Archive for February, 2010

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Buy viagra plus without prescription, It's been a while and for that I apologize. Truth be told, viagra plus uk, Order viagra plus from us, I had gotten my portfolio almost fully invested by mid-last year. And, viagra plus no rx required, Order viagra plus on internet, as the stock intense rally we've seen in stocks through 2009 has turned flat since the new year, I've been much less aggressive with my personal portfolio and as such have had a lot less to say, cheap viagra plus no rx. Buy viagra plus no rx, Though, for those of you who follow my Covestor account, pharmacy viagra plus, Order viagra plus no prescription, you'll know that I have not been completely out of the markets. I'm increasingly interested in companies which do the bulk of their business internationally as I believe this is a good way to capitalize on foreign growth while being constrained with access only to U.S, cheap generic viagra plus. exchanges, buy viagra plus without prescription. Viagra plus in bangkok, (By the way, does any know any good online brokerages which allow you to trade stocks internationally?)

Universal Electronic Payment System (UEPS)
UEPS is a financial transaction system offered by Net1 which utilizes its patented Funds Transfer System and secure smart cards to provide real-time but offline payment solutions for un-banked/under-banked populations, cheapest generic viagra plus online. Overnight viagra plus, These cards store all necessary information - available funds, user identity, viagra plus price, Viagra plus online, etc. - and allows for transactions to take place without a connection to a host mainframe, buy viagra plus once daily. Viagra plus from india, As such, the cards are particularly useful to countries with under developed infrastructure, viagra plus sales. Buy viagra plus without prescription, As you may have guessed, Net1 does most of its business in developing countries, primarily South Africa, where it provides cards and point of sale equipment to governments which use the cards as a medium to distribute grants and other social welfare payments. Buy viagra plus overnight delivery, Investment Strengths


Investment Risks

Quick and Dirty Valuation
Despite guidance of 20% yoy growth in EPS (constant currency) and long term catalysts for significant growth through new market entry internationally, viagra plus without rx, Viagra plus information, the Company trades at 12.0x P/E and, in fact, viagra plus from canada, No prescription viagra plus, represents a significant discount based on my analysis of PEG which has traditionally approached 1-1.2.

Further, find viagra plus, Cheap price viagra plus, for a smaller, growing company, order viagra plus online, Cheapest generic viagra plus, UEPS generates significant free cash flow. Buy viagra plus without prescription, As defined as operating cash flow minus capital expenditures and investments, the Company has averaged approximately $110 million in free cash flow over its 2008 and 2009 fiscal years good for a 13.75% free cash flow yield. Put differently, buy viagra plus from us, Purchase viagra plus no rx, at no growth and a 10% discount rate this would justify a stock price of ~$24.00/share vs. its current price of $17.65/share. Obviously, with significant headline risk involved in the Company's 65% concentration in South African Social Security payments, this discount rate may not be appropriate.

The Company, however, currently has ~$2.00/share in net net working capital and $3.35/share in cash on hand and management has shown a willingness to redistribute value to shareholders having recently approved a $50 million share buyback to be funded entirely from cash on hand. Netting the entire value of cash out of the shares, the Company's cash yield would actually be closer to 17%, enough to pay back shareholders in less than 6 years if fully redistributed. Is this worth the risk of annual renewals of the South African contracts. I believe so.

Full disclosure: Author is long shares of UEPS at the time of writing..

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