Value Microcaps Motherboard

[abh3vt]

Hweb, I might point out that URGI is lightly taxed (only 5% ytd), and thus if more fairly taxed at a 35% rate, 6 mos fd eps would be closer to 0.27. I'm also assuming that there were no other major one-time events other than the offsetting two in Q2.

Annualized, URGI could make a proforma eps of 0.54 for FY05.....so with the stock trading at 7.90, that represents a forward tax-adjusted PE of nearly 15x. Sales growth is around 12% ytd, and with retailers in general likely to struggle for the rest of the year, one could argue that it is reasonably valued in the 8-9 range. Not sure if there is enough of a safety cushion here, but I do agree that they have easy comps going forward, so anyone looking at y/y results is likely to be impressed.