{
  "docId": "019dd923-622c-750b-8b9a-be05b71d1b13",
  "docSlug": "84906d5a47c0",
  "documentTitle": "Focus Universal Inc. (FCUV)",
  "authorId": "61_White_Diamond_Research",
  "authorName": "Steve Silver",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-11-18 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 4,
  "pageCount": 6,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "executive_summary",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "Includes financial highlights, management bios, risk factors, and a valuation methodology based on EV/revenue multiples.",
  "elementsJson": [
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-be05b71d1b13/4",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-be05b71d1b13",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-be05b71d1b13.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-be05b71d1b13#slide-4",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Discounting the projected enterprise value back one and one quarter periods at 25% and adjusting for the share count, we arrive at a fair value estimate for FCUV of $15 per share, well above current levels.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f9-71ae-a672-5338b30b2562",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "fair value: $15",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-70f9-71ae-a672-560d61a19559",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.012,
        "w": 0.892,
        "x": 0.058,
        "y": 0.965
      },
      "kind": "other",
      "text": "ARGUS RESEARCH COMPANY • 61 BROADWAY • NEW YORK, N.Y. 10006",
      "attrs": null,
      "subkind": "unclassified",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7c059fdd-4468-4aac-bb28-b8e72e89bf8d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.255,
        "w": 0.433,
        "x": 0.517,
        "y": 0.255
      },
      "kind": "paragraph",
      "text": "Focus Universal participates in the mature Electronic Equipment, Instruments, and Components subsector... we arrive at a fair value estimate for FCUV of $15 per share.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "03d79540-8857-490f-86a7-e618baf9f6d0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.065,
        "w": 0.433,
        "x": 0.058,
        "y": 0.091
      },
      "kind": "paragraph",
      "text": "In 2020, net cash used in operations was $1.96 million... Focus Universal does not pay a dividend.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "42e8fee2-6d3a-4883-a866-b05a0943a4fb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.316,
        "w": 0.433,
        "x": 0.058,
        "y": 0.194
      },
      "kind": "paragraph",
      "text": "Desheng Wang has been Focus Universal's CEO... Edward Lee is Focus Universal's chairman... Risks for Focus Universal include intense competition...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cd51bc66-6ed6-4fa0-82fa-0da1c4d8f717",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.115,
        "w": 0.433,
        "x": 0.517,
        "y": 0.107
      },
      "kind": "paragraph",
      "text": "Focus Universal Inc. is a provider of patented hardware and software design technologies for Internet of Things (IoT) and 5G.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ebcff174-3d19-47c6-a347-cc904a8fc287",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.015,
        "w": 0.233,
        "x": 0.667,
        "y": 0.043
      },
      "kind": "title",
      "text": "EQUITY RESEARCH REPORT",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9d3459f4-1465-4f7a-a2c9-6fd3ea441f35",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [
    {
      "to": 5,
      "from": 3,
      "name": "Benchmark Gap",
      "slug": "39-benchmark-gap",
      "bestFor": "Performance improvement, competitive analysis, target setting",
      "matchId": "57f70ad4-26d1-494c-a35e-1c0e59dc0156",
      "evidence": "The income statement and recent developments sections may be used to discuss the company's performance relative to benchmarks.",
      "position": 0,
      "objective": "To understand the company's financial performance in relation to benchmarks.",
      "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
      "confidence": 0.6,
      "description": "Compare performance against best-in-class to quantify the opportunity"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}