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Clearfield, Inc.

CLFD

Telephone & Telegraph Apparatus

Mkt Cap

$451.3M

PE

34.69

Debt

$2.214M

Cash

$34.48M

EV

$419.1M

FCF

$18.15M

Market Cap

$451.3M

P/E Ratio

34.69

Debt

$2.214M

Cash

$34.48M

EV

$419.1M

FCF

$18.15M
Charts data: {"Earnings":[{"time":"2014-09-29","value":5432851},{"time":"2015-09-29","value":4682008},{"time":"2016-09-29","value":8013062},{"time":"2017-09-29","value":3847839},{"time":"2018-09-29","value":4274547},{"time":"2019-09-29","value":4566156},{"time":"2020-09-29","value":7293066},{"time":"2021-09-29","value":20327380},{"time":"2022-09-29","value":49362000},{"time":"2023-09-29","value":32533000}],"Sales":[{"time":"2014-09-29","value":58045292},{"time":"2015-09-29","value":60323917},{"time":"2016-09-29","value":75287726},{"time":"2017-09-29","value":73947619},{"time":"2018-09-29","value":77651354},{"time":"2019-09-29","value":85034000},{"time":"2020-09-29","value":93074514},{"time":"2021-09-29","value":140755399},{"time":"2022-09-29","value":270883000},{"time":"2023-09-29","value":268720000}],"Net Margins":[{"time":"2014-09-29","value":0.09359675544400742},{"time":"2015-09-29","value":0.07761445597108689},{"time":"2016-09-29","value":0.10643251464388764},{"time":"2017-09-29","value":0.052034657126688554},{"time":"2018-09-29","value":0.055047939022415504},{"time":"2019-09-29","value":0.0536980031516805},{"time":"2020-09-29","value":0.07835728263915512},{"time":"2021-09-29","value":0.14441634313437596},{"time":"2022-09-29","value":0.18222627481237286},{"time":"2023-09-29","value":0.12106653766001786}],"Assets":[{"time":"2014-09-29","value":51847898},{"time":"2015-09-29","value":57627617},{"time":"2016-09-29","value":70595313},{"time":"2017-09-29","value":69494037},{"time":"2018-09-29","value":74228642},{"time":"2019-09-29","value":81888563},{"time":"2020-09-29","value":95297430},{"time":"2021-09-29","value":125911200},{"time":"2022-09-29","value":229128000},{"time":"2023-09-29","value":355517000}],"Stockholders Equity":[{"time":"2014-09-29","value":46746634},{"time":"2015-09-29","value":51279130},{"time":"2016-09-29","value":62594043},{"time":"2017-09-29","value":64525120},{"time":"2018-09-29","value":68874876},{"time":"2019-09-29","value":74933387},{"time":"2020-09-29","value":82753278},{"time":"2021-09-29","value":103824358},{"time":"2022-09-29","value":147582000},{"time":"2023-09-29","value":315163000}],"ROE":[{"time":"2014-09-29","value":0.11621908435161342},{"time":"2015-09-29","value":0.0913043571527052},{"time":"2016-09-29","value":0.1280163673083076},{"time":"2017-09-29","value":0.05963319401808164},{"time":"2018-09-29","value":0.06206250011978243},{"time":"2019-09-29","value":0.0609362019095707},{"time":"2020-09-29","value":0.08813023696777304},{"time":"2021-09-29","value":0.19578623351564572},{"time":"2022-09-29","value":0.3344716835386429},{"time":"2023-09-29","value":0.10322594974663904}],"ROA":[{"time":"2014-09-29","value":0.16429067191885002},{"time":"2015-09-29","value":0.1223606903613592},{"time":"2016-09-29","value":0.15201706096267326},{"time":"2017-09-29","value":0.07643652936726067},{"time":"2018-09-29","value":0.06831394005564591},{"time":"2019-09-29","value":0.0633560268971871},{"time":"2020-09-29","value":0.09606712374090257},{"time":"2021-09-29","value":0.20438420887101386},{"time":"2022-09-29","value":0.2785953702733843},{"time":"2023-09-29","value":0.11704644222357861}]}

Clearfield, Inc. manufactures, markets, and sells standard and custom passive connectivity products to the fiber-to-the-premises, enterprises, and original equipment manufacturers markets in the United States and internationally. The company offers FieldSmart, a series of panels, cabinets, wall boxes, and other enclosures. It also provides WaveSmart, which are optical components integrated for signal coupling, splitting, termination, multiplexing, demultiplexing, and attenuation for integration within its fiber management platform; and outdoor cabinet and fiber active cabinet products. The company offers StreetSmart, a portfolio of fiber management products; FieldShield, a fiber pathway and protection method for reducing the cost of broadband deployment; and YOURx platform that consists of hardened terminals, test access points, and various drop cable options for portions of the access network across various fiber drop cable media. It also provides CraftSmart, a line of optical protection field enclosures, including CraftSmart Fiber Protection Pedestals and CraftSmart Fiber Protection Vaults integrated solutions optimized to house FieldSmart products at the last mile access point of the network in above-grade or below-grade installations. The company offers fiber and copper assemblies with an industry-standard or customer-specified configuration; and designs and manufactures custom solutions for in-the-box and network connectivity assemblies specific to that customer's product line. It provides its fiber to anywhere platform for various incumbent local exchange carriers, competitive local exchange carriers, wireless operators, and multiple systems operators and cable TV companies, as well as the utility/municipality, enterprise, and data center markets. The company was formerly known as APA Enterprises, Inc. and changed its name to Clearfield, Inc. in January 2008. Clearfield, Inc. was founded in 1979 and is headquartered in Minneapolis, Minnesota.

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Growth

%

%

Discount

%

%

Multiple

g\r+10%+11%+12%+13%+14%
0%109887
+1%1110988
+2%13111098
+3%141311109
+4%1714121110
Years012345678910TV
FCF$18.15M$20.28M$22.5M$24.8M$27.15M$29.52M$31.88M$34.18M$36.4M$38.5M$40.42M$404.2M
DCF$17.63M$17.01M$16.31M$15.52M$14.68M$13.78M$12.85M$11.9M$10.94M$9.991M$99.91M
Value$240.5M

In the chart Earnings are multiplied by this value.

Earnings Growth 33%
Earnings Stability 61%


Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years09-201509-201609-201709-201809-201909-202009-202109-202209-2023TTM
Net Margin7.8%11%5.2%5.5%5.4%7.8%14%18%12%6%
ROA12%15%7.6%6.8%6.3%9.6%20%28%12%5.2%
ROE9.1%13%6%6.2%6.1%8.8%20%33%10%4.3%

What is the average Net Margin?

The average Net Margin over the past 5 years is +10.58%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +2.23%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +13.8%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is +2.85%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +14.08%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +3.24%.


Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years09-201509-201609-201709-201809-201909-202009-202109-202209-2023TTM
Debt FCF------0.00-2.290.180.12
Debt Equity------0.000.130.010.01
MIN
Graham Stability--64%78%85%100%100%100%100%64%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 0.12.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is 0.09.

What is the Graham’s Stability?

Graham’s Stability measure stands at 0.64.


Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years09-201609-201809-202009-2022Trend
Revenue20%28%42%-0.8%4.9%
Net Income22%50%65%-34%11%
Stockholders Equity26%36%56%110%8.7%
FCF2.2%27%34%-0.25%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +28.18%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is +4.91%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +50.07%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is +10.73%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +35.55%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is +8.74%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is +27.27%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is +0.25%.