Friday, May 10, 2024

IOMT at a PE of 1/3

I saw a trade on IOMT the other day which reminded me to check if they filed their annual. Sure enough there it is. EPS of $0.09. Book value per share of $0.34. Revenue per share $1.78.

Stock price $0.03

You can thank the SEC for this opportunity. IOMT trades on the Expert Market so most people cannot buy thanks to the SEC rule change from a few years back. You can almost count the number of transactions in the past year on your fingers.

I wrote about this stock 7 years ago and the story remains the same. Comicly cheap. Confusing to exist.  Market cap of $59k which is less than the quote I got a couple years back to add a bathroom in the basement.  

I assure you it's a real company with real revenue.  Headquartered in the US with a UK subsidiary as well.  Heck they even have this great website if you're into the vintage look.

Before you get too excited, they do not earn this much every year. But check out these quotes from the recent annual letter:
"Earnings per share were at the highest level in 10 years."
"we are focused on improving productivity through upgrading our key manufacturing equipment."
"We see no internal operating issues that might hold us back from continued improvements."
The main operational negative is debt payable to insiders of $1.55m which has accrued $1.3m in interest.  "Most of the debt is owed to two family groups that control about 40% of the company's shares.  Until other arrangements are made, the Company will continue to accrue the interest." Book value is almost all inventory which I will leave for you to judge.  

I've tried suggesting they get up to date on their filings and get the skull & crossbones removed from otcmarkets but they don't care to spend the time or money.  It's a tiny operation and they have more important things to worry about like staying in business.  

I bought many years ago and still hold all my shares.  In 2021 the stock spiked over a buck.  Something has to happen some day.

disclosure: long IOMT

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  1. Any news on what's going on at HAUP? There's a bit of movement after a slow couple of years.

  2. $ECRO might be interesting. Sort of a NOL shell with some mortgage loans/servicing runoff. They recently bought a coal mine.

    1. thanks I'll have to take a look. I do own that and am down quite a bit. haven't looked in a while

  3. Ever figure out how to setup that Canadian business for trading dark stocks? I'm looking for a Canadian for it. Trying to figure out how it would work legally trading across borders to come back to the US.

    1. I don't know about that. never looked into it