Aankondiging • May 07
Live Ventures Incorporated to Report Q2, 2026 Results on May 14, 2026 Live Ventures Incorporated announced that they will report Q2, 2026 results Pre-Market on May 14, 2026 Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$16.65, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 14x in the Consumer Durables industry in the US. Total loss to shareholders of 51% over the past three years. Reported Earnings • Feb 15
First quarter 2026 earnings released: US$0.021 loss per share (vs US$0.16 profit in 1Q 2025) First quarter 2026 results: US$0.021 loss per share (down from US$0.16 profit in 1Q 2025). Revenue: US$108.5m (down 2.7% from 1Q 2025). Net loss: US$64.0k (down 113% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Aankondiging • Feb 05
Live Ventures Incorporated to Report Q1, 2026 Results on Feb 12, 2026 Live Ventures Incorporated announced that they will report Q1, 2026 results Pre-Market on Feb 12, 2026 Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$16.49, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 10x in the Consumer Durables industry in the US. Total loss to shareholders of 57% over the past three years. Recent Insider Transactions • Dec 24
Independent Director recently sold US$52k worth of stock On the 19th of December, Dennis Gao sold around 3k shares on-market at roughly US$15.70 per share. This transaction amounted to 45% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Dec 11
Full year 2025 earnings released: EPS: US$7.35 (vs US$8.48 loss in FY 2024) Full year 2025 results: EPS: US$7.35 (up from US$8.48 loss in FY 2024). Revenue: US$444.9m (down 5.9% from FY 2024). Net income: US$22.7m (up US$49.4m from FY 2024). Profit margin: 5.1% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to US$11.44, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 11x in the Consumer Durables industry in the US. Total loss to shareholders of 53% over the past three years. Aankondiging • Dec 04
Live Ventures Incorporated to Report Fiscal Year 2025 Results on Dec 11, 2025 Live Ventures Incorporated announced that they will report fiscal year 2025 results Pre-Market on Dec 11, 2025 Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$11.36, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 11x in the Consumer Durables industry in the US. Total loss to shareholders of 55% over the past three years. Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to US$13.80, the stock trades at a trailing P/E ratio of 22.6x. Average trailing P/E is 11x in the Consumer Durables industry in the US. Total loss to shareholders of 45% over the past three years. Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to US$16.16, the stock trades at a trailing P/E ratio of 26.4x. Average trailing P/E is 11x in the Consumer Durables industry in the US. Total loss to shareholders of 34% over the past three years. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to US$18.02, the stock trades at a trailing P/E ratio of 29.5x. Average trailing P/E is 12x in the Consumer Durables industry in the US. Total loss to shareholders of 34% over the past three years. Reported Earnings • Aug 08
Third quarter 2025 earnings released: EPS: US$1.75 (vs US$0.91 loss in 3Q 2024) Third quarter 2025 results: EPS: US$1.75 (up from US$0.91 loss in 3Q 2024). Revenue: US$112.5m (down 9.2% from 3Q 2024). Net income: US$5.39m (up US$8.24m from 3Q 2024). Profit margin: 4.8% (up from net loss in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Aankondiging • Jul 31
Live Ventures Incorporated to Report Q3, 2025 Results on Aug 07, 2025 Live Ventures Incorporated announced that they will report Q3, 2025 results Pre-Market on Aug 07, 2025 Aankondiging • May 22
Live Ventures Incorporated, Annual General Meeting, Jun 26, 2025 Live Ventures Incorporated, Annual General Meeting, Jun 26, 2025. Location: 325 e. warm springs road, suite 102 las vegas, nevada United States Reported Earnings • May 09
Second quarter 2025 earnings released: EPS: US$5.10 (vs US$1.04 loss in 2Q 2024) Second quarter 2025 results: EPS: US$5.10 (up from US$1.04 loss in 2Q 2024). Revenue: US$107.0m (down 9.8% from 2Q 2024). Net income: US$15.9m (up US$19.1m from 2Q 2024). Profit margin: 15% (up from net loss in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 111 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • May 08
Now 75% overvalued after recent price rise Over the last 90 days, the stock has risen 135% to US$21.72. The fair value is estimated to be US$12.42, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company became loss making. New Risk • May 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.1x net interest cover). Earnings have declined by 33% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (US$37.0m market cap). Aankondiging • May 01
Live Ventures Incorporated to Report Q2, 2025 Results on May 08, 2025 Live Ventures Incorporated announced that they will report Q2, 2025 results Pre-Market on May 08, 2025 Reported Earnings • Feb 06
First quarter 2025 earnings released: EPS: US$0.16 (vs US$0.22 loss in 1Q 2024) First quarter 2025 results: EPS: US$0.16 (up from US$0.22 loss in 1Q 2024). Revenue: US$111.5m (down 5.2% from 1Q 2024). Net income: US$492.0k (up US$1.17m from 1Q 2024). Profit margin: 0.4% (up from net loss in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Aankondiging • Jan 30
Live Ventures Incorporated to Report Q1, 2025 Results on Feb 06, 2025 Live Ventures Incorporated announced that they will report Q1, 2025 results Pre-Market on Feb 06, 2025 Reported Earnings • Dec 20
Full year 2024 earnings released: US$8.48 loss per share (vs US$0.033 loss in FY 2023) Full year 2024 results: US$8.48 loss per share (further deteriorated from US$0.033 loss in FY 2023). Revenue: US$472.8m (up 33% from FY 2023). Net loss: US$26.7m (loss widened US$26.6m from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Aankondiging • Dec 05
Live Ventures Incorporated to Report Fiscal Year 2024 Results on Dec 12, 2024 Live Ventures Incorporated announced that they will report fiscal year 2024 results at 9:30 AM, US Eastern Standard Time on Dec 12, 2024 Reported Earnings • Aug 09
Third quarter 2024 earnings released: US$0.91 loss per share (vs US$0.34 profit in 3Q 2023) Third quarter 2024 results: US$0.91 loss per share (down from US$0.34 profit in 3Q 2023). Revenue: US$123.9m (up 35% from 3Q 2023). Net loss: US$2.86m (down 369% from profit in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Aankondiging • Aug 01
Live Ventures Incorporated to Report Q3, 2024 Results on Aug 08, 2024 Live Ventures Incorporated announced that they will report Q3, 2024 results Pre-Market on Aug 08, 2024 Aankondiging • Jun 09
Live Ventures Incorporated (NasdaqCM:LIVE) announces an Equity Buyback for $10 million worth of its shares. Live Ventures Incorporated (NasdaqCM:LIVE) announces a share repurchase program. Under the program, the company will repurchase up to $10 million worth of its outstanding common stock. The repurchase program will be funded from cash on hand and cash generated by operations of the company's business. The repurchase program will expire on May 31, 2025. Reported Earnings • May 13
Second quarter 2024 earnings released: US$1.04 loss per share (vs US$0.50 profit in 2Q 2023) Second quarter 2024 results: US$1.04 loss per share (down from US$0.50 profit in 2Q 2023). Revenue: US$118.6m (up 30% from 2Q 2023). Net loss: US$3.28m (down 311% from profit in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Aankondiging • May 08
Live Ventures Incorporated to Report Q2, 2024 Results on May 13, 2024 Live Ventures Incorporated announced that they will report Q2, 2024 results at 9:30 AM, US Eastern Standard Time on May 13, 2024 Aankondiging • May 01
Live Ventures Incorporated, Annual General Meeting, Jul 10, 2024 Live Ventures Incorporated, Annual General Meeting, Jul 10, 2024. Reported Earnings • Feb 08
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: US$0.22 loss per share (down from US$0.60 profit in 1Q 2023). Revenue: US$117.6m (up 71% from 1Q 2023). Net loss: US$682.0k (down 137% from profit in 1Q 2023). Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) missed analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Aankondiging • Feb 02
Live Ventures Incorporated to Report Q1, 2024 Results on Feb 08, 2024 Live Ventures Incorporated announced that they will report Q1, 2024 results Pre-Market on Feb 08, 2024 Reported Earnings • Dec 20
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: US$0.033 loss per share (down from US$7.94 profit in FY 2022). Revenue: US$355.2m (up 24% from FY 2022). Net loss: US$102.0k (down 100% from profit in FY 2022). Profit margin: 0% (down from 8.6% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Aankondiging • Dec 08
Live Ventures Incorporated to Report Fiscal Year 2023 Results on Dec 14, 2023 Live Ventures Incorporated announced that they will report fiscal year 2023 results Pre-Market on Dec 14, 2023 Aankondiging • Oct 14
Live Ventures Incorporated (NasdaqCM:LIVE) entered into a non-binding proposal to acquire LL Flooring Holdings, Inc. (NYSE:LL) from Isaac Capital Group, LLC and others for $190 million. Live Ventures Incorporated (NasdaqCM:LIVE) entered into a non-binding proposal to acquire LL Flooring Holdings, Inc. (NYSE:LL) from Isaac Capital Group, LLC and others for $190 million on October 12, 2023. As part of consideration, Live Ventures Incorporated will pay $5.85 in cash for each share of LL Flooring. The transaction is subject only to LL Flooring shareholder approval, legal due diligence as well as other customary closing conditions for a transaction of this nature with no financing condition or contingency.
J.P. Morgan Securities LLC acted as financial advisor to LL Flooring, and Skadden, Arps, Slate, Meagher & Flom LLP acted as its legal advisor. Vinson & Elkins acted as legal advisor to Live Ventures. Aankondiging • Oct 13
Live Ventures Makes Offer to Buy LL Flooring Holdings U.S. investment firm Live Ventures Incorporated (NasdaqCM:LIVE) has offered to buy LL Flooring Holdings, Inc. (NYSE:LL), formerly known as Lumber Liquidators, for roughly $180 million in cash, according to a letter seen by Reuters. LL Flooring said in August that it was exploring strategic alternatives, including a possible sale. The company, headquartered in Richmond, Virginia and one of the country's leading retailers of hard-wood surface flooring, has seen its stock price tumble more than 78% in the last five years. Live Ventures' offer of $5.85 per share represents a roughly 100% premium to LL Flooring's closing price on October 11, 2023 . LL Flooring and Live Ventures did not immediately respond to Reuters' request for comment. Reported Earnings • Aug 11
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: US$0.34 (down from US$1.12 in 3Q 2022). Revenue: US$91.5m (up 34% from 3Q 2022). Net income: US$1.06m (down 70% from 3Q 2022). Profit margin: 1.2% (down from 5.1% in 3Q 2022). Revenue missed analyst estimates by 6.6%. Earnings per share (EPS) also missed analyst estimates by 71%. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 2.9% growth forecast for the Consumer Durables industry in the US. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 41% per year, which means it is well ahead of earnings. Aankondiging • Aug 04
Live Ventures Incorporated to Report Q3, 2023 Results on Aug 10, 2023 Live Ventures Incorporated announced that they will report Q3, 2023 results Pre-Market on Aug 10, 2023 Aankondiging • Jul 25
Live Ventures Incorporated (NasdaqCM:LIVE) acquired Precision Metal Works, Inc. for $28 million. Live Ventures Incorporated (NasdaqCM:LIVE) acquired Precision Metal Works, Inc. for $28 million on July 24, 2023. Precision Metal Works was acquired for a total consideration of approximately $28 million, comprised of $25 million cash, with additional consideration of up to $3 million paid in the form of an earn-out. As part of the acquisition, Live Ventures will retain PMW’s existing management team and all its employees. The acquisition will be immediately accretive to earnings of Live Ventures. Invision Capital Advisors, LLC and Focus Capital Advisors, Inc. acted as the financial advisers to Precision Metal Works.
Live Ventures Incorporated (NasdaqCM:LIVE) completed the acquisition of Precision Metal Works, Inc. on July 24, 2023. Aankondiging • Jun 24
Live Ventures Incorporated, Annual General Meeting, Jul 27, 2023 Live Ventures Incorporated, Annual General Meeting, Jul 27, 2023, at 10:00 Pacific Standard Time. Location: 325 E. Warm Springs Road, Suite 102 Las Vegas Nevada United States Agenda: To consider and elect five directors to Board of Directors; to consider and ratify the appointment of Frazier & Deeter, LLC as the Company’s independent registered public accounting firm for the fiscal year ending September 30, 2023; and to transact such other business as may properly come before the meeting and any adjournments thereof. Recent Insider Transactions Derivative • Jun 19
Board Member exercised options and sold US$150k worth of stock On the 13th of June, Tony Isaac exercised 25.00k options at around US$15.18, then sold 15k of the shares acquired at an average of US$25.14 per share and kept the remainder. Since December 2022, Tony has owned 30.00k shares directly. Company insiders have collectively sold US$13.4 more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • May 13
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: US$0.50 (down from US$4.90 in 2Q 2022). Revenue: US$91.1m (up 31% from 2Q 2022). Net income: US$1.56m (down 90% from 2Q 2022). Profit margin: 1.7% (down from 22% in 2Q 2022). Revenue missed analyst estimates by 8.9%. Earnings per share (EPS) also missed analyst estimates by 78%. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • May 05
Live Ventures Incorporated to Report Q2, 2023 Results on May 11, 2023 Live Ventures Incorporated announced that they will report Q2, 2023 results on May 11, 2023 Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$29.71, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 10x in the Consumer Durables industry in the US. Total returns to shareholders of 394% over the past three years. Reported Earnings • Feb 10
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: US$0.60 (down from US$4.14 in 1Q 2022). Revenue: US$69.0m (down 8.2% from 1Q 2022). Net income: US$1.84m (down 72% from 1Q 2022). Profit margin: 2.7% (down from 8.7% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 61%. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Feb 03
Live Ventures Incorporated to Report Q1, 2023 Results on Feb 09, 2023 Live Ventures Incorporated announced that they will report Q1, 2023 results Pre-Market on Feb 09, 2023 Aankondiging • Jan 20
Live Ventures Incorporated acquired Flooring Liquidators, Inc. for $84 million. Live Ventures Incorporated acquired Flooring Liquidators, Inc. for $84 million on January 19, 2023. The transaction, valued at approximately $84 million, was financed through a combination of cash, debt, including a $5 million note from Isaac Capital Group, and the issuance of 116,441 shares of our common stock, representing a 3.78% dilution of Live Ventures’ fully diluted common stock.As part of the transaction, Live Ventures also acquired Floorable, LLC, the company’s franchise opportunity utilizing proprietary in-home shopping mobile showrooms and an established back-office support system along with K2L Leasing, LLC and SJ &K Equipment, Inc. As part of the acquisition, Live Ventures will retain Flooring Liquidators’ existing management team and all 625 employees and contractors.
Live Ventures Incorporated completed the acquisition of Flooring Liquidators, Inc. January 19, 2023. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 24% share price gain to US$31.30, the stock trades at a trailing P/E ratio of 3.9x. Average forward P/E is 9x in the Consumer Durables industry in the US. Total returns to shareholders of 335% over the past three years. Reported Earnings • Dec 15
Full year 2022 earnings released: EPS: US$7.94 (vs US$19.92 in FY 2021) Full year 2022 results: EPS: US$7.94 (down from US$19.92 in FY 2021). Revenue: US$286.9m (up 5.1% from FY 2021). Net income: US$24.7m (down 21% from FY 2021). Profit margin: 8.6% (down from 11% in FY 2021). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 5 highly experienced directors. Independent Director Tyler Sickmeyer was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improved over the past week After last week's 19% share price gain to US$29.63, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 7x in the Consumer Durables industry in the US. Total returns to shareholders of 282% over the past three years. Reported Earnings • Aug 12
Third quarter 2022 earnings released: EPS: US$1.12 (vs US$6.35 in 3Q 2021) Third quarter 2022 results: EPS: US$1.12 (down from US$6.35 in 3Q 2021). Revenue: US$68.3m (down 1.2% from 3Q 2021). Net income: US$3.47m (down 65% from 3Q 2021). Profit margin: 5.1% (down from 14% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 66% per year, which means it is significantly lagging earnings growth. Seeking Alpha • Jul 18
Live Ventures Feels Inflation Pressures But Low Stock Price Allows Wide Margin Of Safety LIVE felt the heat as inflation pressures significantly affected net income in Q1 (excluding bankruptcy settlement).
Market remains justifiably cautious due to SEC overhang.
The current valuation leaves wide margin of safety for those investing with a long-term outlook.
I am maintaining a 'buy' stance and will move to a 'strong buy' stance if LIVE is able to resolve the SEC case and keep Jon Isaac as CEO.
I have been following Live Ventures (LIVE) since first taking a stake just over a year ago. I first found the company by employing a stock screener to find undervalued high-growth businesses, Live Ventures ticked all the boxes for me:
Under most metrics LIVE looked incredibly attractive both on an absolute basis and in comparison to businesses that operate in the same sectors as the companies that LIVE owns do
The company was putting up impressive growth whilst simultaneously producing loads of cash
The company had strong coverage of its debt obligations and the ability to drive further balance sheet improvement through continued strong free cash flow generation
The board (CEO Jon Isaac in particular) had proven its ability to buy, reinvest in and grow small businesses with notable excellence
A year later that core thesis largely hasn't changed, yet the stock price is down 50% since I first wrote that article. This can all be attributed to the continued SEC overhang that Live Ventures faces which I discussed in a previous article. There hasn't been any further news in that regard as Live Ventures filed a motion to dismiss all the way back in September 2021 - there have been no further filings since.
I still believe LIVE is undervalued and will drive more success and growth in the future as it strengthens its existing businesses whilst simultaneously bringing more solid profitable businesses under its wing. In this article, I am going to discuss LIVE's recent results in the context of current inflation and how it's affecting the company. I will also outline my expectations moving forward.
Q3 Results - Inflation affecting margins
Revenues of $69 million in Q3 represented a decline of 1.7% from 2021, this was attributed to the previous stimulus benefit received by Vintage Stock, which was the segment that saw the largest decline in sales YoY (-13%). It is also necessary to note that $2.1 million in revenues for this quarter was related to the company's variable interest in SW Financial. LIVE announced its intent to acquire SW in June 2021 but it still hasn't been approved by FINRA - this is most likely due to the SEC litigation.
On the whole in terms of revenues, LIVE is proving that the improved performance seen since the start of the pandemic is enduring. For a quick comparison, at the start of 2020 Live Ventures reported $42 million in revenues for both Retail and Flooring combined, in the last quarter that was over $53 million.
Ultimately the top-line wasn't in focus, it was the bottom line figures that stood out and its clear LIVE suffered. Operating income was down 24.1% to $8.4 million. This is primarily due to LIVE feeling the brunt of inflationary pressures. As a company that owns retail and manufacturing businesses, this was always going to be the case if inflation soared. This is because input costs for its flooring business (Marquis) have risen while consumer spending has tightened causing a decline in sales for its retail segment (Vintage Stock). Net income was $15.4 million, 90% or $13.9 million was actually attributable to gain on bankruptcy settlements related to Appliance Smart. So the figure used for valuation metrics should be $1.5 million.
It is pleasing that despite extraordinarily high inflation levels and supply chain disruptions, LIVE is still able to deliver profitability. The cash position stood at over $6 million at the end of the quarter as $5.2 million of cash flow was generated from operating activities, this was down 75% YoY. Even as LIVE experiences quite remarkable inflationary pressures squeezing margins, the company is still only trading at around 7x EV/OCF if the current quarter was annualized. In more accommodating conditions LIVE has shown it can produce that much OCF in just one quarter (same Q last year). LIVE currently trades at just under 4x EV/EBITDA (FY21) with a return on equity of over 30%.
I believe the repurchase of 65,000 shares is a testament to the board's belief in the undervaluation of the firm. Moreover, it also highlights the strength of the balance sheet and the ability of the firm to get through push through inflationary pressures.
Shareholders should welcome the new more simplified capital structure of the company. Series B convertible stock (all owned by CEO Jon Isaac) was converted into normal shares. This now means diluted earnings per share is the accurate figure. Previously the Series B shares (which represented just over 50% of the share count), were not included when calculating the EPS figure. This increased the risk of investors making mistakes when calculating LIVE's valuation. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 25% share price decline to US$28.10, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 8x in the Consumer Durables industry in the US. Total returns to shareholders of 296% over the past three years. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 18% share price gain to US$41.87, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 8x in the Consumer Durables industry in the US. Total returns to shareholders of 507% over the past three years. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 15% share price gain to US$37.16, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 8x in the Consumer Durables industry in the US. Total returns to shareholders of 416% over the past three years. Reported Earnings • May 13
Second quarter 2022 earnings released: EPS: US$4.90 (vs US$5.62 in 2Q 2021) Second quarter 2022 results: EPS: US$4.90. Revenue: US$69.7m (down 1.7% from 2Q 2021). Net income: US$15.4m (up 76% from 2Q 2021). Profit margin: 22% (up from 12% in 2Q 2021). Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Independent Director Tyler Sickmeyer was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 26% share price gain to US$43.87, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 9x in the Consumer Durables industry in the US. Total returns to shareholders of 468% over the past three years. Recent Insider Transactions • Mar 15
Independent Director recently bought US$148k worth of stock On the 11th of March, Dennis Gao bought around 4k shares on-market at roughly US$35.77 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold US$283k more in shares than they bought in the last 12 months. Reported Earnings • Feb 12
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: EPS: US$4.14 (up from US$3.45 in 1Q 2021). Revenue: US$75.2m (up 20% from 1Q 2021). Net income: US$6.55m (up 21% from 1Q 2021). Profit margin: 8.7% (in line with 1Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 66% per year, which means it is significantly lagging earnings growth. Reported Earnings • Dec 24
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$19.92 (up from US$6.40 in FY 2020). Revenue: US$273.0m (up 42% from FY 2020). Net income: US$31.2m (up 186% from FY 2020). Profit margin: 11% (up from 5.7% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 64% per year, which means it is significantly lagging earnings growth. Board Change • Dec 08
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Independent Director Tyler Sickmeyer was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$53.21, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 13x in the Consumer Durables industry in the US. Total returns to shareholders of 314% over the past three years. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improved over the past week After last week's 16% share price gain to US$67.34, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 15x in the Consumer Durables industry in the US. Total returns to shareholders of 431% over the past three years. Recent Insider Transactions • Jun 17
President & CEO of Vintage Stock recently sold US$278k worth of stock On the 14th of June, Rodney Spriggs sold around 5k shares on-market at roughly US$55.59 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$662k more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 19% share price decline to US$57.59, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 15x in the Consumer Durables industry in the US. Total returns to shareholders of 353% over the past three years. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improved over the past week After last week's 31% share price gain to US$54.19, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 16x in the Consumer Durables industry in the US. Total returns to shareholders of 340% over the past three years. Reported Earnings • May 18
Second quarter 2021 earnings released: EPS US$5.62 (vs US$1.30 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$70.9m (up 53% from 2Q 2020). Net income: US$8.73m (up 282% from 2Q 2020). Profit margin: 12% (up from 4.9% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 46% per year whereas the company’s share price has increased by 48% per year. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improved over the past week After last week's 15% share price gain to US$35.32, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 19x in the Consumer Durables industry in the US. Total returns to shareholders of 158% over the past three years. Recent Insider Transactions Derivative • Apr 29
President & CEO of Vintage Stock exercised options to buy US$528k worth of stock. On the 27th of April, Rodney Spriggs exercised options to buy 17k shares at a strike price of around US$10.86, costing a total of US$181k. Since December 2020, Rodney has not owned shares directly. Company insiders have collectively sold US$203k more than they bought, via options and on-market transactions in the last 12 months. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improved over the past week After last week's 16% share price gain to US$27.55, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 17x in the Consumer Durables industry in the US. Total returns to shareholders of 123% over the past three years. Is New 90 Day High Low • Nov 18
New 90-day high: US$12.45 The company is up 24% from its price of US$10.07 on 20 August 2020. The American market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 4.0% over the same period. Is New 90 Day High Low • Oct 16
New 90-day high: US$10.72 The company is up 11% from its price of US$9.65 on 17 July 2020. The American market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Consumer Durables industry, which is up 26% over the same period. Is New 90 Day High Low • Sep 25
New 90-day low: US$7.83 The company is down 19% from its price of US$9.70 on 26 June 2020. The American market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 27% over the same period.