The nice thing here is if you assume they are getting back the 18 million or so they have left on the books for PPP, they will have 25 million in case meaning your enterprise value is 25 million.
Even if you don't get any incremental improvement from last quarter you are looking at this trading at about 2 times ev/ebitda, with an earnings run rate of about .06 annualized if this is the going forward norm.
Also I thought they said in that virtual investor conference that they were going to have the loans forgiven in Q4. Not clear if they meant fiscal or calendar Q4.
At some point those loans are going to flow through earnings and create 16 cents or so in EPS. I think it looks very cheap relative to other staffing companies if they can execute on operations, and there is a trading sweetener to boot the way things run lately for no reason. It has been over 2 not that long ago and institutions were paying .60
Plus they have already said the current quarter is great. Looks asymmetric to me, but the market says I'm missing something :)
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