Corporate Webpages Stamps.Com, Inc.
Stamps.com (STMP) got its start in the "dot.com" era when all
one had to do was put ".com" into the name of a company, and a
successful IPO was assured. This quickly turned into a
nightmare in the "tech wreck" of the late 1990's and early
2000's. Most of the ".com" stocks failed. One which didn't was
Stamps.com. Still, the company produced a string of losses
lasting into about the middle of the 2000's when it finally
turned profitable. It had a rather unique niche with few
competitors, the main one being Pitney Bowes with its postage
meters which used a different technology than Stamps.com.
To describe this stock, we especially like Craig-Hallum's
description which was, "Wow! A Sleepy Growth Story Turns into a
Swan." They apparently got the idea for that one from Sleeping Beauty.
Stamps.com is keenly aware of the risks associated with it
including a complete dependence upon the U.S. Postal Service.
The stock is really liked by researchers. It has a very high
Zenith Index indicating fundamental strength in areas like
earnings growth which appear for the most part sustainable. It
also has little or no debt.
What we did not like was the absence of a "Chairman's Letter" or
an annual report aimed primarily at shareholders rather than the
SEC. We think the company has little concern for shareholders
and that executives are paid with far too many stock options.
Offsetting that notion was a recent $2/share special dividend
the company paid to shareholders. Stock option perqs are the "American way" and typical in most
corporations today. Institutions appear to be accumulating this
stock. There is some confusion about the potential for
"personalized postage stamps" where one can order up official
U.S. Postage stamps with his own moniker on it. As jokes, some
have ordered official stamps with famous Nazis or terrorists on
them and they, yes, got through the mail.
What investors see in Stamps.com is that the company was able to
expand its market opportunities dramatically over the past 18
months due to new product offerings and an expanding total
addressable market. Some portions of its technology are
defensible and not easily replicated. A lack of technology
improvements spawning new products to invade its somewhat
protected turf area, Stamps.com appears to have a long-term future.
11-30-2011: Stamps.Com, Inc. (STMP): Dot.com Era Survivor
(WAIT FOR PAGE TO LOAD COMPLETELY BEFORE LINKS WORK.)
Company Profile
News
Comparison with Peers
Bond Issue
Zenith Index
Financial Statements
Financial Ratios
Market Grader
Intrinsic Value (Disc. CashFlow)
Intrinsic Value (Proj. Earnings)
Scout Stock Rating
Projected Earnings
Research Reports
Analysts' Opinions
Insider Activity
Institutional Activity
Sentiment
Short Interest
Stock Report
Management's Discussion
Moving Average Chart
Right Time Study
Channel Potential
Intraday Chart
Stock Fetcher
Point & Figure Chart
Wall Street Analyzer
Marketspace Chart
Time Series Forecast
Neural Network Prediction
Stock Options
Ultimate Trading Systems
Recommendation
Corporate Wepages
Company Profile |
News |
Comparison |
Similar Companies Performance:
Bond Issue |
Zenith Index |
Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is consider strong and > 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.
Stamps.com Inc. (STMP ) Sector: Services
12959 Coral Tree Place Industry: Catalog & Mail Order Houses
Los Angeles, CA 90066-7020 Exchange: Nasdaq
Stamps.com Inc. provides Internet-based postage solutions. Its products
and services include the United States Postal Service (USPS)-approved PC
Postage Service that enables users to print electronic stamps directly
onto envelopes, plain paper, or labels using personal computer, printer,
and Internet connection; and PhotoStamps, a patented form of postage,
which allows consumers to turn digital photos, designs, or images into
valid United States postage. The company also sells NetStamps labels,
shipping labels, other mailing labels, dedicated postage printers, scales,
and other mailing and shipping-focused office supplies through its mailing
and shipping supplies store. In addition, it offers Stamps.com branded
insurance enabling users to insure their mail or packages; and official
USPS insurance. Stamps.com Inc. serves home businesses and offices, small
and medium sized businesses, corporations, and individuals. The company
was formerly known as StampMaster, Inc. and changed its name to Stamps.com
Inc. in December 1998. Stamps.com Inc. was founded in 1996 and is
headquartered in Los Angeles, California.
Last Trade: 26.89 52-Week Range: 33.73 - 10.95
Trade Date: 11-28 Avg. Volume: 487,950 Shares
Index Membership: Employees: 220
Corporate Governance:
Audit (Low Concern), Board (High Concern), Compensation (Medium
Concern), Shareholder Rights (Medium Concern).
EPS: 0.87 Dividend Amount: $ 0.00 Yield: 0.00%
Ex-Dividend Date: Nov 8, 201 Mkt Cap: $ 403,570K
Payout Ratio: %233.00%
Last Split Factor (new for old): 1:2 Split Date: May 12, 20
Key Statistics:
Enterprise Value: $ 341,480K Revenue (ttm) : $ 97,040K
Gross Profit: $ 61,860K
Earnings before Income Tax, Depreciation and Amortization: $ 13,580K
Enterprise Value/Revenue (ttm): 3.52 Revenue per Share: $ 6.72
Enterprise Value/EBITDA (ttm): 25.15 Qtrly Rev Growth (y to y): 20.40%
P/E Ratio (fwd projected): 20.22 P/E Ratio (current): 30.87
P/E Growth Ratio (5 yr expected): 1.12 Operating Margin: 13.06%
Price/Sales Ratio: 3.93 Profit Margin: 12.98%
Price/Book Value: 5.91 Book Value: $ 4.29/sh.
Return on Assets: 9.53% Net Income Avl to Common: $ 12,600K
Return on Equity: 18.61% Diluted Earnings/Share: $ 0.87
Qrtly Earnings Growth (yoy): 65.90%
Balance Sheet Items : Cash Flow Items (ttm):
(most recent qrtr) (trailing 12 mo.)
Total Cash: $ 39,580K Operating Cash Flow:$ 7,650K
Total Debt: $ 0K Lvgd Free Cash Flow:$ 737K
Total Debt/Equity: 0.00
Total Cash/Share: $ 2.64
Current Ratio: 4.19
Share Statistics: Stock Price History:
Shares Outstanding: 15,010K Stk 52-Week Change: 104.33%
Float: 12,380K S&P 500 52-Wk Chng: 1.02%
Sh. Short % of Float: 0.00% 50-Day Moving Avg: 26.94
Short Ratio: 3.10 200-Day Moving Avg: 18.69
% Held by Institutions: 75.60% Beta: 0.82
% Held by Insiders: 16.31%
Analysts' Estimates: Cur. Qtr Next Qtr Cur. Year Next Year
___________________________ Dec 11 Mar 12 Dec 11 Dec 12
Average Earnings Estimate 0.25 0.30 1.29 1.33
Average Revenue Estimate 7M 27M 101M 112M
Factors Comparing This Company to Its Industry Leader (1.0 = Average):
Long Term EPS Growth Rate (5 yr): 3.571 EPS Growth (Qrtly YoY): 8.333
PEG Ratio (ttm, 5 yr expected): 8.333 P/E Ratio (ttm): 12.500
Revenue Growth (Qrtly YoY): 3.571
Annual Income Statements: All numbers in thousands)
Period Ending Dec31,2010 Dec31,2009 Dec31,2008
Total Revenue 85,544 82,124 84,912
Cost of Revenue 23,684 22,914 22,908
Gross Profit 61,860 59,210 62,004
Operating Expenses:
Research & Development 9,420 8,699 8,425
Selling, General & Administrative 45,764 44,696 49,119
Non-Recurring Expenses 5,211 0 0
Other Operating Expenses 0 0 0
Total Operating Expenses 0 0 0
Operating Income or Loss 1,465 5,815 4,460
Income from Continuing Operations:
Total Other Income/Expenses Net -634 0 2,918
Earnings Before Interest & Taxes 1,587 6,731 7,378
Interest Expense 0 0 0
Income Before Taxes 1,587 6,731 7,378
Income Tax Expense -3,945 554 -2,786
Minority Interest 0 0 0
Net Income from Continuing Op.s 5,532 6,177 10,164
Non-recurring Events:
Discontinued Operations 0 0 0
Extraordinary Items 0 0 0
Effect of Accounting Changes 0 0 0
Other Items 0 0 0
Net Income 5,532 6,177 10,164
Preferred Stock & Other Adjustmnts 0 0 0
Net Income Avail To Common Shares 5,532 6,177 10,164
Quarterly Income Statements: All numbers in thousands)
Period Ending Sep30,2011 Jun30,2011 Mar31,2011 Dec31,2010
Total Revenue 24,918 26,630 22,817 22,677
Cost of Revenue 6,322 6,685 6,224 6,542
Gross Profit 18,596 19,945 16,593 16,135
Operating Expenses:
Research & Development 2,411 2,332 2,273 2,826
Selling, General & Adminis. 11,751 11,986 11,736 13,279
Non-Recurring Expenses 0 0 0 0
Other Operating Expenses 0 0 0 0
Total Operating Expenses 0 0 0 0
Operating Income or Loss 4,434 5,627 2,584 30
Income from Continuing Operations:
Total Other Income/Expenses Net 0 0 156 0
Earnings Before Int. & Taxes 4,567 5,772 2,740 -468
Interest Expense 0 0 0 0
Income Before Taxes 4,567 5,772 2,740 -468
Income Tax Expense 39 95 65 -185
Minority Interest 0 0 0 0
Net Income from Continuing Op.s 4,528 5,677 2,675 -283
Non-recurring Events:
Discontinued Operations 0 0 0 0
Extraordinary Items 0 0 0 0
Effect of Accounting Changes 0 0 0 0
Other Items 0 0 0 0
Net Income 4,528 5,677 2,675 -283
Preferred Stock & Other Adj.s 0 0 0 0
Net Income Avail To Common Shs 4,528 5,677 2,675 -283
Annual Balance Sheets: All Numbers in Thousands
Period Ending Dec31,2010 Dec31,2009 Dec31,2008
Current Assets:
Cash & Cash Equivalents 8,071 45,565 53,130
Short Term Investments 12,291 2,224 16,235
Net Receivables 4,868 4,367 4,163
Inventory 0 0 0
Other Current Assets 4,015 3,288 4,426
Total Current Assets 29,245 55,444 77,954
Long-Term Investments 14,937 23,956 4,694
Property, Plant & Equipt 1,694 2,102 3,086
Goodwill 0 0 0
Intangible Assets 885 498 505
Accumulated Amortization 0 0 0
Other Assets 3,031 3,587 3,348
Deferred Long Term Asset Charges 7,650 3,671 3,671
Total Assets 57,442 89,258 93,258
Current Liabilities:
Accounts Payable 9,011 9,583 11,174
Short/Current Long Term Debt 0 0 0
Other Current Liabilities 4,193 4,070 3,743
Total Current Liabilities 13,204 13,653 14,917
Long Term Debt 0 0 0
Other Liabilities 0 0 0
Deferred LT Liability Charges 0 0 0
Minority Interest 0 0 0
Negative Goodwill 0 0 0
Total Liabilities 13,204 13,653 14,917
Stockholder Equity:
Misc. Stocks Options Warrants 0 0 0
Redeemable Perferred Stock 0 0 0
Preferred Stock 0 0 0
Common Stock 47 47 47
Retained Earnings -446,603 -450,214 -456,391
Treasury Stock -118,151 -104,344 -90,613
Capital Surplus 608,522 630,322 626,810
Other Stockholder Equity 423 -206 -1,512
Total Stockholder Equity 44,238 75,605 78,341
Net Tangible Assets 43,353 75,107 77,836
Quarterly Balance Sheets: All Numbers in Thousands
Period Ending Sep30,2011 Jun30,2011 Mar31,2011 Dec31,2010
Current Assets:
Cash & Cash Equivalents 30,898 12,061 10,160 8,071
Short Term Investments 8,678 11,165 12,291 12,291
Net Receivables 6,913 7,165 6,180 4,868
Inventory 0 0 0 0
Other Current Assets 4,516 4,117 4,367 4,015
Total Current Assets 51,005 34,508 32,998 29,245
Long-Term Investments 11,640 13,365 13,595 14,937
Property, Plant & Equipt 1,864 1,592 1,624 1,694
Goodwill 0 0 0 0
Intangible Assets 849 861 873 885
Accumulated Amortization 0 0 0 0
Other Assets 3,075 3,223 3,092 3,031
Deferred LT Asset Charges 7,650 7,650 7,650 7,650
Total Assets 76,083 61,199 59,832 57,442
Current Liabilities:
Accounts Payable 10,127 8,632 9,447 9,011
Current Portion LT Debt 0 0 0 0
Other Current Liabilities 2,033 2,057 4,335 4,193
Total Current Liabilities 12,160 10,689 13,782 13,204
Long Term Debt 0 0 0 0
Other Liabilities 0 0 0 0
Deferred LT Liab. Charges 0 0 0 0
Minority Interest 0 0 0 0
Negative Goodwill 0 0 0 0
Total Liabilities 12,160 10,689 13,782 13,204
Stockholder Equity:
Misc. Options, WarrantS 0 0 0 0
Redeemable Perferred Stock 0 0 0 0
Preferred Stock 0 0 0 0
Common Stock 48 47 47 47
Retained Earnings -433,723 -438,251 -443,929 -446,603
Treasury Stock -123,472 -123,207 -120,343 -118,151
Capital Surplus 620,748 611,555 609,935 608,522
Other Stockholder Equity 322 366 340 423
Total Stockholder Equity 63,923 50,510 46,050 44,238
Net Tangible Assets 63,074 49,649 45,177 43,353
Annual Cash Flow: All Numbers in Thousands
Period Ending Dec31,2010 Dec31,2009 Dec31,2008
Net Income 5,532 5,677 10,164
Operating Activites:
Depreciation 894 1,216 1,928
Adjustments to Net Income -505 3,180 3,344
Changes in Accounts Recv'bls -501 -204 -435
Changes in Liabilities -449 -1,264 2,406
Changes in Inventories 0 0 0
Changes in Other Op'ing Actv's 0 899 -5,704
Total Cash Flow fr Operations 4,800 10,004 11,703
Investing Activities:
Capital Expenditures -1,507 -225 -858
Investments -419 -4,028 24,255
Other Cash Flows fr Investing 0 0 0
Total Cash Flows fr Investing -1,372 -4,253 23,397
Financing Acitivies:
Dividends Paid -1,921 0 0
Sale or Purchase of Stock -11,424 -13,316 -26,191
Net Borrowings 0 0 0
Other Cash Flows fr Financing 0 0 0
Total Cash Flows fr Financing -40,368 -13,316 -26,191
Effect of Exchange Rate Change 0 0 0
Change in Cash & Cash Equiv.s -36,940 -7,565 8,909
Quarterly Cash Flow: All Numbers in Thousands
Period Ending Sep30,2011 Jun30,2011 Mar31,2011 Dec31,2010
Net Income 4,528 5,677 2,675 -283
Operating Activites:
Depreciation 217 221 231 232
Adjustments to Net Income 1,007 802 796 1,281
Changes in Accounts Recv'bls 252 -985 -1,312 -678
Changes in Liabilities 1,471 -3,093 578 -5,087
Changes in Inventories 0 0 0 0
Changes in Other Oper'g Acts 0 119 -413 -334
Total Cash Flow f Operations 7,224 2,741 2,555 -4,869
Investing Activities:
Capital Expenditures -477 -177 -149 -544
Investments 4,169 1,382 1,258 7,846
Other Cash Flows fr Investing 0 0 0 0
Total Cash Flows fr Investing 3,692 1,205 1,109 7,302
Financing Acitivies:
Dividends Paid 0 0 0 -1,921
Sale or Purchase of Stock 7,921 -2,045 -1,575 1,596
Net Borrowings 0 0 0 0
Other Cash Flows fr Financing 0 0 0 -27,023
Total Cash Flows fr Financing 7,921 -2,045 -1,575 -27,348
Effect of Exchange Rate Chg 0 0 0 0
Change in Cash & Cash Equiv. 18,837 1,901 2,089 -24,915
STMP Stamps.com Inc. [Indices near +3.0 or near zero,
or < zero bear special attention.]
P/E Ratio Tests:
Current P/E Ratio < 28? 0.9070 P/E Ratio > 5? 1.0000
P/E Ratio Vs Growth Rate: 1.3600 Forward P/E Ratio < 28? 1.3848
Sales Tests:
Price/Sales Ratio < 2.3? 0.5852 Inventory/Sales < 5%? 1.0000
Sales < $1 billion? 3.0000 Operating Margin < 7.5%? 0.5743
Balance Sheet Tests:Debt/Equity < 0.40? 1.0000 Long-Term Debt Service: 3.0000
LTD Being Reduced? 1.0000 Short-Term Debt Service: 3.0000
Current Ratio > 2? 2.0950 Working Capital >= 1.5? 0.4768
Leverage Ratio < 20%? 3.0000 Debt / Assets < 1? 1.0000
Quick Ratio > 1? 3.0000 Inventory Turnover > 1? 1.0000
Shares Out Decreasing? 1.2000 Market Cap.> 1.5 Billion? 3.0000
Profit Margin > 7.5%? 1.7306
Income Tests:
Dividend Yield > 2.0%? 0.0000 EPS Annual Growth > 10%? 3.0000
Enterprise Value/Revenue: 2.3467 EPS 5-yr Growth > 20%? 2.7660
Enterprise Value/EBITDA: 3.0000 EPS Growth Consistent? 1.2000
EPS Qrtly Growth > 10%? 3.0000 Collection < 45 days? 2.1665
Rev. Qtrly Growth > 15%? 3.0000 Gross Pft/Cur. LTD < 1? 3.0000
EPS Annual Growth > 10%? 3.0000 Borrowing Int. Rate< 6%? 1.0000
Stock Performance Tests:
Volatility > 25%? 3.0000 % Held by Insiders < 5%? 0.3066
Beta > 1.25? 0.6560 % Held by Institut. < 50? 0.6614
50 Da MA > 200 Da MA? 0.9204 % Held by Institut. > 30? 2.5200
52-Wk Change vs. S&P 500: 0.0680 Short Ratio > 5? 0.6200
Price/Book Value < 3? -1.9100 Short % of Float > 20? 0.0000
Return on Assets > 17%? 0.5606 Average Volume > 100,000? 3.0000
Cash Flow Tests:
Oper. C.F. > Lever'd C.F: 3.0000 Positive Free Cash Flow? 1.0000
Positive Oper. Cash Flow? 1.0000 Price to C.F./sh. Ratio: 3.0000
Cash Flow / Assets >.10? 0.0969
STMP Stamps.com Inc. Overall Zenith Index: 1.6386
Financial Statements |
Income Statement:
Balance Sheet:
Cash Flow Statement:
Financial Ratios |
. . . . . . . . . . . . 1 = Highest , 10 = Lowest
Market Grader |
Intrinsic Value (DCF) |
Intrinsic Value by Discounted Cash Flow Method:
Intrinsic Value (PEG) |
Intrinsic Value by Projected Earnings Growth Method:
Stock Scout |
We find "Scout" to be a bit biased toward the high end, so anything under a 6 is considered a negative, 6 and above, positive.
Projected Earnings |
Research Reports |
Analysts' Opinions |
Insider Activity |
Institutional Activity |
Institutional Orders to Buy or Sell:
Sentiment |
Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.
Short Interest Ratio |
As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.
Stock Report |
Management's Discussion of Results of Operations Excerpts |
Moving Average Chart |
Right Time Study |
Channeling Potential |
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility. Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.
Results for Stamps.Com Inc.:
Symbol? STMP
Total Months Available: 47
Months in Cycle? 4
Months Covered by Periods: 12
Period 1 Period 2 Period 3
H1 L1 H2 L2 H3 L3
15.18 10.95 14.24 11.64 33.73 13.52
RANGE = 33.73 TO 10.95 Close = 25.39
CHANNEL = 14.24 TO 13.52 Degree = 0
Volatility = 2.84% Index = 0
Intraday Chart |
2 Days:
Stock Fetcher |
Point & Figure Chart |
Wall Street Analyzer |
Marketspace Chart |
Time Series Forecast |
Neural Network Prediction |
"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."
Ultimate Trading Systems |
The corresponding trades for the above chart are shown in tabular form below.
Recommendation |
| Factors | Weighted Points |
|---|---|
| News | + 1 |
| Comparison | + 1 |
| Industry | - 1 |
| Bond Issue | 0 |
| Zenith Index | + 1 |
| Non-GAAP vs. GAAP Earnings < 1% | - 1 |
| Cash Flow | - 1 |
| Ratios | + 1 |
| Market Grader | + 1 |
| Intrinsic Value DCF | + 1 |
| Intrinsic Value DDM | - 1 |
| Stock Scout | - 1 |
| Projected Earnings | + 1 |
| Research Reports | + 1 |
| Analysts | + 1 |
| Executive Perquisites | - 1 |
| Insider Activity | - 1 |
| Institutional Activity | + 1 |
| Management Reporting | + 1 |
| Short Interest | + 1 |
| Sentiment | + 1 |
| Standard & Poor's | - 1 |
| Moving Average | - 1 |
| Right Time Study | - 1 |
| Stock Fetcher | 0 |
| Point & Figure | - 1 |
| Wall Street Analyzer | + 1 |
| Marketspace Chart | - 1 |
| Time Series Chart | - 1 |
| Neural Network | - 1 |
| Stock Options | + 1 |
| Ultimate Trading Systems | + 1 |
| Total | + 2 |
Place 1,180 shares of Stamps.com, Inc. (STMP) on the Active List.
