United States

Analyst Research Report Snapshot


EFII: 4Q12 review; revise 2013E; initiate 2014E; increase PO




Griffin Securities, Inc.


25 Jan 2013





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We are updating coverage on Electronics for Imaging, Inc. (EFII) with a BUY rating, and we are increasing our 18-month price target to $27.00 from $22.00 for EFII shares for the following reasons: • 4Q 2012 was the twelfth consecutive quarter exhibiting top line growth, rising 7% yr/yr- vs. guidance of +1-4%; • New product introductions to drive further growth for industrial inkjet (as well as Fiery)- new high end digital color printer introductions by OEM’s in 1H ’13 will aid Fiery, particularly as we approach 2Q ‘13; • $7.67 in cash & short term investments- buttressed by $3/share (net of taxes) on sale of headquarter building & $28 million in cash generated 4Q ‘12- total cash equates to 39% of stock price (co. has zero debt); • During last 4 months of ’12 EFII repurchased $23 million of its stock of recently instituted $100 million share repurchase- ultimately expect dividend to be established as a result of real estate sale; • Discretionary free C/F generation impressive- revenue decline of 28% during ’09 resulted in only modest cash burn of $25 million, or $0.50/share. Generated free C/F of $1.05 during 2010, $1.31 ’11, $1.25 ’12 & project $1.38 for ’13, and; • Introducing preliminary estimate for 2014 of $1.58.

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