Description
Mesa Labs (MLAB) is a sleepy but highly overvalued company.
They have 4 segments, but only 2 really matter. The first is sterilization equipment for hospitals (including reagents that are used to assure that sterility is preserved) and the second is instruments used for quality control processes in food and healthcare. Both of these are reasonable businesses but don’t appear to be growing (all are flat for the last 4 quarters, despite acquisitions in that timeframe). I believe this is a combination of competition and pricing pressure, as gross margin has also come under significant pressure in the last quarter. Note that they do not break out organic growth without acquisitions, and while recent acquisitions are all small enough to be non-material, in aggregate they surely are.
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)
It has been pursuing a failed roll-up strategy, as evidenced by poor organic growth and declining ROE, ROA, and ROIC over the last 5 years.
![](data:image/png;base64,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)
Moreover, while its organic growth should average 2-5%, depending on the division (the CFO actually told me that “there isn’t a lot of room for growth”), it has gone negative for 3 of the 4 divisions in the last few quarters, and the last division is likely to flatten out this quarter based on a tough comp. This growth may also be flattered by various games played with acquisition accounting, as the company does not provide full transparency around many, small acquisitions.
Other assorted issues are:
1) Heavy use of contingent payments in acquisitions, which historically have helped reported results when reversed (though, not in the last few years)
2) Small local auditor (EKS&H LLP)—paid $300k total in 2017, of which $1,000 was for acquisition related audit services
3) Terrible Glassdoor reviews (1.7 stars average)
4) Decent amount of insider selling
5) F4Q18 (March) should miss the single sell-side estimate on the top-line, though earnings should be OK (they exclude a bunch of expenses so they can probably make the number somehow)
And all this can be yours for only 45x EBIT! That’s not a typo.
price $137.00
shares 4.0
mkt cap 554.8
debt 55.0
EV 609.8
p/'18 eps 60.8
ev/ebit 44.9
The bull case seems to be that they can acquire more small companies at 7x EBITDA and manufacture 10-15% growth over time. The company will admit that this is getting more difficult, as multiples have increased over time. Also, while they can add a turn of debt, their $20m of FCF won’t be enough to fund this growth and they will need to issue equity. As discussed above, since their track record of M&A seems to be pretty poor, perhaps investors should actually apply a negative platform value here.
My target here is $37—15x their cashflow in 2010 plus what they have paid for acquisitions since then.
I do not hold a position with the issuer such as employment, directorship, or consultancy.
I and/or others I advise hold a material investment in the issuer's securities.
Catalyst
quarterly reports
insider selling