NYSE:PT
$10.29
(2/9 1:10PM)
+3.3%
| Open | $10.16 |
Mkt Cap | $8.7 Billion |
| High | $10.35 |
52Wk High | $12.83 |
| Low | $10.08 |
52Wk Low | $7.11 |
| Volume | 331,205 |
Avg Vol 10D | 313,100 |
Ockham's Rating/Recommendation Summary
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PT Revenue
For a long time, value investors have used the current share price relative to sales per share levels as an important valuation tool. We utilize a historical weighted average methodology that treats recent years more importantly in the calculation. When looking at PT through this framework, we can see that our weighted average historical high and low Price to Sales per share ratios over the last 10 years are 1.65x and 1.05x respectively.
Utilizing this range we can see that PT’s current Price to Sales per share ratio of 0.96x is significantly below its average levels historically. In fact, with a current price of $10.10, PT is a full 29% below its average Price to Sales ratio at comparable sales levels. This is a rare occurrence and, when taken in context of the other areas of our analysis, can be a strong positive for our outlook for PT.
PT Cash Earnings
Looking at PT specifically in their Cash Earnings capabilities, Ockham views PT as significantly below their historical average multiples of Cash Earnings, as calculated by our proprietary analysis. It is incredibly important to understand that for PT, the current level of Cash Earnings compared to its historical levels helps identify where PT is in relation to what the investing community was willing to pay for this level of Cash Earnings in the past. With a historical high Cash Earnings per share ratio of 18.32 and a historical low Cash Earnings per share ratio of 11.38, an investor can relate where value becomes optimal.
So what does "significantly below" mean when we talk about Price to Cash Earnings numbers for PT? From the Ockham perspective, we are looking specifically at PT to see if the market is recognizing the huge disparity between PT's past stock price to Cash Earnings ratio to today's levels. At a difference of 32% below the average historical Price to Cash Earnings ratio, our view would be quite positive at this point. However, as with all metrics, we need to also take other factors into account when looking at PT. While we view better Cash Earnings metrics as very important, if the market is slow to identify this value, or if Cash Earnings were to fall from these levels, we would become more neutral in our stance.
PT Dividends
A strong dividend payment history is looked upon as a favorable characteristic on a company’s future and potentially can receive a positive Ockham rating. That being said, we don't require dividend payments for company's whose management has elected to forgo them entirely.
When reviewing dividend yields for PT, we compare the historic high and low levels over the past, which is similar to our evaluation of Sales and Cash Earnings per share. Paying a dividend is not necessary for any company, but changes in dividend often can lend clues as to the health of the business. A rising dividend is a strong sign for an established company, as it reflects management's confidence in the company. PT’s estimated annual dividend is $0.62 resulting in a current dividend yield of 6.14%. The highest dividend yield from PT over recent history was 16.77% while the lowest dividend yield was 0.00%. With that range in mind, PT’s current dividend yield is a full 26.77% below its median dividend yield historically. This is a negative from our perspective.
