Pacific Health Care Organization Inc. (PFHO)

[DragonKrys]

Some reach too far in search of public comps for microcaps. This PFHO/CRVL comp seemed to begin a few months ago on SeekingAlpha. A $500M/yr business with a 12% operating margin growing at 5-10% just can't be a reasonable comp for a $9M/yr business with 38% margins growing at 40%+. In my opinion, Corvel only enters the discussion here in terms of competition, M&A, or broader market dynamics. Even there the parallels are often a stretch given that workers comp is a highly fragmented business of largely private players and differs greatly between markets/states.