Collectors Universe: Underappreciated Operating Leverage Makes It Inexpensive [Seeking Alpha]
COLLECTORS UNIVERSE (CLCT)
US:NASDAQ Investor Relations:
investors.collectors.com/investor-relations
Company Research
Source: Seeking Alpha
Summary CLCT has surged over the last 12 months, but the last 5 years have not been as kind. Still, shares look relatively inexpensive as the company posts excellent revenue and free cash flow growth. I am considering entering the company again at current levels. Shares of Collectors Universe ( SPY That said, Q1 of the 2020 fiscal year is off to a tremendous start. I am increasing my fair value estimate to $25-30, reflecting continued volume growth and underappreciated operating leverage. Although shares are not the bargain they were early in 2019, I believe shares look slightly underpriced, and I think the current price could be a decent entry point. Q1: Strong Volume and Revenue Growth Drives Operating Margin Expansion Q1 was another record quarter for Collectors Universe. Revenue jumped 15.5% y/y to $20.2 million driven by a 9% increase in coin grading revenue, and more impressively, a 33% jump in revenue from the PSA trading card and autograph grading business. While coins have lo
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