned for our next post discussing the structural characteristics of our stock market institutions that may lead to such extraordinary measures.

    posted by Debra Fiakas @ 3:29 PM 0 comments

    -------------------

    net 5k gekocht a 0,58
  8. [verwijderd] 28 september 2006 17:18

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    indien correct:

    Pegasus is not exactly flush with cash - $2.5 million at the end of June 2006 - but, it has no debt and new orders coming in the door.

    Sales climbed from just $1.1 million in the September 2005 quarter to $25.4 million in the June 2006 quarter. Pegasus first achieved profitability in 2005 on $17.6 million in sales and since then the company has built up net income to $2.2 million on $62.9 million in sales in the trailing twelve months ending June 2006.

    ---------------------------

    2,2 miljoen pe 40 ivm growing company
    dan erg dicht bij fair value nu... rond de 50miljoen

    groei niet meetellend

  9. [verwijderd] 28 september 2006 17:29

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    The current PE ratio is 36 times trailing earnings.

    Dat was dus toen hij op 1 stond. Nu bijna gehalveerd op 0,6.

    Wat betekent dat precies?
  12. [verwijderd] 28 september 2006 17:34

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    quote:

    Peermanpaapskop schreef:

    The current PE ratio is 36 times trailing earnings.

    Dat was dus toen hij op 1 stond. Nu bijna gehalveerd op 0,6.

    Wat betekent dat precies?
    price to earnings ratio

    is gewoon aandelenprijs tov de winst
    die is bij bv philips de koers/winstverhouding
    k/w

    die is bij grote bedrijven zeg 13-18
    in US iets hoger
    bij groeibedrijven id p/e 35-40 voor tech groeibedrijf niet absurd

    dus op moment niet echt zwaar overgewaardeerd meer..

    PLUS lijkt erop dat vooral laatste kwartaal de omzer flink aantrok..dus grotere kans op hogere winstgroei
  14. [verwijderd] 28 september 2006 17:53

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    quote:

    Peermanpaapskop schreef:

    Thanx

    Hou hem in de gaten en koop later op avond wellicht wat stukkies
    blijft risky, veel gemanipuleer
    weet niet of en zo ja hoe lang ik hem houd
    als ik niet vertrouw dan gaat ie er snel uit net als gister
    =)toen met 1 cent verlies eruit
    nu dichter bij bodem, maar je weet het nog niet zeker
    kan lager nml
  16. [verwijderd] 28 september 2006 18:11

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    cshd.ob up another 40% today(0.53 to 2.50+ with in 40 days) (Not rated) 2 minutes ago I expect pgwc perform the same.
    Rate it:

    zou niet gek zijn.

  17. [verwijderd] 28 september 2006 19:15

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    ik ben er maar weer uit, 6 cnt verlies :-(
    vertouw het niet, gaat nog steeds met hoog volume naar beneden..
    toch apart hoor zo hard zo naar beneden, wie weet meer???
  18. [verwijderd] 28 september 2006 19:20

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    Het bedrijf is nu nog 35M waard. Of er komt slecht nieuws of dit is typisch nasdaq gemanipuleer. Ik denk het laatste, maar ik zie het wel. Gewoon niet te veel kopen, dan kan het ook niet te veel kosten.
  19. [verwijderd] 28 september 2006 19:22

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    quote:

    -Anna- schreef:

    Het bedrijf is nu nog 35M waard. Of er komt slecht nieuws of dit is typisch nasdaq gemanipuleer. Ik denk het laatste, maar ik zie het wel. Gewoon niet te veel kopen, dan kan het ook niet te veel kosten.

    jij houd ze vast nog?
    ik wel nog even
  20. [verwijderd] 28 september 2006 19:24

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    en het gaat maar door!

    Pegasus Wireless Corporation
    Laatste 0,51 19:22 500
    +/- -0,18 -26,09%
    Open 0,67 15:30
    Slot 0,69 27/9
    Hoog 0,67 15:30
    Laag 0,51 19:20
    Volume 5.163.315
1.162 Posts
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