Disclosure: The author has a short position in one or more of the shares mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
I reckon Dialight (DIA) is a grossly overvalued business. All I see is a business capitalised at £255 million, with little in the way of IP, and a dismal record of free cash flow generation. For example, on my calculations it achieved a free cash outflow of £4.6 million in 2013, as compared to a paltry free cash inflow of £2.5 million in 2012.
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