Mr. Pink's Picks: selected event-driven value investments Message Board

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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments

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To: Mr. Pink who wrote (2122)	8/20/1998 7:26:00 AM
From: valueminded	Read Replies (1) of 18998

MP Noticed ACRT self insured in latest 10K. But BIG DIFFERENCE the potential to underfund WC in the "retail temporary manpower" business is huge in my opinion. If you take a look by comparison at OLSTEN, you see this is a very low margin business especially for companies which are not self insured for WC. Another big caveat is that LBOR supplies temporary construction workers which have among the highest in WC rates. Finally, going back to Employee Solutions (ESOL) they flew high (30's/share) until it was discovered that they had underfunded their WC and consequently had stated profits a tad high. (not to be confused with ACRT's tad) Now they are down to about 1-2/share and sport a Price/Sales of <0.2 just as OLSTEN. But LBOR (undervalued as they claim to be) sports a price to sales of about 1. Seems to me this puppy has a looong way to go. What you think ? ? ?

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