$11.25
-0.11 (-0.97%)
Barrett Business Services, Inc. (BBSI)
CAPS Rating:
The Company offers a range of human resource management services to help small and medium-sized businesses manage the increasing costs and complexities of an array of employment-related issues.
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Recs
Barrett looks cheap in here for patient types. Debt free grower with roughly 40% of current market cap in cash. Stock buyback in place, along with decent (3%) dividend. Primary business(85%) is professional employer organization (PEO) contracts - analysts have noted this is a better business than traditional staffing - higher margins and better client retention. Long term survivor trading like pure, depressed staffing play - long at $10.97
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Looking at the 10-Q for March and 10-Ks from profitable years, I'm getting a fair value north of $15 even after backing out the goodwill on the balance sheet and making some fairly pessimistic assumptions about return to reasonable profitability (2010) and future growth (10%).