CFC International.(Davenport & Company)

Buyside, June, 2003

CFC International (CFCI-OTC-$4.50) Strategic Repositioning Efforts Should Benefit Company on Economic Recovery.

Rating: Buy                           Sector: Specialty Chemicals 
Target Price: $7.00-$8.00             Sector Recommendation: N/A 

Basis of Target: Approximately 15x 2004 EPS or 7x EBITDA.

2002 Ends on A Positive Note. After a disappointing last few years, CFC reported fourth quarter and year-end results in-line with expectations. CFC reported fourth quarter earnings of $0.24 versus $0.13 per share in the corresponding period in 2001. We would note that roughly $0.05 per share of this gain was attributed to a $218,000 R&D tax credit. For the year, earnings increased to $0.51 versus a $0.02 per share loss in 2001, as sales remained...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.