Author Archive

Buy Female Pink Viagra Without Prescription

Posted by Dan Hung

at July 30, 2011

Buy female pink viagra without prescription, As the market for "new" tech stocks has gone wild again (see LinkedIn, Groupon, and the omnipresent chatter about Facebook), my interest has been piqued by the surfeit of tech bargains that seem to have appeared in the "old" tech stocks of yore. Cisco, female pink viagra pharmacy, Find cheap female pink viagra online, Intel, Apple, certified female pink viagra, Cheap female pink viagra, Microsoft, Hewlett-Packard, no rx female pink viagra, Female pink viagra cheap drug, all are trading at less than 7x Enterprise Value/EBITDA, throwing off significant cash flow, buy female pink viagra overnight delivery, Female pink viagra order, and sitting on cash positive (sometimes dramatically cash positive) balance sheets. Moreover, buy female pink viagra, Female pink viagra canada, aside from Apple and Google, low valuations and shareholder grumblings have pushed these tech stocks to start offering dividends and share buybacks out of their cash hoard, female pink viagra tablet. Discount female pink viagra online, And, with the luster off their stocks, female pink viagra buy online, Buy female pink viagra on line, the traditional fear of M&A based value destruction is (at least somewhat) mitigated.

Though some believe that we may be in a secular shift away from "old tech, female pink viagra buy drug, Discount female pink viagra, " this is a sector that I'm getting more and more conviction around. If you, generic female pink viagra, Generic female pink viagra cheap, too, are a patient, buy female pink viagra online, Canadian female pink viagra, long-term oriented investor, the risk reward may be interesting for you as well, female pink viagra prices. Generic female pink viagra online, In fact, we may not have to wait long before the market shifts its views, sale female pink viagra. Cheap female pink viagra in usa, Full Disclosure: Author is long shares of MSFT and AAPL at the time of writing

. Female pink viagra without rx. Female pink viagra vendors. Best price female pink viagra. Find female pink viagra no prescription required. Order female pink viagra no prescription required. Buy cheap female pink viagra internet. Buy female pink viagra in us. Drug female pink viagra. Compare female pink viagra prices. Female pink viagra prescription. Female pink viagra australia. Buying generic female pink viagra. Cheap female pink viagra on internet. Buy female pink viagra once daily. Female pink viagra online sale. Female pink viagra online.

Curious Investments

Buy Viagra Without Prescription

Posted by Dan Hung

at March 2, 2011

Leave a Reply

Buy viagra without prescription, Once again, thanks to Zero Hedge, saw this very interesting chart in an article promoting a return to the gold standard. To be honest, viagra alternative, Cheap viagra from usa, I have no idea what it means to return to the gold standard or what merit it's perceived to bring. The comments on the Zero Hedge post are just a mess, buy viagra generic, Purchase viagra online, so I'm reaching out to what's left of The Curious Investor community. Anyone have any insight on the case for the gold standard that they'd like to share, order viagra from canada. Cheap viagra internet. Cheap viagra from canada. Canada viagra. Buy viagra no rx. Viagra sale. Cost viagra. Viagra rx. Cheap price viagra. Low price viagra. Viagra in bangkok. Viagra drug. Viagra pills. Order viagra on internet. Order viagra from us. Viagra without prescription. Viagra price. Buy cheapest viagra online. Buy discount viagra. Purchase viagra no rx. Lowest price for viagra. Buy generic viagra. Buy viagra internet. Viagra no online prescription. Order discount viagra. Cheap generic viagra. Order viagra cheap online. Cheap viagra in uk. Viagra in uk. Viagra internet. Viagra online sales. Cheap viagra no prescription. Viagra online stores. Viagra in malaysia. Find viagra online. Viagra in us.

Curious Investments, Market Commentary

Buy Gold Viagra Without Prescription

Posted by Dan Hung

at February 25, 2011

Leave a Reply

Buy gold viagra without prescription, Great chart courtesy of Zero Hedge. This is part of the reason that from a portfolio perspective, order gold viagra overnight delivery, Gold viagra cheap, I always like to keep some oil exposure for diversification.

Full Disclosure: Author long shares of TOT and LINE at the time of writing, gold viagra information. Gold viagra sales. Buy gold viagra no prescription required. Gold viagra for sale. Buy gold viagra on internet. Order gold viagra in us. Buy cheapest gold viagra. Gold viagra overnight shipping. Cheap gold viagra pharmacy. Find gold viagra without prescription. Gold viagra tablets. Buy gold viagra online australia. Gold viagra overnight. Gold viagra pharmacy online. Cheapest generic gold viagra. Find cheap gold viagra. Buy cheapest gold viagra on line. Cheap gold viagra online. Order gold viagra online. Free gold viagra. Order cheap gold viagra online. Cheapest gold viagra online. Find no rx gold viagra. Buy gold viagra from india. Gold viagra pill. Gold viagra cheapest price. Purchase gold viagra overnight delivery. Gold viagra medication. Cheap gold viagra pill. Gold viagra bangkok. Buy discount gold viagra online. Order gold viagra in canada. Gold viagra side effects. Gold viagra cost. Compare gold viagra prices online. Best price for gold viagra. Cheapest generic gold viagra online. Buy gold viagra cheap.

Curious Investments, Market Commentary

Buy Viagra Super Force Without Prescription

Posted by Dan Hung

at December 1, 2010

Leave a Reply

Buy viagra super force without prescription, It seems that Google is poised to make a potential $6 billion acquisition of Groupon which has been described as $5.3 billion in upfront consideration and $700 million in performance awards for management. Canadian pharmacy viagra super force, Investor reaction yesterday was negative with the stock falling 4.5% and the internet appears to be on fire with bloggers and journalists bashing Google's reckless spending. Afterall, viagra super force buy, Lowest price viagra super force, $6 billion is double the value Google paid for Doubleclick. It's $2 billion more than current rumored valuations for Twitter, order generic viagra super force. Cheap viagra super force from uk, Such an inflated purchase price for Groupon must surely be a sign that Google just doesn't know what to do with its cash hoard, right, find discount viagra super force. Well, before making wild declarations, let's try to put pen to paper and figure it out, buy viagra super force without prescription. Order no rx viagra super force, Valuation

Let's start by throw out the Twitter and Facebook valuation comparisons. Facebook recently reached valuations between $33 billion and $50 billion on Second Market, find discount viagra super force online. Approved viagra super force pharmacy, Various online sources appear to pin Facebook's revenues anywhere from $1.2 billion to $2.0 billion in 2010. The Company only became cash flow positive in Q2 2009, order discount viagra super force online. Buy viagra super force without prescription, Even by the loftiest of expectations, Facebook is trading between 16x and 25x revenue likely near 100x cash flow earnings. Buy viagra super force without prescription, Twitter did not announce a monetization strategy until April of this year and was projecting just $140 million in 2010 revenue in 2009. If they hit their projection, buying viagra super force online, Buy viagra super force canada, this would equate to 28x revenue. But, viagra super force cheap price, Get viagra super force, let's be honest, Groupon is a vastly different business than Facebook and Twitter so let's literally "throw out" these valuations (for now), viagra super force approved. Viagra super force from india, To me, Groupon is best compared to an internet retailer, viagra super force medicine. By way of precedent transaction, Zappos was purchased for $1.2 billion by Amazon in 2009 which was essentially a 1.2x revenue multiple, buy viagra super force without prescription. No prescription viagra super force, However, Zappos was well known to run razor thin margins, discount viagra super force no rx, Viagra super force no rx required, rumored to be well in the single-digits. If this is true, tablet viagra super force, Buy no rx viagra super force, then Zappos likely changed hands at well over a 30x EV/EBITDA multiple.

Comparing to larger, cheap viagra super force tablet, Order viagra super force, more mature e-tailers, Amazon trades at 2.6x revenue and 39.7x EV/EBITDA, viagra super force without a prescription. Purchase viagra super force without prescription, EBay trades at 4.2x revenue and 11.8x EV/EBITDA.* The disparity in these metrics likely lies in the fact that E-Bay runs high-teens operating margins and Amazon runs low-single digit margins, but Amazon has been growing revenues at over 30% year-over-year while E-Bay has seemingly hit a growth wall over the last few years, buy viagra super force from canada. Buy viagra super force without prescription, So, what does this all mean to Groupon. Cheap viagra super force in uk, Consensus seems to be that Groupon will have sales around $500 million this year. However, find discount viagra super force, Viagra super force free delivery, it has grown dramatically month-over-month and could be selling at a run-rate in excess of an annualized $600 million in gross sales. Assuming Groupon typically takes 50% of gross sales as its cut and then must pay overhead, viagra super force medicine. Viagra super force malaysia, Groupon's overhead cost structure is likely to be significantly better than that of most tech companies with less of demand for hardware and most of its costs in personnel as the site doesn't have to do any more than handle requests one deal at a time (no videos, photos, best price for viagra super force, Viagra super force internet, messages, etc.), viagra super force alternative. It's not hard to imagine that Groupon's EBITDA margins are closer to that of an EBay, and possibly better, buy viagra super force without prescription. Viagra super force vendors, Let's assume they are 25%. Additionally, buy viagra super force without prescription, Order viagra super force in us, relative to the tech startups and tech-heavy retailers I've described above, Groupon's business model is likely working capital negative and lower capital intensity which would mean that Groupon's EBITDA quality (as a proxy for cash flow) is likely higher than the others above, drug viagra super force online purchase.

Given these qualities of the Groupon business, it would seem fair that Groupon would deserve an EV/EBITDA valuation at the high end of the range for retailers. Groupon is a younger company than Amazon, but has a business model which is fundamentally more limited, so I'll split the difference and apply the exact same multiple (39.7x). Buy viagra super force without prescription, So, how much is Groupon worth? $600 million x 25% x 39.7 = $6.0 billion. Well, suddenly I feel a little better about Google's valuation. Do you.

* I acknowledge that I've mixed enterprise value and equity value metrics, but Groupon is likely a debt-free startup, I'm taking the liberty of assuming enterprise value and equity value are close.

Considerations/Risks to the Valuation

Clearly, Google is paying a full price. Moreover, depending on which metric drive's Google's public valuation, this deal may prove to not be value accretive. Google is currently trading at 6.5x revenue but just 13.0x EV/EBITDA, buy viagra super force without prescription. Accretion/dilution aside, on a standalone basis, I wouldn't call Amazon's stock cheap and Groupon has some obvious limitations to its appeal and value proposition which could limit its trajectory.

Additionally, the above analysis is clearly based on some aggressive assumptions. Even assuming that some of them are accurate today, there are serious questions about whether Groupon can sustain high-levels of profitability given increasing competition and some criticisms by partners over the sustainability of offering 75%-90% discounts.

All this said, Google is not buying Groupon as a standalone business and a significant case could be made for valuation upside due to Groupon's strategic value. Ostensibly, Google believes that it can integrate Groupon as part of a broader customer experience platform and enable various other parts of its service offering - particularly in local advertising. If this is true, could it be possible that Groupon can create value within Google more similar to the stratospheric valuations that Facebook and Twitter and other "true web" startups garner.

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

Company Analysis

Buy Viagra Oral Jelly Without Prescription

Posted by Dan Hung

at September 9, 2010

Leave a Reply

Buy viagra oral jelly without prescription, Motley Fool printed an interesting article, "Can you trust the cash flow at Johnson & Johnson?," yesterday. Buying viagra oral jelly online, The author points out that "not all cash flow is equal" and shows this graph analyzing the sources of Johnson & Johnson's freecash flow:

Johnson & Johnson shareholders can breathe a sigh of relief as the author of this article comes to the conclusion that very little of JNJ's cash flow comes from "questionable sources." In fact, the author claims just 0.9% of JNJ's cash flow is questionable, price of viagra oral jelly. Buy viagra oral jelly in us, The author describes questionable cash flow as "changes in taxes payable, tax benefits from stock options, find viagra oral jelly without prescription, Order viagra oral jelly in canada, and asset sales, among others." I can't disagree with this definition as manipulating tax accounts and one-time asset sales are clearly not longterm sustainable sources of cash, order viagra oral jelly overnight delivery. Buy generic viagra oral jelly online, That being said, from the perspective of trying to understand JNJ's cash flow which I would assume is more geared towards understanding how secure its dividend is, cost of viagra oral jelly, Order generic viagra oral jelly, I don't think that these cash flow accounts tell the whole story. Changes in working capital accounts - accounts receivable, viagra oral jelly buy drug, Find viagra oral jelly no prescription required, inventories, and payables - can be significant sources or uses of cash in any given year, buy cheap viagra oral jelly online. Shrewd management of these accounts is a testament to the operational competence of a company's management team, buy viagra oral jelly without prescription. Viagra oral jelly bangkok, Depending on working capital benefits for cash flow, however, viagra oral jelly sale, Viagra oral jelly buy, is not a particularly good way to support a dividend.

So, buy cheapest viagra oral jelly online, Discount viagra oral jelly, what metric would I use to determine "good cash flow". That is, buy viagra oral jelly internet, Viagra oral jelly overnight, sustainable cash flow generation abilities of a business. It sounds like finance hocus pocus and is often ridiculed by journalists looking to lambaste people in the finance industry, order viagra oral jelly no rx, Generic viagra oral jelly cheap, but EBITDA is a very powerful analytical concept. (More on this to come)

In the mean time, viagra oral jelly, Find discount viagra oral jelly online, if you'd like to learn more about working capital accounts and why cash flow and earnings do not always intersect, please check out my former posts on the topic:

Working capital - an important metric during a recession

Cash conversion cycle case studies

Full Disclosure: Author is long shares of JNJ at the time of writing, cheap viagra oral jelly tablet. Where to order viagra oral jelly. Cheap viagra oral jelly internet. Buy cheapest viagra oral jelly on line. Order discount viagra oral jelly. Viagra oral jelly non prescription. Order cheap viagra oral jelly. Viagra oral jelly no online prescription. Order viagra oral jelly no prescription required. Certified viagra oral jelly. Buy viagra oral jelly lowest price. Buy viagra oral jelly online. Viagra oral jelly order. Purchase viagra oral jelly. Buying viagra oral jelly. Viagra oral jelly purchase. Cheap viagra oral jelly overnight delivery.

Fundamental Analysis, Tutorials

Buy Viagra Plus Without Prescription

Posted by Dan Hung

at February 28, 2010

Leave a Reply

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

Proven, cost effective technology serving a large niche - Unlike traditional debit cards or credit cards, viagra plus tablets, Order cheap viagra plus online, UEPS offers a proprietary technology which does not require always on connection to a primary host or even a bank account. Data is stored on the card and information transferred at the point of sale.

Adoption reaching critical mass - The Company has long been used by the South African Social Security Administration to distribute entitlement payments to citizens and Net1 has recently leveraged this success into a national contract with Ghana as well as a roll out of its technology in Iraq.

Operating leverage and free cash flow generation - The Company's equipment and cards are generally paid for by national governments which have chosen its system, viagra plus for sale. Buy no rx viagra plus, Further, as additional customers are enrolled and begin using their cards for payments, viagra plus cheap drug, Buy viagra plus generic, the Company generates incremental transaction fees without significant incremental investment. Operating margins in the transaction processing segment are near 60%.

Investment Risks

Exposure to South African Social Security Administration Contract - 65% of revenues are currently generated through five provincal contracts with the SASSA, buy viagra plus online cheap. This contract has been on one-year renewal terms for the last three years as SASSA attempts to bid the contract through a formal RFP process, buy viagra plus without prescription. Viagra plus overnight delivery, The last RFP process ended almost a year ago without a resolution and Net1's current contract in South Africa is set to expire on March 31, 2010.

Exposure to South African Rand - The majority of the Company's costs and revenues are denominated in South African Rands, buy cheap viagra plus. Viagra plus online review, While exchange rate fluctuations will not have a major impact on cash flow or liquidity, it can have a significant impact on valuation for USD investors, viagra plus online pharmacy. Buy viagra plus pills, The Rand is currently trading at 7.65 per USD and has traded in a range from 6 to 12 historically.

Political Risk - The Company's growth plan relies on entering developing nations with sometimes tenuous governmental structures.

Technological Risk - While the Company's smart cards and other payment technologies appear to be quite forward thinking, the increasing availability of wireless communications infrastructure and cell phones poses a potential disruptive threat for a motivated competitor.

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..