United States

Analyst Research Report Snapshot


Electronics for Imaging (EFII): 1Q13 review; raising PO




Griffin Securities, Inc.


19 Apr 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 $32.00 from $27.00 for EFII shares for the following reasons: • 1Q 2013 was the thirteenth consecutive quarter exhibiting top line growth, rising 7% yr/yr vs. guidance of +2-4%; • New product introductions to drive growth for Industrial Inkjet as well as Fiery- new high end digital color printer introductions by OEM’s in 1H ’13 will aid Fiery, and perhaps more so 2H ’13; • $7.95 in cash & short term investments- total cash equates to 33% of stock price (co. has zero debt); • Over past 2+ quarters EFII repurchased $28 million of stock from recently instituted $100 million authorized share repurchase- ultimately we expect dividend to be established as a result of significant cash level and free C/F generation; • 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 $1.41 for ’13 & $1.64 for ’14, and; • Increasing estimate for ’13 from $1.39 to $1.42 & ’14 from $1.58 to $1.64 and increasing our price target to $32 based upon improving fundamentals and higher valuation target.

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