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(Disclosure: I am a 5% actor of ELTK and an Activist Investor in the Company. All statements not sourced are my assessment only. Full acknowledgment account appears at the end of this article.)



Eltek Ltd. (NASDAQ: ELTK) is a high-end all-around supplier and architect of adult and awful avant-garde Printed Circuit Boards (PCBS) based in Petah Tikva, Israel. Afterward Appearance 1 of a turnaround plan, the Aggregation delivered an operating accumulation as able-bodied as a net accumulation for three afterwards quarters. ELTK is a premiere baton in PCBs, in business for 50 years, and its barter accommodate arch companies in the defense, aerospace, and medical industries in Israel, the United States, Europe, and Asia. Additionally, ELTK is benefited from buying and ascendancy by Nistec, a abundant beyond organization.

“The Aggregation is controlled by Nistec Golan Ltd (“Nistec Golan”). Nistec Golan is controlled alongside by Mr. Yitzhak Nissan.”

-Source: SEC: ELTK INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The accepted PCB industry’s accepted to abound to “$89.7 billion by 2024 with a CAGR of 4.3% from 2019 to 2024.”

Source: GlobeNewswire, Inc. – bazaar address appear by Lucintel

Within this growing PCB market, the high-end Adjustable Printed Circuit Boards, “market admeasurement accepted advance is 11.2% CAGR through 2025.” ELTK is a Accustomed Common Baton in this high-end growing tech alcove and I accept ELTK will account through connected acquirement and accumulation growth.

“The advancing trend of miniaturization and development of multi-feature cyberbanking accessories is blame PCB manufacturers to aftermath awful abutting and accelerated adjustable PCBs. The bazaar is awful circumscribed with the top bristles manufacturers accounting for aloft allotment and about determines the all-embracing trend. Key players operating in the all-around bazaar include” Eltek Ltd and others.

Source: Printed Electronics NOW

Thomas Publishing Aggregation lists ELTK as cardinal 4 of the Top All-around PCB Accomplishment Companies (Source: Thomasnet.com)

Increased margins through a mix of artefact churning and bigger adjustment accomplishment selection, in accession to administration of their costs for banknote flow, fabricated ELTK profitable. These changes were not concise cuts at the amount of abiding growth. ELTK connected to advance GAAP advantage during in both Q2 and Q3 while growing acquirement to the accomplished in years in Q3 and all the while accretion margins.

CEO Eli Yaffe declared during Q1 2019 antithesis call:

“We are animated that this division after-effects reflect the aboriginal date of our turnaround plan, which we started during the aftermost division of 2018. We articular the accessories that were underpriced and accept beneath such orders in adjustment to access profitability. We’re additionally carefully ecology our cadre costs with a focus on banknote flow.”

“Our acquirement in the aboriginal division of 2019 was $8.7 actor as compared to acquirement of $8.9 actor in the aboriginal division of 2018.”

Source: Seeking Alpha: ELTK Q1 2019 After-effects – Antithesis Alarm Transcript

For Q1 2019, ELTK delivered $242,000 net profit, accouterment net banknote from operating activities of $1.6 actor compared to net banknote acclimated of $859,000 during the aboriginal division of 2018.

Source: SEC: ELTK Reports 2019 Aboriginal Division Banking Results

Company Press Release, January 9, 2020.

“Eltek Ltd. Received an Added Adjustment for Up To $1.4 Actor From a Governmental Authority. In addition, to accredit the beheading of the project, the chump shall accommodate the Company, for no consideration, accessories in a absolute amount of about $630,000.”

CEO Eli Yaffe, commented: “The aboriginal addition of Eltek by this chump attests to the assurance in the Company’s abstruse capabilities.” (Source: SEC: Aggregation Press Release)

Companies are in the action of diversifying and alive their accumulation chains out of sole assurance on China. The trade-war and now the coronavirus accelerated this accumulation alternation shift.

Forbes states, “Coronavirus Could Be the End of China as A All-around Accomplishment Hub.” (Source: Forbes Mar 1, 2020)

I accept ELTK and Nistec are in a arch position to account from this all-around accumulation alternation shift.

Info Graphic Source: Author’s – Michael McGauley

Many companies, including the better in the world, are accepting difficulties analysis addition accomplishment centers. Vietnam and Thailand are two addition locations sometimes mentioned; however, I accept Israel is addition abeyant almsman because its abstruse capabilities.

Two account accessories acknowledging and account the desires and challenges in alive the accomplishment accumulation alternation are:

“Apple, Microsoft, Google attending to move accumulation abroad from China. That’s not action to be easy.”

-Source: CNBC – MAR 4, 2020

“Tesla delivered cars to barter in China with lower-performance Autopilot accouterments than promised. Tesla abhorrent its accommodation to use the earlier adaptation of their accouterments in new Model 3s on accumulation alternation disruptions.”

-Source: CNBC – MAR 4, 2020

During the 2019 Q2 appointment call, CEO Eli Yaffe said, “The macro-environment and tariffs in the U.S. bazaar for the accessories alien from China may accommodate a absolute backwind for the articulation of aggressive artefact that Eltek produces.”

(Note: My name is spelled amiss in the antithesis alarm transcript.)

I asked for added description about the backwinds, CEO Eli Yaffe answered,

“What I meant aback I allege about backwind is assessment that was afflicted in United States mainly for acceptation from China for aggressive products, not for mobile. And aback we are ally and players in the aegis market, it’s a backwind for us.”

-Source: Seeking Alpha: ELTK Q2 2019 After-effects – Antithesis Alarm Transcript

Three months afterwards during the Q3 alarm antithesis alarm CEO Eli Yaffe afresh mentioned backwinds.

“We are animated that this division after-effects abide to reflect the accomplishing of our ahead appear turnaround plans. Even so, it is still not reflected in our revenue; the macro-environment enters in the U.S artefact alien from China may accommodate absolute backwind for the articulation of the aggressive accessories that Eltek produce. The access in our absolute band reflects a connected bazaar acceptance of our aerial affection and reliable products.”

-Source: Seeking Alpha: ELTK Q3 2019 After-effects – Antithesis Alarm Transcript

Founded in Israel in 1970, ELTK’s survived and competed at a world-class akin for 50 years. I don’t apperceive any added micro-caps that can accomplish this claim. Additionally, Nistec provides sales channels and added accessory savings.

As acclaimed by the company,

RELATED PARTY BALANCES AND TRANSACTIONS

PCB purchases by Nistec – Nistec purchases PCBs from the Aggregation alone to accommodate accumulated boards to its barter and not for re-sale.

Soldering and accumulation casework – The Aggregation may access soldering casework and/or purchasing casework from Nistec.

Insurance expenditures – The Aggregation may allotment with Nistec costs of allowance consulting and allowance premiums.

Employees amusing activities – The Aggregation may acquirement amusing activities for the account of its advisers calm with Nistec.

Marketing activities – The Aggregation may acquirement casework calm with Nistec.

-Sources: SEC: ELTK Form 20-F Annual Report

Nistec additionally accepted ELTK loans at actual favorable absorption ante and terms. (SEC NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS – Section INTEREST AGREEMENT WITH OUR CONTROLLING SHAREHOLDER)

Early in 2019 ELTK, was trading about in the mid-$1 ambit afterwards accident money for several years, action through a 5 to 1 about-face banal split, and defective recapitalization. ELTK’s Board and the controlling aggregation chose to action absolute actor cable rights whose agreement and altitude were acceptable and favorable, not to a Wall Street advance firm, but instead to mom-and-pop investors. Investors in ELTK had a aboriginal adventitious befalling to participate in the recapitalization. Unlike archetypal micro-cap company’s that abide arising new shares and diluting to accession capital, this was the aboriginal time ELTK anytime issued added shares beneath Nistec Golan Ltd. ownership.

Details of the Cable Rights:

“We will administer to you bristles (5) cable rights for every three (3) accustomed shares that you own on the almanac date. Your rights will be angled bottomward to the abutting accomplished cardinal and accordingly, no apportioned rights will be issued in the rights offering. Each appropriate entitles the holder to purchase, at a amount of $1.464 per share, one accustomed share.”

-Source: SEC: ELTK SUBSCRIPTION RIGHTS TO PURCHASE

Shareholders who purchased these rights potentially fabricated up to about 5x accumulation aback the Aggregation angry assisting in 2019 Q1.

P/E Ratio: Sometimes, P/E is a simple, accessible way to amount a company; however, it does not administer in every situation, and I accept it is ambiguous aback attractive at ELTK. For example, finance.yahoo.com showed the P/E arrangement of ELTK about 13.91x on March 3, 2020, aback the banal was trading for about $3.50.

Source: Beast Accounts (March 3, 2020)

However, this P/E arrangement states it is TTM (Trailing Twelve Months). In the case of ELTK, they did not become assisting until Q1 2019; appropriately abstracts afore the aggregation turnaround is acceptable abnormally impacting the P/E arrangement and added banking metrics. I accept its a aberration application those metrics for amount accommodation authoritative afterwards compassionate the details. If ELTK continues to advance advantage for a 4th afterwards quarter, bold all abroad is equal, again the PE should be lower.

Other statistics, such as a 52-week range, EPS (TTM), will additionally alone be adapted to accordant post-turn-around metrics ancient afterwards the 2019 Q4 antithesis release.

Price-To-Sales Ratio:

Calculated by application Bazaar Cap / Absolute Acquirement over the accomplished 12 months.

Using the Bazaar Cap of $15.115M as March 3, 2020, and a TTM Acquirement of $34.040M, the best contempo price-to-sales arrangement is a bald 0.44x advertence the Aggregation is acutely undervalued. A 0.44x price-to-sales arrangement is low for a growth-oriented aggregation in an industry adeptness amplification and favorable macro-economic factors affective into the future.

Source: Beast Finance: Eltek Ltd. (ELTK) Income Statement

Source: Beast Finance: Eltek Ltd. (ELTK) Interactive Banal Chart, Analysis and Annotation: Author’s – Michael McGauley

In 2018, ELTK was accident money. A new CEO Eli Yaffe, and CFO Alon Mualem, took over to accomplish the changes bare to accomplish ELTK profitable.

The new controlling aggregation put calm and accomplished a acknowledged appearance 1 of a turnaround plan abundant below. Aback acceptable assisting in Q1 2019, ELTK’s connected advancement its GAAP advantage for all after quarters.

Q1 Amount Fasten – GAAP Profitable

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The bazaar was abashed about the advantage news, and the banal soared 550% in two days. Accustomed the animated acknowledgment from the address and the accepted fundamentals at that time, it is not hasty that the banal had a bit of a pullback. However, the turnaround was real.

“Chief Controlling Officer Eli Yaffe said that the Aggregation was captivated that the after-effects are a absorption of the aboriginal date of the accomplishing of its turnaround plan that commenced in Q4 2018. He added that the Aggregation continues with its accomplishment of acceptable operating efficiencies, convalescent chump experience, formulating able sales strategies as able-bodied as its connected accomplishing of the plan to accomplish abiding profitability.”

-Source: SmallCap Exclusive

Q2 2019 Amount Spike

Momentum traders accumulated into ELTK afore the Q2 antithesis absolution in apprehension of an accomplished address and accustomed the antecedent amount fasten ELTK apparent afterward Q1 earnings. For Q2 net banknote provided by operating activities was $1.3 million, and ELTK had a $7,000 operating accumulation as compared to an operating accident of $721,000 in the added division of 2018. However, while ELTK was profitable, best of the antithesis came from an allowance acquittal on burst accessories appropriate for accomplishment operations. “Other Income was $871,000 in the added division of 2019, mainly attributable to cancellation of acquittal on an allowance affirmation made.” (Source: SEC: ELTK Reports 2019 Added Division Banking Results)

Following the Q2 antithesis report, ELTK went aback to trading in the mid-three-dollar range.

Q3 2019 Amount Spike

ELTK delivered its best division in years.

“As Eli mentioned, revenues for the third division of 2019 added to $9.3 million, compared to revenues of $8.5 actor during the third division of 2018. Gross accumulation added from $973,000 or 11.4% of revenues in the third division of 2018 to $1.8 actor or 18.9% of revenues in the third division of 2019.

During the third quarter, we had an operating accumulation of $568,000 as compared to an operating accident of $307,000 in the third division of aftermost year. Net accumulation was $391,000 or $0.09 per absolutely adulterated allotment compared to a net accident of $463,000 or $0.23 per absolutely adulterated allotment in the aforementioned division aftermost year.”

-Source: Seeking Alpha: Eltek Ltd. (ELTK) CEO Eli Yaffe on Q3 2019 After-effects – Antithesis Alarm Transcript

Traders collection the shares of ELTK up to a aerial of $5.55 two canicule afore the antithesis release. Many bodies acquainted a bottomward alternation of spikes based aloft Q1 and Q2, set their trading action to advertise the banal afore earnings. Examining the trading about the Q3 antithesis absolution in the table beneath shows this activity. ELTK banal initially acicular on November 15th and 18th; however, the aerial $5.55 was lower than the spike, which occurred afore Q2 earnings. ELTK again started to advertise off November 19, the day afore antithesis on November 20. By the abutting of trading on December 20, the day of earnings, ELTK was bottomward to $3.96 per share.

ELTK Historical Amount Table Q3 Earnings

Day

Fri

Mon

Tue

Wed

Thu

Date

15-Nov-19

18-Nov-19

19-Nov-19

20-Nov-19

21-Nov-19

Open

3.88

4.18

4.82

5.03

3.82

High

4.12

5.55

5.03

5.2

3.89

Low

3.73

4.16

4.33

3.52

3.62

Close*

4.06

4.68

4.54

3.96

3.69

Volume

45,900

1,186,700

364,900

727,000

171,100

Comments

Start of Amount Runup

High Amount 2 Canicule afore earnings

1 Day Afore Antithesis Aboriginal Selloff

Earnings Absolution Selloff

Back to Trading in the $3 Range

Data Source: Beast Finance: Eltek Ltd. (ELTK) Banal Historical Prices & Data

I believe, action into the Q3 antithesis release, drive traders, including abbreviate traders, were counting on the banal to go up afore the antithesis absolution and go bottomward on “sell-the-news” mentality as per the trend of the above-mentioned two quarters. To the shorts’ surprise, the Q3 antithesis were ELTK’s best in years. Caught on the amiss side, and adverse antecedent advancement drive from the antithesis report, shorts ensued to cheapen the banal in the premarket and aboriginal trading to bang the concise drive traders attractive for a abrupt acceleration in the price. The shorts succeeded in afraid out the advancement drive players and alteration the drive of the banal appear a downtrend.

Looking at abbreviate absorption address admonition in the table below, we can see how shorts contributed to the allotment amount abatement afterward Q3 earnings. The abbreviate absorption in ELTK acicular to an best aerial of 142,662 shares on 12/13/2019. The alone antecedent time ELTK had such a abundant abbreviate absorption was afterwards the animated fasten in ELTK banal to $11.56 per allotment afterward Q1 earnings.

Short Absorption Table

SETTLEMENT DATE

SHORT INTEREST

% Change

COMMENTS

5/15/2019

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590

-85.56%

5/31/2019

128,020

21598.31

After Q1 Eltek Popped to $11.56 per allotment 11/5/2019

6/14/2019

66,727

-47.88

6/28/2019

87,109

30.55

7/15/2019

52,974

-39.19

7/31/2019

46,769

-11.71

8/15/2019

41,498

-11.27

8/30/2019

60,871

46.68

9/13/2019

80,490

32.23

9/30/2019

31,101

-61.36

10/15/2019

31,300

0.64

10/31/2019

27,453

-12.29

11/20/2019

Q3 Antithesis Report

11/15/2019

44,309

61.4

11/29/2019

135,734

206.34

First Abbreviate Absorption Address Afterward Q3 Earnings

12/13/2019

142,662

5.1

The best accomplished cardinal of abbreviate shares

12/31/2019

115,302

-19.18

1/15/2020

123,431

7.05

Shorts added afterwards a abundant account absolution of government contracts.

1/31/2020

20,906

-83.06

2/14/2020

15,681

-24.99

2/28/2020

?

?

Next broadcasting date of abbreviate absorption (3/10/2020)

Data Source: NASDAQ: Eltek Ltd. Accustomed Shares (ELTK) Abbreviate Interest

Most recently, ELTK banal amount fell with the accepted bazaar coronavirus fears. The banal went from low $4 ambit to a low of $3.23 on Friday, February 28. However, this abatement in banal amount occurred on low single-digit % outstanding allotment volume. See Coronavirus Banal Amount Impact Table below.

Coronavirus Banal Amount Impact Table

Day

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Tuesday

Wednesday

Thursday

Friday

Monday

Date

25-Feb-20

26-Feb-20

27-Feb-20

28-Feb-20

2-Mar-20

Open

4.06

3.89

3.89

3.51

3.53

High

4.06

3.94

3.89

3.52

3.64

Low

3.86

3.82

3.66

3.23

3.36

Close*

3.96

3.88

3.66

3.34

3.5

Volume

21,100

27,700

40,300

58,800

15,200

% of Outstanding Shares Traded

1.64%

2.15%

3.13%

4.56%

1.18%

Shorts traders may try to accomplish the afterward apocryphal argument: “ELTK filed a allotment for added antithesis and ELTK banal will collapse aloft arising of $10 actor of antithesis that are 60% of their bazaar cap.”

My analysis shows this case is absurd based on constraints aural the F-3, accurately preventing any cogent dilution.

Those constraints in the SEC F-3 filing state:

“The accumulated best alms amount of all antithesis covered by this Allotment Account will not beat $10,000,000.”

“In no accident will we advertise antithesis pursuant to this announcement with a amount of added than one-third of the accumulated bazaar amount of our Accustomed Shares captivated by non-affiliates in any 12-month period, so continued as the accumulated bazaar amount of our Accustomed Shares captivated by non-affiliates is beneath than $75,000,000.”

The accumulated bazaar amount of “outstanding Accustomed Shares captivated by non-affiliates on August 7, 2019”, “was about $4.9 million.”

Based on the above, if ELTK had issued antithesis on August 7, 2019, again the best amount would accept been $1.6 million, or 10.6% of its bazaar cap at that time.

Example Calculation: One-third of $4.9 actor is about $1.6 million. ELTK traded at a aerial of $3.41 on August 7, 2019, with a bazaar cap of almost $15 actor (slightly lower than today’s bazaar cap). Accustomed this, $1.6 actor is 10.6% of $15 million.

Additionally, as of this time:

The allotment filing was on 2019-08-08. It is now March 2020, 7 months afterwards the antecedent registration, and there is no arising of added securities.

CFO Alon Mualem, during the Q3 antithesis call, declared the filing as a babyish shelf announcement “to accommodate the aggregation the adeptness to accession funds, if bazaar condition[s] will abutment such fundraising.” (Q3 Antithesis Alarm Source: Seeking Alpha: Eltek Ltd. (ELTK) CEO Eli Yaffe on Q3 2019 After-effects – Antithesis Alarm Transcript)

Lastly, an academic catechism on the Q3 antithesis alarm asked about “future abeyant offerings to accession basic for the aggregation to abide operations.” CFO Alon Mualem responded it was to “provide the aggregation the adeptness to accession funds if bazaar condition[s] will abutment such fundraising.” Subsequently, aback asked if, from a banknote breeze perspective, ELTK is in “financially abiding action arch into 2020 at this point?” CEO Eli Yaffe stated, “Our accepted banknote breeze is positive.”

ELTK does not charge the money “to abide operations,” if they were in such acute charge banknote for operations, they would accept issued the antithesis by now. Speculative advantageous uses of the abeyant funds are advance initiatives or advantageous bottomward debt to bank up the antithesis sheet. CEO Eli Yaffe said, “we’re all focused on accretion our business.”

For all these reasons, I appearance the SEC F3 Allotment filing for accessible added antithesis as favorable and aural the absorption of shareholders.

The bazaar has not yet accustomed ELTK is a assisting and able-bodied all-around baton in the fast-growing high-end PCB accomplishment amplitude and a abeyant almsman to the common accumulation alternation shift.

I accept ELTK is decidedly undervalued. Neither the accepted axiological amount nor the cogent longer-term advance abeyant is accustomed yet. Abeyant new longs are actuality able a low access point due to bazaar mispricing.

Even admitting advance in a microcap banal is advised awful risky, this is a accurate case microcap. With a 50-year business history, three afterwards abode of GAAP advantage and acquirement growth, favorable macroeconomic conditions, world-leading technology, control, and buying by Nistec, ELTK is at a absolute aggressive advantage.

After accomplishing months of due diligence, and commutual my 5 % acquirement of ELTK, I visited ELTK’s branch and toured all of the Nistec facilities. Unlike some activist investors, I absolutely abutment ELTK’s administration aggregation and attending advanced to alive with Nistec buyer Mr. Yitzhak Nissan, CEO Mr. Eli Yaffe, and CFO Alon Mualem in the Company’s evolution.

Eltek is an accomplished aggregation with the appropriate tech in the appropriate amplitude at the appropriate time.

Disclosure

I am continued ELTK, and I own 5% of the Aggregation as filed in Schedule 13D with the SEC. Admonition presented in this commodity is my own assessment and is for advisory purposes only; it does not intend to accomplish an action or address for the auction or acquirement of any securities, and should not be advised advance advice. Be abiding to aboriginal argue with a able banking adviser and tax able afore implementing any action discussed here. Admonition provided reflects my angle as of specific periods; such opinions are accountable to change at any point afterwards notice. I will not barter in ELTK during the abutting 72 hours.

Disclosure: I am/we are continued ELTK.

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