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Specialty Automotive MZTI ( OTC:Other )

Publicado el 15 de Octubre, 2007, 15:36. en General.
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Mizati Luxury Alloy Wheels

Mizati is an innovative, fast-growing designer and distributor of custom luxury alloy wheels. The Company operates in the $2.6 billion wheels, tires and suspension segment of the Specialty Automotive Equipment market. Mizati’s mission is to be the premier brand and designated source for value-priced wheels, rims and auto accessories in the United States within the next 3-5 years while also gaining a foothold into new international markets. The Company utilizes various sales channels including the internet, automotive catalogs, wheel and tire distributors and most recently Rent-To-Own (RTO) stores. Their products are sold at over three hundred outlets in the United States at high profile brand name distributors such as Firestone, America’s Tire, Lee Schwab Tire Center, and Discount Tire. Although the Company is relatively young, CEO Hazel Chu leads a team with over twenty years experience in the automotive accessories market. Her focused and disciplined management team has increased revenues by 102 percent annually for the past three years. Mizati was recently provided a $1 million credit-line which provides them with capital to begin building out a network of their own Rent-to-Own (RTO) stores.

Mizati wheels come in three lines for cars, trucks, and sport utilities, and each line has a variety of different styles. Mizati will be launching a new product line of oversized rims geared specifically towards SUV’s and trucks. The Company also plans to introduce three new rims every year. The Company has made a significant investment in their infrastructure with the purchase of a 16,000 square foot warehouse in Walnut, California for $2.75 million. The Company has experienced rapid growth over the last three years driving sales from $625,742 in 2003 to over $4.1 million in 2006.

The latest addition to Mizati’s business model is the Rent-To-Own program that is set to launch in Q2 of 2007. Adding RTO stores to compliment the design and manufacturing end of the business will make Mizati vertically integrated and allow the company to exploit inherent competitive advantages. This strategic shift should increase Mizati’s customer base as weekly payments are a more affordable purchase method for many consumers. The RTO program will also significantly improve Mizati’s gross margins, currently wholesale gross margins average twenty three percent. Most RTO gross margins average seventy percent, and as a vertically integrated company, Mizati’s margins could be even higher.


Mizati operates in the Specialty Automotive aftermarket which has better-than-average growth rates, well-above the growth rate of the overall Automotive Aftermarket. According to Specialty Equipment Market Association (SEMA), the trade group for aftermarket companies that lobbies and conducts research on behalf of its members, over the last ten years the trend to enhance automobile image by upgrading wheels, tires, and suspensions has grown at a rate of 7.7 percent while the overall aftermarket for automotive accessories has grown at a rate of 4.5 percent. During this same time frame, GDP grew by 2.57 percent.

What differentiates the automotive aftermarket from the rest of the industry is that aftermarket goods are not a necessity. Therefore, understanding the consumer is essential for a company to create value for the consumer. According to SEMA, sixty three percent of the people surveyed want to modify or personalize their vehicles; thirty percent of those people would purchase wheels and tires first and twenty percent of those consumers would spend between $1,500 and $2,500. Approximately half of the people surveyed would make this purchase within the first two months of owning their automobile. Mizati has timed its entrance into the U.S. market during a trend that suggests continued sustainable growth. The Specialty Automotive Equipment market is one of the top performers in the U.S. manufacturing and retail segment with $31 billion at the retail level and $11 billion at the manufacturing level. We do not expect this market to peak for another five-seven years, which gives Mizati time to establish itself as a leading brand and potentially a dominant player.


The Specialty Automotive Equipment market is saturated with many small players, mostly privately held companies. However, there are several large companies with sales in excess of $500 million, including American Racing Wheels, one of the largest and oldest companies in the business. It offers hundreds of wheels and its products are sold through thousands of retailers. American Racing sells its products through Sears, Pep Boys, Goodyear, and thousands of independent tire centers.

Other competitors include Giovanna Wheels, Lowenhard Wheels, and Lexani Wheels. Competition in this market revolves around such factors as price, quality, reliability, styling, product features and warranties. At the dealer or distributor level, competition is based on a number of factors including sales and marketing support programs, such as financing and cooperative advertising. American Racing Wheels and the other big three will provide formidable competition for a company the size of Mizati; however the strong growth rate in this segment and Mizati’s business model will allow it to compete and continue to gain market share.


 

  • Light truck market is half of the market in the United States. These are typically small trucks like Toyota and Chevy S-10s.
  • The “off street” racing market is for amateur and professional street racers.
  • Off-road market is for 4x4 trucks and SUVs.
  • Restoration market is classic cars.
  • Street-performance market is focused on cars such as modern Mustangs and Corvettes.
  • Restyling market is when after-market wheels are added to brand new cars
  • Street rod market is for hot rods from the 1920’s to the 1970’s.
  • Compact car market concentrates on people who fi x up smaller cars like Honda Civics.

 


 

  • Mizati has achieved an average annual revenue growth rate of 102% for the past three years.
  • Profitable in 2005 and 2006 with net earnings of $100,885 and $41,745 respectively.
  • 2007 marks the first year of international sales for Mizati. Sales agreements in South America worth $2 million have been put in place and the company projects international sales to reach $4 million in 2007.
  • Expanded from a 5,000 sq. ft. facility to a 16,000 sq. ft. warehouse.
  • Mizati’s management team has 20+ years of professional automobile accessory marketing, as well as extensive design and management experience.
  • MIZATI secured $1M dollar line of credit to launch Rent-To-Own stores.
  • Expansion into international markets.
  • Mizati has adopted a unique “China Concept” business model by combining low-cost OEMs in China with established distribution channels in the U.S.
  • Projected profit margins of twenty three percent in 2007.
  • Profitable book value at $105,416.
  • Double digit Revenue Growth Expected in 2007.

 


The Company is projecting 2008 revenue of approximately $13.5 million. This is an aggregate amount based on three revenue channels: wholesale distribution, international sales and the Rent-to-Own segment. We are giving MZTI a Buy rating and a twelve month price target of $1.73 based on a multiple of 5x forward revenues, which would afford investors nearly a forty five percent return above current price levels. Assuming a net profit margin of ten percent, the $13.5 million in revenue would generate earnings of $1.35 million. This translates into earnings of $0.035 a share in 2008. In establishing a thirty month price target, we assumed a 4x estimated revenues of $25 million in 2010 for a target price of $3.03 which would provide patient investors with a 200 percent return above current price levels.


 

  • Ms. Chu founded Mizati Luxury Alloy Wheels, Inc. in 2001 and continues to lead the Company as its President.
  • Hazel Chu’s passion for automobiles gave her the ability to recognize the potential for her business in the automotive accessory market.
  • A graduate of California State University, Ms. Chu brings over 10 years of management experience to the Company.
  • Under her visionary leadership, Mizati has transformed from a sketch pad in her college apartment to a rapidly growing, public company that achieved sales of $4.16 million in 2006.

 


 

  • Lead sales efforts at a variety of wheel companies including Savini Wheels, MB Italia LLC, and MAS Italy.
  • Strong products knowledge: bolt patterns, offsets, staggered fitments, center bores. Built new sales channels in US and foreign markets, recruited and trained sales professionals, managed advertising campaigns and budgets

 


 

  • With a diverse language and professional background, Grace Wang serves as the Spokeswoman and VP of Investor Relations for Mizati Luxury Alloy Wheels, Inc.
  • Since moving to the United States from Taiwan in 1985, Ms. Wang has held several marketing and business development positions focused on international trade with Pacific Rim Countries.
  • Ms. Wang speaks fluent English, Mandarin, Shanghainese, and Cantonese.

 





 

Disclosure
This profile is based on data obtained from sources we believe to be reliable, but is not guaranteed as to accuracy and does not purport to be complete. As such, the profile should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed herein are subject to change and are not the opinions of Mizati Luxury Alloy Wheels, Inc. or its management or board of directors. This profile contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans and projections regarding the Company’s financial position, results of operations, market position, product and service development and market strategy. These statements may be identified by the fact that they use words or phrases such as ``anticipates,’’ ``believes,’’ ``estimates,’’ ``expects,’’ ``intends,’’ ``plans,’’ ``predicts,’’ ``projects,’’ ``targets,’’ ``will likely result,’’ ``will continue,’’ ``may,’’ ``could’’ and other words and terms of similar meaning in connection with any discussion of future operating or financial performance.


 

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Financial Info
 
Current Price
$0.30
Market Cap
11 M
Shares Outstanding
38.8 M
Float
8.6 M
52 Week Range
$0.15-1.41
Insider Ownership
80%
Fiscal Year End
31-Dec
Valutation
 
Revenue (ttm)
4.98 M
Cash
134 K
Gross Profit
934 K




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