Article: CFC International.(Davenport & Company)

CFC International (CFCI-OTC-$4.50) Strategic Repositioning Efforts Should Benefit Company on Economic Recovery.

 
Rating: Buy   Sector: Specialty Chemicals 
Target Price: $7.00-$8.00 Sector Recommendation: N/A 

Basis of Target: Approximately 15x 2004 EPS or 7x EBITDA.

2002 Ends on A Positive Note. After a disappointing last few years, CFC reported fourth quarter and year-end results in-line with expectations. CFC reported fourth quarter earnings of $0.24 versus $0.13 per share in the corresponding period in 2001. We would note that roughly $0.05 per share of this gain was attributed to a $218,000 R&D tax credit. ...

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