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    Logic Gate Capital
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    NUHC is currently trading at 40% of Tangible Book Value and 41.92% of NCAV qualifying this as a "Net-Net" however, we reviewed their inventory turnover and it has averaged 4. Turns per year over the past 5 years with no values largely deviating from that figure. LGCM's security recommendations disclosed in / on MMB are the opinions of LGCM and the performance results of such recommendations are subject to risks and uncertainties beyond the control of LGCM.

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    NUHC Write Up(2)

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    NUHC is currently trading at 40% of Tangible Book Value and 41.92% of NCAV qualifying this as a "Net-Net" however, we reviewed their inventory turnover and it has averaged 4. Turns per year over the past 5 years with no values largely deviating from that figure. LGCM's security recommendations disclosed in / on MMB are the opinions of LGCM and the performance results of such recommendations are subject to risks and uncertainties beyond the control of LGCM.

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    593 views1 page

    NUHC Write Up

    Uploaded by

    Logic Gate Capital
    NUHC is currently trading at 40% of Tangible Book Value and 41.92% of NCAV qualifying this as a "Net-Net" however, we reviewed their inventory turnover and it has averaged 4. Turns per year over the past 5 years with no values largely deviating from that figure. LGCM's security recommendations disclosed in / on MMB are the opinions of LGCM and the performance results of such recommendations are subject to risks and uncertainties beyond the control of LGCM.

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    of 1

    Logic Gate Capital Management, LLC – http://www.logicgatecapital.

    com
    Mr. Market Blog – http://www.mrmarketblog.com

    Company Name: Nu Horizons Electronics Corporation


    Symbol: NUHC
    Market Capitalization: 57.26mm
    Current Share Price $3.09
    TBV CAGR (FYE 2001 – FYE 2010): .15%

    Fiscal Year Ending 2/28/2007 2/28/2008 2/28/2009 2/28/2010 MRQ


    (All Figures in $ millions)
    Tangible Book Value (TBV): 139.42 138.77 135.21 136.96 140.50
    Long-Term Debt: 30.00 69.30 15.00 35.0 50.25
    Net Current Asset Value (NCAV)*: 133.93 131.40 127.70 132.67 136.58
    Free Cash Flow: 15.21 (33.77) 53.90 (13.73) (7.82)
    Dividends Per Share: - - - - -

    Investment Thesis: NUHC is currently trading at 40% of tangible book value and 41.92% of NCAV
    qualifying this as a “Net-Net”. The company is a technology products distributor,
    which entails them carrying large amounts of inventory and consequently
    showing perhaps an inflated current asset level. However, we reviewed their
    inventory turnover and it has averaged 4.76 turns per year over the past 5 years
    with no values largely deviating from that figure. Also, TTM the inventory turn is
    at 7.1 times.
    * Net Current Asset Value is calculated by subtracting Total Liabilities from Total Current Assets

    DISCLAIMER - PLEASE READ


    Logic Gate Capital Management, LLC (www.logicgatecapital.com), "LGCM", is an Investment Adviser, registered with the State of Arizona and Nevada; edits Mr. Market Blog "MMB" and the Information
    in/on MMB comes from independent sources believed reliable, but accuracy is not guaranteed and has not been independently verified. All material published in/on MMB is subject to change without notice
    from LGCM. LGCM’s security recommendations disclosed in/on MMB are the opinions of LGCM and the performance results of such recommendations are subject to risks and uncertainties beyond the
    control of LGCM. LGCM is adviser/manager of individual client investment accounts and as adviser LGCM, or its associated persons, may purchase and sell securities identified, recommended and analyzed
    in/on MMB.

    In consideration of performance objectives of its individual client accounts, LGCM may purchase and sell securities identified in/on MMB without notice to newsletter/website subscribers and may take a
    position in such securities that is inconsistent with the recommendations disclosed in/on MMB.

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