MARKET CAP = R360m
ASSESSMENT Not afraid to roll up its sleeves, but it will need to toil to justify its current market rating. Recently listed Workforce looks a lively counter with a well-entrenched niche in offering mainly blue-collar skills. However, the group’s shares look fairly demanding at 150c on the AltX – reflect- ing a p:e of around 14 based on “normalised” earnings of around 11c/share for the year to end-December 2006. Cash flows were also negative to the tune of R28m.
However, CEO Ronny Katz ascribes that mainly to timing, with December being a high turnover month with traditionally weak cash collections.