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Ifabric Corp
IFA-T
RISKY
May 15, 2024
$1.210
Stock price when the opinion was issued
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STRONG BUY
A unique little Canadian company that has a very, very unique value proposition. They have 2 businesses. Ladies under apparel business, which recently got contracts with Target (TGT-N) and VF Corp (VFC-N). He expects this division to have high double-digit growth over the next few years. The other business is a chemicals licensing division, which has deals with technical companies that are looking for something special.
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IFA is a very small company ($36.7M market cap), and for Q1 it reported sales of $6.8M, representing a growth of 2% year-over-year, and EPS of $0.018 compared to $0.015 in the prior year, representing a 20% increase. Management noted it remains on track to meet its recently announced revenue target of $28 to $32M for FY2024, and its margins increased, benefiting from new programs and a higher gross margin for the quarter. It trades at a 1.6X price-to-sales ratio, although, profitability and cash flows have been lumpy. These were decent results, but the company is small and needs to be considered very high risk.
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