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Clearfield

Nasdaq:CLFD
Snowflake Description

Flawless balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CLFD
Nasdaq
$197M
Market Cap
  1. Home
  2. US
  3. Tech
Company description

Clearfield, Inc. manufactures, markets, and sells standard and custom passive connectivity products to the fiber-to-the-premises, enterprises, and original equipment manufacturers markets in the United States and internationally. The last earnings update was 15 days ago. More info.


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CLFD Share Price and Events
7 Day Returns
1.5%
NasdaqGM:CLFD
-6.8%
US Communications
-3.9%
US Market
1 Year Returns
21.2%
NasdaqGM:CLFD
7.5%
US Communications
1.4%
US Market
CLFD Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Clearfield (CLFD) 1.5% -4.3% 6.8% 21.2% -14.7% -12.4%
US Communications -6.8% -10.5% 3.9% 7.5% 75.7% 74.8%
US Market -3.9% -3.6% 1.8% 1.4% 35.8% 40.8%
1 Year Return vs Industry and Market
  • CLFD outperformed the Communications industry which returned 7.5% over the past year.
  • CLFD outperformed the Market in United States of America which returned 1.4% over the past year.
Price Volatility
CLFD
Industry
5yr Volatility vs Market

CLFD Value

 Is Clearfield undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Clearfield to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Clearfield.

NasdaqGM:CLFD Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGM:CLFD
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Communications Unlevered Beta Simply Wall St/ S&P Global 1.07
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.073 (1 + (1- 21%) (0%))
1.049
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.05
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.049 * 5.96%)
8.98%

Discounted Cash Flow Calculation for NasdaqGM:CLFD using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Clearfield is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NasdaqGM:CLFD DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 8.98%)
2019 9.95 Est @ 10.69% 9.13
2020 10.78 Est @ 8.3% 9.07
2021 11.49 Est @ 6.63% 8.88
2022 12.12 Est @ 5.46% 8.59
2023 12.68 Est @ 4.64% 8.25
2024 13.20 Est @ 4.07% 7.88
2025 13.68 Est @ 3.67% 7.49
2026 14.14 Est @ 3.39% 7.11
2027 14.60 Est @ 3.19% 6.73
2028 15.04 Est @ 3.05% 6.37
Present value of next 10 years cash flows $79.50
NasdaqGM:CLFD DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $15.04 × (1 + 2.73%) ÷ (8.98% – 2.73%)
$247.24
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $247.24 ÷ (1 + 8.98%)10
$104.63
NasdaqGM:CLFD Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $79.50 + $104.63
$184.13
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $184.13 / 13.66
$13.48
NasdaqGM:CLFD Discount to Share Price
Calculation Result
Value per share (USD) From above. $13.48
Current discount Discount to share price of $14.42
= -1 x ($14.42 - $13.48) / $13.48
-7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Clearfield is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Clearfield's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Clearfield's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGM:CLFD PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.37
NasdaqGM:CLFD Share Price ** NasdaqGM (2019-05-15) in USD $14.42
United States of America Communications Industry PE Ratio Median Figure of 33 Publicly-Listed Communications Companies 29.46x
United States of America Market PE Ratio Median Figure of 3,087 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Clearfield.

NasdaqGM:CLFD PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGM:CLFD Share Price ÷ EPS (both in USD)

= 14.42 ÷ 0.37

38.56x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Clearfield is overvalued based on earnings compared to the US Communications industry average.
  • Clearfield is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Clearfield's expected growth come at a high price?
Raw Data
NasdaqGM:CLFD PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 38.56x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
13.7%per year
United States of America Communications Industry PEG Ratio Median Figure of 21 Publicly-Listed Communications Companies 1.11x
United States of America Market PEG Ratio Median Figure of 2,113 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

NasdaqGM:CLFD PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 38.56x ÷ 13.7%

2.82x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Clearfield is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Clearfield's assets?
Raw Data
NasdaqGM:CLFD PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $5.23
NasdaqGM:CLFD Share Price * NasdaqGM (2019-05-15) in USD $14.42
United States of America Communications Industry PB Ratio Median Figure of 69 Publicly-Listed Communications Companies 1.97x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NasdaqGM:CLFD PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGM:CLFD Share Price ÷ Book Value per Share (both in USD)

= 14.42 ÷ 5.23

2.76x

* Primary Listing of Clearfield.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Clearfield is overvalued based on assets compared to the US Communications industry average.
X
Value checks
We assess Clearfield's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Communications industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Communications industry average (and greater than 0)? (1 check)
  5. Clearfield has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CLFD Future Performance

 How is Clearfield expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
13.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Clearfield expected to grow at an attractive rate?
  • Clearfield's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Clearfield's earnings growth is positive but not above the United States of America market average.
  • Clearfield's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGM:CLFD Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGM:CLFD Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 13.7%
NasdaqGM:CLFD Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 9.5%
United States of America Communications Industry Earnings Growth Rate Market Cap Weighted Average 17.1%
United States of America Communications Industry Revenue Growth Rate Market Cap Weighted Average 5%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGM:CLFD Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGM:CLFD Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-09-30 95 6 2
2019-09-30 85 4 2
NasdaqGM:CLFD Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 83 11 5
2018-12-31 81 9 4
2018-09-30 78 5 4
2018-06-30 74 8 4
2018-03-31 72 9 3
2017-12-31 73 9 4
2017-09-30 74 6 4
2017-06-30 77 7 5
2017-03-31 79 9 7
2016-12-31 78 9 7
2016-09-30 75 12 8
2016-06-30 70 9 7

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Clearfield's earnings are expected to grow by 13.7% yearly, however this is not considered high growth (20% yearly).
  • Clearfield's revenue is expected to grow by 9.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGM:CLFD Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Clearfield Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGM:CLFD Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-09-30 0.42 0.42 0.42 1.00
2019-09-30 0.30 0.30 0.30 1.00
NasdaqGM:CLFD Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.37
2018-12-31 0.32
2018-09-30 0.32
2018-06-30 0.27
2018-03-31 0.20
2017-12-31 0.29
2017-09-30 0.28
2017-06-30 0.39
2017-03-31 0.50
2016-12-31 0.55
2016-09-30 0.60
2016-06-30 0.50

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Clearfield will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Clearfield's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Clearfield has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CLFD Past Performance

  How has Clearfield performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Clearfield's growth in the last year to its industry (Communications).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Clearfield's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Clearfield's 1-year earnings growth exceeds its 5-year average (85.6% vs -6.5%)
  • Clearfield's earnings growth has exceeded the US Communications industry average in the past year (85.6% vs 16.5%).
Earnings and Revenue History
Clearfield's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Clearfield Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGM:CLFD Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 83.13 5.01 25.55
2018-12-31 80.87 4.34 26.13
2018-09-30 77.65 4.27 25.82
2018-06-30 73.60 3.65 26.01
2018-03-31 71.73 2.70 25.90
2017-12-31 72.55 3.91 24.76
2017-09-30 73.95 3.85 24.31
2017-06-30 76.58 5.26 24.58
2017-03-31 78.57 6.82 24.48
2016-12-31 77.86 7.40 23.46
2016-09-30 75.29 8.01 22.14
2016-06-30 70.01 6.71 20.13
2016-03-31 66.60 6.30 19.10
2015-12-31 62.03 5.10 18.25
2015-09-30 60.32 4.68 17.82
2015-06-30 58.87 4.36 17.49
2015-03-31 55.04 3.58 16.83
2014-12-31 55.88 4.52 16.34
2014-09-30 58.05 5.43 16.08
2014-06-30 62.76 6.88 16.26
2014-03-31 61.93 6.85 15.91
2013-12-31 59.24 6.17 15.37
2013-09-30 53.35 4.73 14.54
2013-06-30 44.72 7.07 13.03
2013-03-31 41.98 7.66 11.97
2012-12-31 38.57 7.25 11.28
2012-09-30 37.47 7.70 11.01
2012-06-30 37.77 6.73 11.25

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Clearfield has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Clearfield used its assets more efficiently than the US Communications industry average last year based on Return on Assets.
  • Clearfield's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Clearfield's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Communications industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Clearfield has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CLFD Health

 How is Clearfield's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Clearfield's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Clearfield is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Clearfield's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Clearfield's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Clearfield has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Clearfield Company Filings, last reported 1 month ago.

NasdaqGM:CLFD Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 71.49 0.00 24.95
2018-12-31 70.56 0.00 23.85
2018-09-30 68.87 0.00 17.48
2018-06-30 67.01 0.00 17.77
2018-03-31 66.05 0.00 15.43
2017-12-31 66.08 0.00 25.84
2017-09-30 64.53 0.00 24.47
2017-06-30 64.45 0.00 25.49
2017-03-31 65.70 0.00 28.30
2016-12-31 64.22 0.00 29.99
2016-09-30 62.59 0.00 33.54
2016-06-30 59.33 0.00 31.98
2016-03-31 55.15 0.00 28.94
2015-12-31 53.13 0.00 29.45
2015-09-30 51.28 0.00 26.00
2015-06-30 50.29 0.00 25.11
2015-03-31 47.95 0.00 24.92
2014-12-31 48.04 0.00 24.07
2014-09-30 46.75 0.00 24.82
2014-06-30 45.69 0.00 25.27
2014-03-31 43.72 0.00 23.11
2013-12-31 42.29 0.00 21.07
2013-09-30 40.08 0.00 15.80
2013-06-30 37.59 0.00 14.91
2013-03-31 36.22 0.00 15.26
2012-12-31 35.48 0.00 16.14
2012-09-30 34.69 0.00 14.79
2012-06-30 29.72 0.00 11.82
  • Clearfield has no debt.
  • Clearfield has not taken on any debt in the past 5 years.
  • Clearfield has no debt, it does not need to be covered by operating cash flow.
  • Clearfield has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Clearfield's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Clearfield has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CLFD Dividends

 What is Clearfield's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Clearfield dividends.
If you bought $2,000 of Clearfield shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Clearfield's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Clearfield's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGM:CLFD Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United States of America Communications Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 2.5%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1997 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGM:CLFD Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-09-30
2019-09-30

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Clearfield has not reported any payouts.
  • Unable to verify if Clearfield's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Clearfield's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Clearfield has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Clearfield's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Clearfield afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Clearfield has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CLFD Management

 What is the CEO of Clearfield's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Cheri Beranek
COMPENSATION $335,454
AGE 56
TENURE AS CEO 11.9 years
CEO Bio

Ms. Cheryl P. Beranek, also known as Cheri has been the Chief Executive Officer and President at Clearfield, Inc. (formerly, APA Enterprises Inc) since June 28, 2007. Ms. Beranek has been a Director of Clearfield, Inc. since August 27, 2007. Ms. Beranek served as the President of APA Cables and Networks (APACN) (formerly known as Ape Optics Inc), subsidiary of Clearfield, Inc., from June 27, 2003 to June 2007. She served as the Chief Executive Officer and Chief Operating Officer of Americable, Inc. from 2001 to 2002 and it’s President from 2002 to 2003. Ms. Beranek held a variety of lead marketing positions with emerging high-growth technology companies. She served as Vice President of Marketing of Transition Networks from 1996 to 2001, Director of Marketing of TRICOR Systems from 1992 to 1996 and Director of Marketing of Digit International from 1988 to 1992. Ms. Beranek holds a Bachelors of Science Degree from Southwest Minnesota State University and a Masters of Science Degree from North Dakota State University. Ms. Beranek is qualified to serve on the Clearfield Board of Directors because she brings to the Board a keen understanding of business and industry developed through her tenure as President and Chief Executive Officer and in her previous position as the President of Former subsidiary of Clearfield, Inc. Additionally, Ms. Beranek’s role as President and Chief Executive Officer allows her to provide the Board with her unique insight as a member of management on business and operations.

CEO Compensation
  • Cheri's compensation has been consistent with company performance over the past year.
  • Cheri's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Clearfield management team in years:

7.8
Average Tenure
54
Average Age
  • The average tenure for the Clearfield management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Cheri Beranek

TITLE
CEO, President & Director
COMPENSATION
$335K
AGE
56
TENURE
11.9 yrs

Dan Herzog

TITLE
Chief Financial Officer
COMPENSATION
$209K
AGE
54
TENURE
7.8 yrs

Johnny Hill

TITLE
Chief Operating Officer
COMPENSATION
$338K
AGE
52
TENURE
10.6 yrs

Kevin Morgan

TITLE
Chief Marketing Officer
TENURE
2.8 yrs

Rosa Burns

TITLE
Chief Revenue Officer
TENURE
1.1 yrs
Board of Directors Tenure

Average tenure and age of the Clearfield board of directors in years:

11.2
Average Tenure
61.5
Average Age
  • The average tenure for the Clearfield board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Ron Roth

TITLE
Chairman
COMPENSATION
$25K
AGE
73
TENURE
11.9 yrs

Cheri Beranek

TITLE
CEO, President & Director
COMPENSATION
$335K
AGE
56
TENURE
11.8 yrs

Donald Hayward

TITLE
Director
COMPENSATION
$25K
AGE
60
TENURE
11.8 yrs

Chip Hayssen

TITLE
Director
COMPENSATION
$28K
AGE
66
TENURE
10.7 yrs

Pat Goepel

TITLE
Director
COMPENSATION
$25K
AGE
56
TENURE
3.7 yrs

Roger Harding

TITLE
Director
COMPENSATION
$25K
AGE
63
TENURE
2.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Clearfield's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Clearfield has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CLFD News

Simply Wall St News

Does Clearfield, Inc. (NASDAQ:CLFD) Have A High Beta?

Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … The fact that this is well above 1 indicates that its share price movements have shown sensitivity to overall market volatility. … Because it takes less capital to move the share price of a small company like this, when a stock this size is actively traded it is quite often more sensitive to market volatility than similar large companies.

Simply Wall St -

Need To Know: Clearfield, Inc. (NASDAQ:CLFD) Insiders Have Been Buying Shares

So we'll take a look at whether insiders have been buying or selling shares in Clearfield, Inc. … So it's clear an insider wanted to buy, at around the current price, which is US$14.84. … The good news for Clearfield share holders is that insiders were buying at near the current price.

Simply Wall St -

Is Clearfield, Inc. (NASDAQ:CLFD) Overpaying Its CEO?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Cheri Beranek's Compensation Compare With Similar Sized Companies. … is worth US$210m, and total annual CEO compensation is US$335k.

Simply Wall St -

What Kind Of Shareholder Owns Most Clearfield, Inc. (NASDAQ:CLFD) Stock?

A look at the shareholders of Clearfield, Inc. … As Nassim Nicholas Taleb said, 'Don’t tell me what you think, tell me what you have in your portfolio.'. … Let's take a closer look to see what the different types of shareholder can tell us about CLFD

Simply Wall St -

Those Who Purchased Clearfield (NASDAQ:CLFD) Shares Five Years Ago Have A 42% Loss To Show For It

In fact, the share price is down 42%, which falls well short of the return you could get by buying an index fund. … One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price. … Looking back five years, both Clearfield's share price and EPS declined; the latter at a rate of 8.0% per year.

Simply Wall St -

Where Clearfield, Inc. (NASDAQ:CLFD) Stands In Terms Of Earnings Growth Against Its Industry

Today I will assess CLFD's recent performance announced on 31 December 2018 and evaluate these figures to its long-term trend and industry movements. … Were CLFD's earnings stronger than its past performances and the industry. … CLFD's trailing twelve-month earnings (from 31 December 2018) of US$4.3m has.

Simply Wall St -

How Good Is Clearfield, Inc. (NASDAQ:CLFD) At Creating Shareholder Value?

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … Return On Capital Employed (ROCE): What is it? … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St -

Is Now An Opportune Moment To Examine Clearfield, Inc. (NASDAQ:CLFD)?

As a small cap stock, hardly covered by any analysts, there is generally more of an opportunity for mispricing as there is less activity to push the stock closer to fair value? … Is there still an opportunity here to buy. … Let’s examine Clearfield’s valuation and outlook in more detail to determine if there’s still a bargain opportunity

Simply Wall St -

What Does Clearfield, Inc.'s (NASDAQ:CLFD) P/E Ratio Tell You?

We'll look at Clearfield, Inc.'s (NASDAQ:CLFD) P/E ratio and reflect on what it tells us about the company's share price. … Clearfield has a P/E ratio of 38.54, based on the last twelve months. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

Does Clearfield, Inc. (NASDAQ:CLFD) Have A Volatile Share Price?

Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … Before we go on, it's worth noting that Warren Buffett pointed out in his 2014 letter to shareholders that 'volatility is far from synonymous with risk.' Having said that, beta can still be rather useful. … Any stock with a beta of greater than one is considered more volatile than the market, while those with a beta below one are either less volatile or poorly correlated with the market.

Simply Wall St -

CLFD Company Info

Description

Clearfield, Inc. manufactures, markets, and sells standard and custom passive connectivity products to the fiber-to-the-premises, enterprises, and original equipment manufacturers markets in the United States and internationally. The company offers FieldSmart, a series of panels, cabinets, wall boxes, and other enclosures. It also provides WaveSmart, which are optical components integrated for signal coupling, splitting, termination, multiplexing, demultiplexing, and attenuation for integration within its fiber management platform; and ODC outdoor active cabinet products. In addition, the company offers FieldShield, a fiber pathway and protection method for reducing the cost of broadband deployment; and YOURx platform that consists of hardened terminals, test access points, and various drop cable options for portions of the access network across various fiber drop cable media. Further, it provides CraftSmart, a line of optical protection field enclosures, including CraftSmart Fiber Protection Pedestals and CraftSmart Fiber Protection Vaults integrated solutions optimized to house FieldSmart products at the last mile access point of the network in above-grade or below-grade installations. Additionally, the company offers fiber and copper assemblies with an industry-standard or customer-specified configuration; and designs and manufactures custom solutions for in-the-box and network connectivity assemblies specific to that customer’s product line. It provides its fiber to anywhere platform for various incumbent local exchange carriers, competitive local exchange carriers, and MSO/cable TV companies, as well as the utility/municipality, enterprise, data center, and military markets. The company was formerly known as APA Enterprises, Inc. and changed its name to Clearfield, Inc. in January 2008. Clearfield, Inc. was founded in 1979 and is headquartered in Minneapolis, Minnesota.

Details
Name: Clearfield, Inc.
CLFD
Exchange: NasdaqGM
Founded: 1979
$197,034,606
13,663,981
Website: http://www.seeclearfield.com
Address: Clearfield, Inc.
7050 Winnetka Avenue North,
Suite 100,
Minneapolis,
Minnesota, 55428,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGM CLFD Common Stock Nasdaq Global Market US USD 06. Aug 1986
DB AP7 Common Stock Deutsche Boerse AG DE EUR 06. Aug 1986
Number of employees
Current staff
Staff numbers
225
Clearfield employees.
Industry
Communications Equipment
Tech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/16 02:02
End of day share price update: 2019/05/15 00:00
Last estimates confirmation: 2019/04/26
Last earnings filing: 2019/05/01
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/09/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.