To find Small Cap Technology companies that are undervalued using those companies with a significantly lower Total Enterprise value/EDITDA multiple when compared to the industry average (TEV/EBITDA ratio for the Industry is 7). Industry: Technology including Information technology and Telecommunication services
Exchanges: NYSE, NASDAQ, OCTBB, TSX, TSXV
Market capitalization between $100M and $3000M
Total Enterprise value greater than 100M
EBITDA greater than 10M
Companies with TEV/EBITDA multiple less than 5 X

Company Name	Exchange:Ticker	Close Price ($USD)	Trading Volume on Oct 20, 2011 (mm)	Market Capitalization ($USDmm)	EBITDA [LTM] ($USDmm)	Total Enterprise Value ($USDmm)	TEV/LTM EBITDA(x)
Lexmark International Inc.	NYSE:LXK	28.71	1.46	2,275.3	674.3	1,584.3	4.07
EchoStar Corp.	NasdaqGS:SATS	24.85	0.304	2,149.1	369.2	3,556.3	4.9
Telephone & Data Systems Inc.	NYSE:TDS	21.55	0.774	2,108.5	1,093.3	3,416.8	4.87
Celestica Inc.	TSX:CLS	7.73	1.09	1,666.5	259.1	1,187.6	4.92
AOL, Inc.	NYSE:AOL	14.27	2.06	1,526.5	463.0	1,187.7	2.43
Vishay Intertechnology Inc.	NYSE:VSH	9.48	2.68	1,362.4	672.2	783.4	3.98
Amkor Technology, Inc.	NasdaqGS:AMKR	4.72	2.2	934.2	650.2	1,789.4	4.16
EarthLink Inc.	NasdaqGS:ELNK	6.54	0.9	704.9	251.1	1,122.4	4.72
United Online, Inc.	NasdaqGS:UNTD	5.65	0.331	501.1	158.0	651.9	4.77
MOSAID Technologies Inc.	TSX:MSD	41.62	0.24	496.0	44.0	375.8	4.9
IDT Corporation	NYSE:IDT	19.16	0.17	434.6	33.0	203.2	4.22
Photronics Inc.	NasdaqGS:PLAB	6.13	0.759	366.8	154.8	381.4	4.06
TeleNav, Inc.	NasdaqGS:TNAV	8.73	0.093	359.5	74.3	156.2	3.51
USA Mobility, Inc.	NasdaqGS:USMO	14.75	0.15	326.0	88.0	334.3	2.32
MagnaChip Semiconductor Corp.	NYSE:MX	6.01	0.048	236.5	162.9	277.5	3.18
Alpha & Omega Semiconductor, Ltd.	NasdaqGS:AOSL	7.62	0.037	186.0	54.9	99.7	4.1
Softchoice Corp.	TSX:SO	8.22	0.007	163.0	47.1	132.5	4.89
Primus Telecommunications Group Inc.	NYSE:PTGI	11.03	0.001	151.2	71.9	340.5	4.76

Source: Capital IQ

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