#110: IKONICS Corporation (IKNX); David Flood

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Background

David found this stock by screening for the smallest listed
companies in the United States. He doesn't bother screening on
any value metrics, just lowest market cap company he can find. No
mining, financials, crypto or cannabis. 
Summary

Founded back in 1952. HQ in Duluth, MN. Make emulsions and films
in printing. Make different types of glass and etching equipment.
Sound deadening equipment. Chemicals and materials.


7m market cap. 1m shares floated. Management owns 30%. 17m
Revenue. Loss of 800k. A few bad years, then good thing happens.
Sell off legacy business, start a new business. Ebbs and flows
over time.
Insiders Buying

CEO, COO, and Directors have all been buying


 
Valuation

Trades at half of book value. At some point there could be good
news and a stock pop. Part of David Flood's basket of these low
market cap stocks that have been left for dead.


 
About David Flood

David runs the blog, Elementary Value, and is a private
value investor based in the UK. His investing approach is
grounded in the fundamental precepts of value investing based
upon Ben Graham’s core concepts of ‘Intrinsic Value’ and ‘Margin
of Safety’. His investment strategy involves looking at both
‘Deep Value and ‘Franchise Value’ situations and using the value
investing framework to analyze the financial and corporate facets
of a given prospective investment.


 
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