BDT 0.00% 7.4¢ birddog technology limited

Ann: BirdDog announces a proposed Selective Share Buy-back, page-14

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  1. 59 Posts.
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    It is true that BDT have been lossmaking for quite some time, but at this end of the market that is notunusual. I know of other companies that have fared far worse. When ashare price has been hammered this badly there comes a point at whichthe market price represents good value, and I suspect BDT is wellpast that point.

    @Orabanda makes some excellent points,but I would add a few more;

    - Current Market Capitalisation of $12million. Compared with cash on hand of $20.8 million, and a stockinventory of $10m. This point alone indicates the downtrend in shareprice has been too severe and BDT is undervalued by the market.

    - Disciplined approach to capitaldeployment, and strong steps taken to balance inventory. I've beenimpressed with many of the decisions that they have made, includingthe earlier buy-back and their readiness to change their approach tosales distribution and channels.

    - Management are prepared to re-thinkstrategy and implement changes that reduce costs, including staffcosts. These decisions would not have been easy to make. Managementhas shown that they are prepared to make the tough calls whenrequired.

    - It is not guaranteed, but with theirnew products, cost savings and inventory reduction they may soon beEBITDA positive. To invest or hold at this point is higher risk, butif they can pull it off the rewards are greater.

    - I have worked in the industry as an installer, and BirdDoggear is innovative and competitively priced. Their cameras arenormally around the top of my shopping list (when you can get them,supply hasn't always been great). The Sony sensors and NDIintegration in particular are excellent. The recent awards at the NABshow also demonstrate the value of their product.

    - The strength and value in BDT is intheir innovation and design. From what I've read of the legal issuesBolin, it seems that Bolin wanted to own the IP for themselves,without paying too much for it. I kind of see this as a compliment,and validation of the tech.

    - I agree with @Orabanda. The latestbuy-back seems like a great idea to me. Buy back the shares at alower than market price, and then take them out of circulation. 16.3%is a decent chunk out of the Market Cap. The alternative could beprotracted selling on market, keeping the share price lower for whoknows how long?

    - Comments were made on a differentthread (and here) that the co-founder has left BDT and joined AMS,indicating that he sees more value there. I have no idea what hethinks about either company. However, I also hold AMS (sorry to say)and when I compare the two companies I know which one I prefer. AMSmanagement really dropped the ball. The recent recapitalisation dealwas great for the new management, but lousy for shareholders. Myguess is that if he does see more upside at AMS, it is because theyare in a far worse position, which he hopes to help turn around.

    - Recently there seems to have been anincrease in negative posts from non-holders, which is fine, everyonehas a right to an opinion. However, I try and pay attention to marketsentiment and psychology, and sometimes an increase in such commentsis another sign the bottom is in.

    There are obviously risks, such as thelegal action, inflation, market competition etc, but I think there isa lot to like here. But as always, DYOR.
 
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