WORK­FORCE

Finweek English Edition - - Cover -

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.

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