Corporate Webpages Exide Technologies Inc.
It is hard for us to say much positive about Exide Technologies,
Inc. (XIDE). It has a reasonably strong Zenith Index indicating
fundamental strength. It is an old-line company that has been
around for a long time. It has a worldwide presence and
partners with some very large manufacturers. But it also has a
history of bankruptcy, and after emergence from bankruptcy does
not appear to have done much better.
This seems strange to us, as the company operates in two of what
should be the most promising areas of technology, hybrid
vehicles and solar power systems. Yet both of these groups
along with the miscellaneous electronic components group as a
whole are at the very bottom of the industry group performance
list. All companies in the area of making batteries appear to
be having a hard time.
Analysts seem to like the company, perhaps because of strong
projected earnings growth, but historically the company has
disappointed. Its CEO seem vastly over-compensated for the
results shown thus far. But at least he is not receiving stock
option perquisites on top of his $11 million annual salary which
is a plus. Researchers almost universally do not favor this
company perhaps because they lag behind the analysts a bit.
One thing that jumps out of the "news" is that battery-making is
a messy business. This company has been fined millions for
environmental pollution violations, has had exposure-to-lead
worker safety issues, and has been forced to close or reduce
plants in neighborhoods that have had enough. We all want these
batteries, but don't want them to be made in our back yards.
The company has worldwide exposure, which may mean some lenience
from overseas manufacturing sites would be possible.
The chart patterns on the stock are pretty miserable.
From what we see, it would be dangerous to sell this company
short after shares have been beaten down so much. Its
fundamental financial strength and size ($2.4 billion in sales),
coupled with prospects in the industry groups in which it
competes, could make it a turnaround situation. Shorting any
stock below $5/share is dangerous. Still, it has one of the
worst overall ratings in our Decsion Matrix at the end of this
article of any stock we have reviewed thus far. It pays no
dividend which is very poor for a company this large compared to
an average 4.36% dividend paid by stocks in the Electronic
Instruments and Controls industry group, or the 2.17% average
dividend paid by stocks in the S&P 500 Index.
On this stock, we would sum up by quoting:
"You pays your money and you takes your chances."
11-06-2011: Exide Technologies Inc. (XIDE): Hybrid Vehicle and Solar System Battery Applications
(WAIT FOR PAGE TO LOAD COMPLETELY BEFORE LINKS WORK.)
Company Profile
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Comparison with Peers
Bond Issue
Zenith Index
Financial Statements
Financial Ratios
Market Grader
Intrinsic Value (Disc. CashFlow)
Intrinsic Value (Proj. Earnings)
Scout Stock Rating
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Research Reports
Analysts' Opinions
Insider Activity
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Sentiment
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Stock Report
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Moving Average Chart
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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.
Exide Technologies (XIDE ) Sector: Industrial Goods
13000 Deerfield Parkway Industry: Industrial Electrical Equipme
Building 200 Exchange: Nasdaq
Milton, GA 30004
Exide Technologies engages in the production and sale of lead-acid
batteries for transportation and industrial applications. It offers
transportation batteries, which include ignition and lighting batteries
for cars, trucks, off-road vehicles, agricultural and construction
vehicles, motorcycles, recreational vehicles, marine, and other
applications, such as micro-hybrids and lead-acid batteries used on full
electrical vehicles. The company sells its batteries under the Centra,
DETA, Exide, Exide Extreme, Exide NASCAR Select, Orbital, Fulmen, and
Tudor brand names, as well as under various private labels. It also
provides industrial energy products that consist of motive power
batteries, which are used in material handling industry for electric
forklift trucks, floor cleaning machinery, powered wheelchairs, railroad
locomotives, mining, and the electric road vehicles markets. In addition,
the company offers network power batteries, which are used for back-up
power applications in telecommunications systems, computer installations,
hospitals, air traffic control, security systems, utility, railway, and
military under the Absolyte and Sonnenschein brand names. Further, Exide
Technologies offers battery chargers and related equipments for the
wholesale distributors, battery specialists, national account customers,
retail stores, original equipment manufacturers (OEM) dealers, automotive
parts and battery wholesalers, auto centers, service installers, and oil
companies; and industrial energy products to OEM suppliers of lift trucks,
industrial companies, retail distributors, warehousing companies, and
manufacturers. The company operates in the United States, France, Germany,
Italy, Spain, and Poland, as well as internationally. Exide Technologies
was founded in 1888 and is headquartered in Milton, Georgia.
Last Trade: 4.47 52-Week Range: 12.68 - 3.59
Trade Date: 11-04 Avg. Volume: 909,518 Shares
Index Membership: Employees: 10,027
Corporate Governance:
Audit (Low Concern), Board (Low Concern), Compensation
(Medium Concern), Shareholder Rights (Medium Concern).
EPS: 0.38 Dividend Amount: $ 0.00 Yield: 0.00%
Ex-Dividend Date: N/A Mkt Cap: $ 349,080K
Payout Ratio: 0.00%
Last Split Factor (new for old): N/A Split Date: N/A
Key Statistics:
Enterprise Value: $ 984,210K Revenue (ttm) : $ 2,990,000K
Gross Profit: $ 564,430K
Earnings before Income Tax, Depreciation and Amortization: $ 218,150K
Enterprise Value/Revenue (ttm): 0.33 Revenue per Share: $ 38.82
Enterprise Value/EBITDA (ttm): 4.51 Qtrly Rev Growth (y to y): 15.60%
P/E Ratio (fwd projected): 3.69 P/E Ratio (current): 11.89
P/E Growth Ratio (5 yr expected): 0.59 Operating Margin: 4.46%
Price/Sales Ratio: 0.12 Profit Margin: 1.01%
Price/Book Value: 0.86 Book Value: $ 5.34/sh.
Return on Assets: 4.09% Net Income Avl to Common: $ 30,300K
Return on Equity: 8.14% Diluted Earnings/Share: $ 0.38
Qrtly Earnings Growth (yoy): 0.00%
Balance Sheet Items : Cash Flow Items (ttm):
(most recent qrtr) (trailing 12 mo.)
Total Cash: $ 134,200K Operating Cash Flow:$ 64,170K
Total Debt: $ 758,400K Lvgd Free Cash Flow:$ -27,630K
Total Debt/Equity: 182.10
Total Cash/Share: $ 1.72
Current Ratio: 1.73
Share Statistics: Stock Price History:
Shares Outstanding: 78,090K Stk 52-Week Change: -29.73%
Float: 63,720K S&P 500 52-Wk Chng: 3.28%
Sh. Short % of Float: 8.30% 50-Day Moving Avg: 4.53
Short Ratio: 6.30 200-Day Moving Avg: 6.63
% Held by Institutions: 72.10% Beta: 2.53
% Held by Insiders: 15.25%
Analysts' Estimates: Cur. Qtr Next Qtr Cur. Year Next Year
___________________________ Sep 11 Dec 11 Mar 12 Mar 13
Average Earnings Estimate 0.11 0.41 0.78 1.21
Average Revenue Estimate 57M 870M 3,200M 3,330M
Factors Comparing This Company to Its Industry Leader (1.0 = Average):
Long Term EPS Growth Rate (5 yr): 2.065 EPS Growth (Qrtly YoY): 0.000
PEG Ratio (ttm, 5 yr expected): 2.462 P/E Ratio (ttm): 3.556
Revenue Growth (Qrtly YoY): 1.730
Annual Income Statements: All numbers in thousands)
Period Ending Mar31,2011 Mar31,2010 Mar31,2009
Total Revenue 2,887,516 2,685,808 3,322,332
Cost of Revenue 2,323,087 2,147,712 2,708,664
Gross Profit 564,429 538,096 613,668
Operating Expenses:
Research & Development 0 0 0
Selling, General & Administrative 426,370 440,761 471,022
Non-Recurring Expenses 42,286 80,596 75,015
Other Operating Expenses 0 0 0
Total Operating Expenses 0 0 0
Operating Income or Loss 95,773 16,739 67,631
Income from Continuing Operations:
Total Other Income/Expenses Net -13,047 9,894 -31,699
Earnings Before Interest & Taxes 20,316 -33,300 -36,308
Interest Expense 0 0 72,240
Income Before Taxes 20,316 -33,300 -36,308
Income Tax Expense -6,496 -21,963 32,173
Minority Interest -369 -477 -1,041
Net Income from Continuing Op.s 15,616 -11,814 -69,522
Non-recurring Events:
Discontinued Operations 0 0 0
Extraordinary Items 0 0 -2,179
Effect of Accounting Changes 0 0 0
Other Items 0 0 0
Net Income 26,443 -11,814 -69,522
Preferred Stock & Other Adjustmnts 0 0 0
Net Income Avail To Common Shares 26,443 -11,814 -69,522
Quarterly Income Statements: All numbers in thousands)
Period Ending Jun30,2011 Mar31,2011 Dec31,2010 Sep30,2010
Total Revenue 745,095 774,546 800,296 668,008
Cost of Revenue 628,445 632,810 634,697 525,632
Gross Profit 116,650 141,736 165,599 142,376
Operating Expenses:
Research & Development 0 0 0 0
Selling, General & Adminis. 102,738 107,636 111,866 110,853
Non-Recurring Expenses 295 24,762 5,434 3,885
Other Operating Expenses 0 0 0 0
Total Operating Expenses 0 0 0 0
Operating Income or Loss 13,617 9,338 48,299 27,638
Income from Continuing Operations:
Total Other Income/Expenses Net -120 -15,158 4,833 7,599
Earnings Before Int. & Taxes -4,163 -22,789 36,333 21,578
Interest Expense 0 0 0 0
Income Before Taxes -4,163 -22,789 36,333 21,578
Income Tax Expense 1,633 -9,296 6,613 1,987
Minority Interest 604 -188 -11 -132
Net Income from Continuing Op.s -5,192 -24,508 31,211 17,957
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 -5,192 -13,681 31,211 17,957
Preferred Stock & Other Adj.s 0 0 0 0
Net Income Avail To Common Shs -5,192 -13,681 31,211 17,957
Annual Balance Sheets: All Numbers in Thousands
Period Ending Mar31,2011 Mar31,2010 Mar31,2009
Current Assets:
Cash & Cash Equivalents 161,363 89,558 69,505
Short Term Investments 0 0 0
Net Receivables 540,052 513,328 530,846
Inventory 519,909 418,396 420,815
Other Current Assets 22,476 21,543 22,317
Total Current Assets 1,243,800 1,042,825 1,043,483
Long-Term Investments 0 0 2,048
Property, Plant & Equipt 611,635 603,160 586,261
Goodwill 0 0 4,022
Intangible Assets 178,418 180,428 179,333
Accumulated Amortization 0 0 0
Other Assets 68,775 44,200 25,656
Deferred Long Term Asset Charges 81,036 85,613 63,406
Total Assets 2,183,664 1,956,226 1,900,187
Current Liabilities:
Accounts Payable 690,543 600,906 541,099
Short/Current Long Term Debt 11,220 12,923 13,168
Other Current Liabilities 0 0 1,143
Total Current Liabilities 701,763 613,829 554,267
Long Term Debt 746,938 646,604 646,180
Other Liabilities 313,176 324,270 327,444
Deferred LT Liability Charges 15,898 23,485 30,229
Minority Interest 1,102 15,704 15,840
Negative Goodwill 0 0 0
Total Liabilities 1,778,877 1,623,892 1,573,960
Stockholder Equity:
Misc. Stocks Options Warrants 0 0 0
Redeemable Perferred Stock 0 0 0
Preferred Stock 0 0 0
Common Stock 775 756 755
Retained Earnings -772,652 -799,095 -787,281
Treasury Stock 0 0 0
Capital Surplus 1,127,124 1,119,959 1,111,001
Other Stockholder Equity 49,540 10,714 1,752
Total Stockholder Equity 404,787 332,334 326,227
Net Tangible Assets 226,369 151,906 146,894
Quarterly Balance Sheets: All Numbers in Thousands
Period Ending Jun30,2011 Mar31,2011 Dec31,2010 Sep30,2010
Current Assets:
Cash & Cash Equivalents 130,856 161,363 92,339 77,380
Short Term Investments 0 0 0 0
Net Receivables 515,392 540,052 532,388 479,323
Inventory 599,813 519,909 457,107 472,214
Other Current Assets 22,790 22,476 28,703 23,306
Total Current Assets 1,268,851 1,243,800 1,110,537 1,052,223
Long-Term Investments 0 0 0 2,060
Property, Plant & Equipt 619,289 611,635 591,172 598,872
Goodwill 0 0 0 0
Intangible Assets 179,102 178,418 174,850 177,490
Accumulated Amortization 0 0 0 0
Other Assets 73,418 68,775 38,477 31,497
Deferred LT Asset Charges 85,926 81,036 90,814 104,992
Total Assets 2,226,586 2,183,664 2,005,850 1,967,134
Current Liabilities:
Accounts Payable 721,315 690,543 621,068 591,961
Current Portion LT Debt 11,862 11,220 12,696 13,067
Other Current Liabilities 0 0 0 0
Total Current Liabilities 733,177 701,763 633,764 605,028
Long Term Debt 746,533 746,938 635,857 639,227
Other Liabilities 312,138 313,176 323,182 330,727
Deferred LT Liab. Charges 18,271 15,898 27,607 28,392
Minority Interest 685 1,102 832 14,700
Negative Goodwill 0 0 0 0
Total Liabilities 1,810,804 1,778,877 1,621,242 1,618,074
Stockholder Equity:
Misc. Options, WarrantS 0 0 0 0
Redeemable Perferred Stock 0 0 0 0
Preferred Stock 0 0 0 0
Common Stock 779 775 770 768
Retained Earnings -777,844 -772,652 -758,971 -790,182
Treasury Stock 0 0 0 0
Capital Surplus 1,130,305 1,127,124 1,126,190 1,121,673
Other Stockholder Equity 62,542 49,540 16,619 16,801
Total Stockholder Equity 415,782 404,787 384,608 349,060
Net Tangible Assets 236,680 226,369 209,758 171,570
Annual Cash Flow: All Numbers in Thousands
Period Ending Mar31,2011 Mar31,2010 Mar31,2009
Net Income 26,443 -13,681 -69,522
Operating Activites:
Depreciation 88,865 95,117 100,952
Adjustments to Net Income 11,666 -13,919 73,405
Changes in Accounts Recv'bls -2,094 21,090 162,390
Changes in Liabilities 41,240 9,511 -234,890
Changes in Inventories -83,369 20,128 88,739
Changes in Other Op'ing Actv's 0 -11,428 -1,594
Total Cash Flow fr Operations 79,990 109,162 120,521
Investing Activities:
Capital Expenditures -88,589 -96,092 -108,914
Investments 0 0 0
Other Cash Flows fr Investing 0 850 7,827
Total Cash Flows fr Investing -71,796 -95,242 -101,087
Financing Acitivies:
Dividends Paid 0 0 0
Sale or Purchase of Stock -15,145 -1,824 368
Net Borrowings 391,397 -3,241 -13,415
Other Cash Flows fr Financing 0 0 0
Total Cash Flows fr Financing 57,599 1,930 -29,441
Effect of Exchange Rate Change 6,012 4,203 -11,035
Change in Cash & Cash Equiv.s 71,805 20,053 -21,042
Quarterly Cash Flow: All Numbers in Thousands
Period Ending Jun30,2011 Mar31,2011 Dec31,2010 Sep30,2010
Net Income -5,192 -13,681 31,211 17,957
Operating Activites:
Depreciation 22,845 22,156 22,690 21,870
Adjustments to Net Income 2,705 15,725 -1,616 -5,126
Changes in Accounts Recv'bls 30,937 14,556 -56,000 -14,119
Changes in Liabilities 12,434 19,364 37,944 -384
Changes in Inventories -72,075 -48,281 13,416 5,303
Changes in Other Oper'g Acts 0 5,269 -8,564 -2,989
Total Cash Flow f Operations -12,582 15,296 38,812 22,644
Investing Activities:
Capital Expenditures -18,723 -36,188 -21,809 -20,145
Investments 0 0 0 0
Other Cash Flows fr Investing 0 6,158 9,334 1,014
Total Cash Flows fr Investing -18,714 -30,030 -12,475 -19,131
Financing Acitivies:
Dividends Paid 0 0 0 0
Sale or Purchase of Stock 277 -221 -11,778 -2,281
Net Borrowings 834 398,593 -499 -8,269
Other Cash Flows fr Financing 0 0 0 0
Total Cash Flows fr Financing -73 81,161 -12,910 -10,949
Effect of Exchange Rate Chg 0 0 0 2,597
Change in Cash & Cash Equiv. -30,507 69,024 14,959 -3,158
XIDE Exide Technologies [Indices near +3.0 or near zero,
or < zero bear special attention.]
P/E Ratio Tests:
Current P/E Ratio < 28? 2.3549 P/E Ratio > 5? 1.0000
P/E Ratio Vs Growth Rate: -0.2300 Forward P/E Ratio < 28? 3.0000
Sales Tests:
Price/Sales Ratio < 2.3? 3.0000 Inventory/Sales < 5%? 0.2777
Sales < $1 billion? 0.3463 Operating Margin < 7.5%? 1.6816
Balance Sheet Tests:
Debt/Equity < 0.40? 0.0022 Long-Term Debt Service: 0.5419
LTD Being Reduced? 1.2000 Short-Term Debt Service: 3.0000
Current Ratio > 2? 0.8650 Working Capital >= 1.5? 1.1557
Leverage Ratio < 20%? 0.5974 Debt / Assets < 1? 2.9235
Quick Ratio > 1? 0.8814 Inventory Turnover > 1? 3.0000
Shares Out Decreasing? 1.8000 Market Cap.> 1.5 Billion? 3.0000
Profit Margin > 7.5%? 0.1347
Income Tests:
Dividend Yield > 2.0%? 0.0000 EPS Annual Growth > 10%? 3.0000
Enterprise Value/Revenue: 0.2200 EPS 5-yr Growth > 20%? 3.0000
Enterprise Value/EBITDA: 0.6443 EPS Growth Consistent? 2.4000
EPS Qrtly Growth > 10%? 0.0000 Collection < 45 days? 0.6592
Rev. Qtrly Growth > 15%? 2.3400 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%? 0.3279
Beta > 1.25? 2.0240 % Held by Institut. < 50? 0.6935
50 Da MA > 200 Da MA? -1.4094 % Held by Institut. > 30? 2.4033
52-Wk Change vs. S&P 500: 0.2187 Short Ratio > 5? 1.2600
Price/Book Value < 3? 3.0000 Short % of Float > 20? 0.4150
Return on Assets > 17%? 0.2406 Average Volume > 100,000? 3.0000
Cash Flow Tests:
Oper. C.F. > Lever'd C.F: 2.3225 Positive Free Cash Flow? 0.0000
Positive Oper. Cash Flow? 1.0000 Price to C.F./sh. Ratio: -0.9024
Cash Flow / Assets >.10? -0.1241
XIDE Exide Technologies Overall Zenith Index: 1.3728
Financial Statements |
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 Exide Technologies:
Symbol? XIDE
Total Months Available: 90
Months in Cycle? 4
Months Covered by Periods: 12
Period 1 Period 2 Period 3
H1 L1 H2 L2 H3 L3
12.68 6.17 11.70 6.61 7.89 3.59
RANGE = 12.68 TO 3.59 Close = 4.61
CHANNEL = 7.89 TO 6.61 Degree = 1
Volatility = 27.87% Index = 2
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 "ultimate systems" are inconclusive, giving no clear confirmed signals.
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 | - 1 |
| Point & Figure | - 1 |
| Wall Street Analyzer | - 1 |
| Marketspace Chart | - 1 |
| Time Series Chart | - 1 |
| Neural Network | + 1 |
| Stock Options | + 1 |
| Ultimate Trading Systems | 0 |
| Total | - 10 |
Place 6,680 shares of Exide Technologies Inc. (XIDE) on the Active List.
