Trimble Navigation, Will Rebound Eventually
Trimble Navigation, Will Rebound EventuallyAuthor: Hans WagnerTrimble Navigation (TRMB) provides advanced positioning product solutions to commercial and government customers worldwide. The company uses global positioning systems (GPS) and robotic optical surveying instruments that incorporate GPS, optical, laser, radio, or cellular communication technologies for various applications including engineering and construction, agriculture and mobile workers who can employ advanced technologies to improve efficiencies and provide advanced uses of collected data. Engineering and construction is the largest customer segment, which is hurting sales. With a Return on Capital Employed of 35% and an Earnings Yield of 3.2% Trimble is no longer a value investing opportunity. However, they offer a quality balance sheet and a free cash flow yield of 5.3% and free cash flow margin of 19%. The company’s trailing PE ratio is 34, though the Enterprise Value to Free Cash Flow ratio of 17 demonstrates the strength of their underlying business. Once there is a rebound in the engineering and construction industry, Trimble should see their revenues turn around. For the quarter ending July 3, 2009 revenues were down 23% to $290.1 million from $377.8 million in the second quarter of 2008. Operating margin fell to 9.9% for the quarter down from 16.7% as the company was unable to keep expenses in line with declining revenues. Key Drivers and Barriers Drivers The drivers of Trimble's business are: The growing need to reduce costs of businesses that use equipment to navigate during their operation.
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