IMO, NTC is cheap because of risk on a large slab of their...

IMO, NTC is cheap because of risk on a large slab of their revenue and some bad decisions. Their business with TLS is fabulous and represents about 80% of revenue. It is not a supply contract, but is excellent earning business done on an order by order basis (as stated by the company at the outset of the deal and they havent said more since). A company called Maxon had most of this same TLS business before and lost it over-night to NTC (well I think they got 2 months warning).



Meanwhile, the Board have printed a lot more shares and spent most of the accumulated cash made from TLS on new businesses that have so far contributed very little, and NTC have a shocking track record with their past acquisitions. They all eventually evaporated.



Then taking a look at the overseas song, they are spending a lot on that and so far the announcements have not delighted with much revenue (relatively).



Lastly, I suspect the exchange rate talk could mostly be a convenient blame target. The rate goes up and you complain about lost revenue from exports (potential) It goes down and you blame it for taxing your import margins. I do believe the TLS business is exchange rate protected and thats the only critical one IMO. If TLS were to stop raising orders things could get pretty ugly.



So Im not saying shes a dog! I am simply suggesting that there is risk priced in NTCs SP. If NTC were to lock-in a multi-year supply agreement with TLS, the shares would probably go flying up and all the other little indulgences and mistakes wouldnt matter.



S