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Baldwin Technology Company, Inc


Symbol: BLD
Analyst: Juan Noble
Taglich Rating: Speculative Buy
Price Target: $2.00
Time Horizon: 12 Months
Rating Established: April 27, 2009
Price When Established: $1.23
Most Recent Report: December 7, 2009
Price When Issued: $1.13

Most Recent Update
Updated Research Note (Dated February 22, 2010)
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Company Description
Baldwin Technology Company, Inc. (NYSE: BLD) supplies the printing and publishing industry − OEMs as well as printers and publishers – with process automation equipment aimed at enhancing cost effectiveness, product quality and productivity. With almost 80% of its revenue generated overseas, the company maintains substantial facilities in Germany, Sweden, India, Japan and China.

Baldwin’s principal product lines consist of cleaning systems, fluid management and other process automation equipment. During the past five years, sales of cleaning systems have accounted for roughly half of revenue and have grown at roughly 10% a year, as have sales of fluid management systems, which have accounted for around 20% of revenue during the period. Sales of other process automation equipment – web severers and web catchers, ink control systems, ultraviolet and infrared dryers, gluing systems, and service and parts – have outperformed the other product lines, growing an average of 17% annually during this five-year period. Other process automation equipment now accounts for almost a third of revenue.

Baldwin’s largest market is Western Europe, within which Germany and Sweden generated 32% and 11%, respectively, of total FY2008 revenue. While the US accounted for only 21% of FY2008 revenue, US sales have gained sharply during the past three years. By contrast, growth in Japan, which accounted for more than a third of revenue several years earlier, has weakened during the past five years.
Taglich Research Reports
Updated Research Note (Dated February 22, 2010)
Updated Research Report (Dated December 7, 2009)
Updated Earnings Note (Dated November 11, 2009)
Updated Research Report (Dated October 23, 2009)
Updated Research Note (Dated September 1, 2009)
Updated Research Report (Dated August 20, 2009)
Updated Research Report (Dated June 15, 2009)
Updated Earnings Note (Dated May 19, 2009)
Initial Research Report (Dated April 27, 2009)

All Research Reports are in Adobe Acrobat format.
( For the latest Adobe Acrobat reader click here)

*The information and statistical data contained herein have been obtained from sources, which we believe to be reliable but in no way are warranted by us as to accuracy or completeness. We do not undertake to advise you as to change in figures or our views. This is not a solicitation of any order to buy or sell. Taglich Brothers, Inc. is fully disclosed with its clearing firm, Pershing, LLC, is not a market maker and does not sell to or buy from customers on a principal basis. The above statement is the opinion of Taglich Brothers, Inc. and is not a guarantee that the target price for the stock will be met or that predicted business results for the company will occur. There may be instances when fundamental, technical and quantitative opinions contained in this report are not in concert. We, our affiliates, any officer, director or stockholder or any member of their families may from time to time purchase or sell any of the above-mentioned or related securities. Analysts and members of the Research Department are prohibited from buying or selling securities issued by the companies that Taglich Brothers, Inc. has a research relationship with, except if ownership of such securities was prior to the start of such relationship, then an analyst or member of the Research Department may sell such securities after obtaining expressed written permission from the Director of Research. As of the date of this report, we, our affiliates, any officer, director or stockholder, or any member of their families do not have a position in the stock of the company mentioned in this report. Taglich Brothers, Inc. does not have an investment banking relationship with the company mentioned in this report and was not a manager or co-manger of any offering for the company within the last three years. All research issued by Taglich Brothers, Inc. is based on public information. Under an agreement dated March, 2009, the company will pay a monetary fee of US$1,500 per month for the creation and dissemination of research reports. The first payment will be payable upon issuance of the initial research report. I, Juan Noble, the research analyst of this report, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities and issuers; and that no part of my compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report.

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