Tuesday, May 29, 2007

Circuit City Buyout?

With speculation that CDW (CDWC) could be taken private I created a comparable analysis of Circuit City (CC), Best Buy (BBY), and CDW (CDWC). CDW is not directly comparable since they are less consumer focused than Best Buy and Circuit City.


P/Sales 0.22, 0.62, 0.85
P/Book 1.50, 3.62, 4.08
EV/EBITDA 5.68, 7.22, 11.01

Circuit City does have a tough road to recovery ahead but its valuation should make it an attractive LBO candidate. CC has over $4.00 in cash per share and a negligible amount of debt outstanding. Unprofitable stores could be sold off to reduce the debt issued to take the company private. CC has eliminated many of their high paid vice presidents and hourly workers to cut costs. Although this could have a negative effect on sales, it shows initiative by management to make changes and improve the company even if CC fails to get a bid from private equity.

"We view CC as one of the best risk/reward opportunities in our space."-Pacific Crest Securities (5/3/2007) (Outperform)

Note: I have no position in CC


Blogger jenifer said...

I usually purchase my electronics products at very reasonable prices from Circuit-City store at!

12/03/2007 8:46 PM  
Anonymous Anonymous said...

I found your blog very interesting. You are talking here about Circuit City. I have found out everything about the company from Besides, I read consumer reports on the products and services of the company. I must say – very few positive reviews. Most people are not satisfied with the Circuit City, however it is one of the largest consumer electronics retailers in the United States.

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In an amended 13D filing on Maguire Properties Inc. (NYSE: MPG), Daniel Loeb's Third Point LCC, an 8.8% holder, said they are in receipt of a letter indicating that a viable third party recently approached the Company with a proposal to acquire all of the outstanding shares of the Company for approximately $20 per share

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