Bolt Technology Corp Shares Out. M.O.S Growth Discount % Terminal % Select FCF Adjust 2009 FCF

(BOLT) 8.6 8.69 0.0%

6/28/2010Select input with

each list or enter

your own value

8.69 0%

Current Price Intrinsic $ Buy Under Actual M.O.S 52 Wk High 52 Wk Low

$8.60 $14.39 $7.20 40% $13.40 $8.09

Fiscal Year Trend 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM

Cash Flow Data

Cash from Operations $0.8 $0.6 $3.8 $0.5 $1.1 $2.0 $1.5 $4.7 $10.2 $9.7 $11.7

Capex $0.1 $0.1 $0.1 $0.1 $0.1 $1.2 $1.0 $1.0 $1.6 $0.4 $0.2

Cash Flow $0.1 $1.7 ($0.3) $0.6 $0.6 $3.8 $9.5 $12.0 $9.7 $4.8

Free Cash Flow $0.7 $0.5 $3.7 $0.4 $1.0 $0.8 $0.5 $3.7 $8.6 $11.0 $11.5

YOY% Change -28.6% 640.0% -89.2% 150.0% -20.0% -37.5% 640.0% 132.4% 27.9% 4.5%

Margins

Gross Margin 48.0% 42.6% 44.4% 34.3% 38.5% 41.5% 41.4% 45.9% 46.3% 49.3% 49.8%

Operating Margin 10.1% 9.0% 18.3% -3.7% 8.8% 13.3% 22.4% 30.5% 32.5% 31.7% 25.1%

Net Margin 3.4% 2.6% 10.6% -1.9% 6.1% 9.0% 15.0% 21.0% 23.7% 21.5% 16.8%

Margins

Diluted EPS $0.07 $0.05 $0.23 -$0.02 $0.11 $0.20 $0.57 $1.25 $1.70 $1.22 $0.64

Tax Rate 63.6% 38.7% 66.7% 38.5% 32.0% 35.1% 32.5% 32.2% 32.3% 31.7%

Efficiency & Profitability

CROIC 7.0% 6.7% 38.1% 4.3% 9.7% 6.5% 2.8% 12.3% 19.7% 20.3% 19.8%

FCF/Sales 4.7% 3.2% 20.6% 3.7% 6.8% 4.3% 1.5% 7.3% 14.0% 19.0% 35.2%

Inventory Turnover 160.4% 197.8% 212.8% 139.2% 193.6% 154.9% 232.9% 229.4% 222.8% 175.9% 121.6%

Return On Assets (ROA) 2.0% 1.6% 7.9% -0.7% 3.9% 6.7% 15.7% 25.8% 26.6% 15.9% 15.9%

Retun On Equity (ROE) 2.9% 2.1% 9.5% -0.8% 4.1% 7.5% 18.9% 30.7% 30.3% 17.2% 17.2%

Debt Related

Debt to Equity 35.9% 31.4% 10.6% 5.9% 5.6% 18.2% 22.3% 16.7% 11.5% 6.2% 2.4%

Capitalization Ratio 16.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

FCF to Total Debt 10.6% 8.5% 168.2% 33.3% 83.3% 19.0% 7.9% 54.4% 134.4% 226.8% 676.5%

FCF to Short Term Debt 41.2% 13.9%

FCF to Long Term Debt 19.4%

5 Year Multi-Year Performance2004-2008 2005-2009 2004-2007 2005-2008 2006-2009 2004-2006 2005-2007 2006-2008 2007-2009 Median

Tang Shareholder Equity 43.5% 45.5% 42.3% 53.4% 46.4% 29.6% 56.7% 58.9% 35.2% 45.5%

Free Cash Flow 71.2% 84.6% 54.7% 120.7% 165.0% -29.3% 115.1% 314.7% 58.5% 84.6%

CROIC 9.7% 12.3% 8.1% 9.4% 16.0% 6.5% 6.5% 12.3% 19.7% 9.7%

FCF/Sales 6.8% 7.3% 5.5% 5.8% 10.6% 4.3% 4.3% 7.3% 14.0% 6.8%

ROA 15.7% 15.9% 11.2% 20.7% 20.8% 6.7% 15.7% 25.8% 25.8% 15.9%

ROE 18.9% 18.9% 13.2% 24.6% 24.6% 7.5% 18.9% 30.3% 30.3% 18.9%

Gross Margin 41.5% 45.9% 41.5% 43.7% 46.1% 41.4% 41.5% 45.9% 46.3% 43.7%

Operating Margin 22.4% 30.5% 17.8% 26.4% 31.1% 13.3% 22.4% 30.5% 31.7% 26.4%

Net Margin 15.0% 21.0% 12.0% 18.0% 21.2% 9.0% 15.0% 21.0% 21.5% 18.0%

Revenue Growth 42.8% 27.0% 50.5% 48.5% 14.5% 48.4% 63.9% 37.5% -1.6% 42.8%

Earnings Growth 98.3% 57.2% 124.8% 104.1% 28.9% 127.6% 150.0% 72.7% -1.2% 98.3%

Cash from Ops Growth 74.5% 48.4% 62.3% 72.1% 86.3% 16.8% 53.3% 160.8% 43.7% 62.3%

10 Year Multi-Year Performance2000-2007 2001-2008 2002-2009 2000-2005 2001-2006 2002-2007 2003-2008 2004-2009 Median

Tang Shareholder Equity 24.5% 28.6% 28.3% 13.6% 18.2% 25.6% 36.0% 39.4% 26.9%

Free Cash Flow 26.9% 50.1% 14.1% 2.7% 0.0% 0.0% 84.7% 56.2% 20.5%

CROIC 6.8% 8.2% 11.0% 6.8% 6.6% 8.1% 8.1% 11.0% 8.1%

FCF/Sales 4.5% 5.5% 7.0% 4.5% 4.0% 5.5% 5.5% 7.0% 5.5%

ROA 5.3% 7.3% 11.8% 2.9% 5.3% 7.3% 11.2% 15.8% 7.3%

ROE 5.8% 8.5% 13.3% 3.5% 5.8% 8.5% 13.2% 18.0% 8.5%

Gross Margin 42.0% 42.0% 43.0% 42.0% 41.5% 41.5% 41.5% 43.7% 42.0%

Operating Margin 11.7% 15.8% 20.4% 9.6% 11.2% 15.8% 17.8% 26.4% 15.8%

Net Margin 7.6% 9.8% 12.8% 4.7% 7.6% 9.8% 12.0% 18.0% 9.8%

Revenue Growth 19.2% 21.8% 15.3% 4.9% 16.0% 22.9% 41.7% 27.0% 20.5%

Earnings Growth 50.9% 65.5% 26.9% 23.4% 62.7% 40.3% 0.0% 61.8% 45.6%

Cash from Ops Growth 28.8% 49.9% 14.3% 20.1% 20.1% 4.3% 82.8% 54.6% 24.4%

Projection of future Free Cash FlowGrowing at 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

0% $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00

Terminal Growth 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

3% 11.33$ 11.67$ 12.02$ 12.38$ 12.75$ 13.13$ 13.53$ 13.93$ 14.35$ 14.78$

CalculationPresent Value

Shares Outstanding

Per Share Value

Margin of Safety

Purchase Price

Current Price

Actual Discount

125$

40%

$11.015.0% 3%50%

Free Cash Flow and Tangible Shareholder Equity Trend

50%

7.20$

8.60$

FCF

8.69

14.39$

$0.0

$5.0

$10.0

$15.0

$-

$20.0

$40.0

$60.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

FCF vs Tangible Book Value

Shareholder Equity Free Cash Flow Free Cash Flow

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