FONR looking good on fundamentals and technicals. Big volume today kicking in at LT support. Selling for less than its no-growth value even without the NOLs. NOLs probably worth another $4-5 per share. Easy road to growth by investing the next $20M of FCF into buying out the NCI in their management subsidiary. They already started doing this in Jan 2015. I don't know who the private investors are in their subsidiary, but from what I can tell they are getting totally ripped off at the price they are selling their share to the company, but I suspect they are happy to make 25% on their investment from 2 years ago. This would increase earnings by 25% with no organic growth required. MRI business is a minor detail that I consider either worthless or possibly worth a little as basically an advertising wing of the management segment, which would make it an operating asset of the mgmt segment. This is how I treat the valuation. However orders for MRI machines from last October will show up in the next couple quarters, which could give a boost.
Check it out if interested. Most of the write-ups I have looked at totally miss the point about their management segment.