Value Microcaps Motherboard

[stanu78]

Stan is golden with GEXA and MDF. Bob too...

MDF great earning... /05 without tax benefit.. in line with my expectation. Current PE after tax is 15.. should trade between $2.5-$2.8

what I don't like right now is that enrollment drop in 2004 (withouth the external acquisition late in Q4). They need to stop theb leeding. maybe the HMO b usiness is supposed to do th at

But I will keep a close eye on the existing PSN /MCO business. as that is still the pilar of the company.

MDF also needs to expense HMO (andn ot capitalize) cost, they say they will expense which is good.

They also need to start depreciating Goodwill that hasn't been reduced since a long time ago. Re-valuation of goodwill and depriciate accordingly. that will clean up the balance sheet (not that it's too many, just under $2M goodwill)

all in all... great year... 2004...

Good day for MDF and GEXA holders

Stan