TSO3, Inc. – Value Analysis (TORONTO:TOS) : December 29, 2017

Capitalcube gives TSO3, Inc. a score of 29.

Our analysis is based on comparing TSO3, Inc. with the following peers – Invacare Corporation, Aurora Spine Corp., Medx Health Corp., Alpha Pro Tech, Ltd. and Covalon Technologies Ltd. (IVC-US, ASG-CA, MDX-CA, APT-US and COV-CA).

Investment Outlook

TSO3, Inc. has a fundamental score of 29 and has a relative valuation of OVERVALUED.

Fundamental Score

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Company Overview

  • Compared to peers, relative underperformance over the last year is in contrast with the more recent outperformance.
  • It currently trades at a Price/Book ratio of (13.59).
  • TOS-CA‘s earnings and EBITDA are both negative which suggest that P/E or Price/EBITDA are not meaningful to make this analysis between operating advantage (ROE) and growth expectations (as suggested by P/E or P/EBITDA).
  • TOS-CA‘s relatively low net margins and poor asset turns suggest a problematic operating strategy.
  • Change in the company’s annual revenues seems to be coming at the expense of earnings.
  • TOS-CA‘s return on assets currently and over the past five years has trailed the peer median and suggests the company might be operationally challenged relative to its peers.
  • The company’s median gross margin and relatively low pre-tax margin suggest high operating costs versus peers.
  • TOS-CA‘s earnings and EBITDA are both negative which suggest that P/E or Price/EBITDA are not meaningful for an analysis between historical growth (using annualized three-year revenue growth) and investor growth expectations (as suggested by P/E or Price/EBITDA) .
  • TOS-CA currently does not have any debt.

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Leverage & Liquidity

TOS-CA currently does not have any debt.

  • We consider the company to have a Quick & Able profile as it currently does not have any debt. In comparison, the median level of debt as percent of enterprise value for its peer group is currently 2.59%.
  • Of the 5 chosen peers for the company, only 3 of the stocks have an outstanding debt balance. Companies with no debt include APT-US and COV-CA.

Access the detailed analysis for TSO3, Inc.

Key Liquidity Items

Company Debt/Enterprise Value (%) Current Ratio Interest Coverage (x) Cash Flow To Total Debt (%)
Invacare Corporation N/A 2.28 -1.45 -15.48
Aurora Spine Corp. 20.44 2.21 -15.63 -86.57
Medx Health Corp. 5.17 0.18 -15.28 -142.73
Alpha Pro Tech, Ltd. 0 13.66 No interest exp 999
Covalon Technologies Ltd. N/A 3.49 No interest exp 999
TSO3 Inc. 0 4 -65.68 999
Peer Median 2.59 2.88 -8.37 491.76
Best In Class 5.17 13.66 No interest exp 999

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Company Profile

TSO3, Inc. engages in the business of medical devices. Its activities include manufacturing, sale; research and development, licensing of sterilization processes, related consumable supplies and accessories for heat-sensitive medical devices. The company was founded by Jocelyn Vézina and Simon Robitaille on June 10, 1998 and is headquartered in Québec, Canada.


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