Two Nano Caps Improving Valuation

Post to be completed tomorrow. This post focuses on improved valuations based on the enterprise value versus sales and book value. The two stocks below show how sales and book value became cheaper from 2008 to current using the enterprise value

NTSC
Year End 2008			TTM
	Price			Price
	5.1			3.15
Liab	53,537,000		Liab	74,599,000
Cash	2,863,000		Cash	11,720,000
MC	48,230,700		MC	34,606,688
Cash	2,863,000		Cash	11,720,000
Liab	53,537,000		Liab	74,599,000
Shares OutStanding	9,457,000		Shares OutStanding	10,986,250
SGA	24,071,000		SGA	30,167,000
Sales	122,376,000		Sales	150,770,000
GP	29,875,000		GP	35,918,000
EV/Sales	80.82%		EV/Sales	64.66%
GP/EV	331.06%		GP/EV	271.41%
SGA/Rev	19.67%		SGA/Rev	20.01%
SGA/EV	24.34%		SGA/EV	30.95%
EV =	98,904,700		EV =	97,485,688
EV Per Share	10.45		EV Per Share	8.87
BV =	90,892,000		BV =	129,326,000
EV/BV	108.82%		EV/BV	75.38%
BV Per Share	9.61		BV Per Share	11.77
MFRI
Year End 2008			TTM
	Price			Price
2008	15.98		Current	7.51
Liab	80,632,000		Liab	84,854,000
Cash	2,665,000		Cash	16,718,000
MC	105,899,460		MC	51,535,498
Cash	2,665,000		Cash	16,718,000
Liab	80,632,000		Liab	84,854,000
Shares OutStanding	6,627,000		Shares OutStanding	6,862,250
SGA	38,353,000		SGA	39,973,000
Sales	239,487,000		Sales	236,745,000
GP	41,249,000		GP	37,866,000
EV/Sales	76.78%		EV/Sales	50.55%
GP/EV	445.75%		GP/EV	316.04%
SGA/Rev	16.01%		SGA/Rev	16.88%
SGA/EV	20.86%		SGA/EV	33.40%
EV =	183,866,460		EV =	119,671,498
EV Per Share	27.74		EV Per Share	17.43
BV =	140,412,000		BV =	163,275,000
EV/BV	130.95%		EV/BV	73.29%
BV Per Share	21.18		BV Per Share	23.79