2008 Forbes 200 Best Small Companies

*intrinsic value calculated automatically with spreadsheet. Detailed calculation required later on.
DCF and Graham Fair Values were at time of writing
Price at Time of
No. Ticker Company Name Description Remarks Current Price DCF* Graham Value Initial
Writing
Develops information systems to automate
4 QSII Quality Systems excellent FCF, margins, returns $35.59 $48.03 $38.00 $43.00 Y
medical practices
Markets prescription and nonprescription
5 PETS PetMed Express excellent FCF, margins, returns $17.30 $15.49 $18.00 $22.00 Y
pet medications and products
Markets UGG, Teva, TSUBO, and Simple
11 DECK Deckers Outdoor good numbers all around $60.70 $63.82 $70.00 $106.00 Y
brands of shoes
Develops circuits and modules for voice and
12 HITT Hittite Microwave excellent FCF, margins, returns $27.37 $32.37 $26.00 $47.00 Y
data transfer systems
K-Tron Designs and markets mechanical sorting and excellent FCF, consistent margins,
13 KTII $77.69 $67.69 $110.00 $123.00 Y
International assembly equipment good returns
Provides explosive welding and excellent FCF, returns, margins
14 BOOM Dynamic Materials $15.47 $11.65 $16.00 $35.00 Y
manufacturing services fluctuate
Manufactures commercial cooking excellent FCF, returns, margins,
15 MIDD Middleby $31.47 $38.95 $44.00 $65.00 Y
equipment slightly high debt
owns and operates universities and online
20 STRA Strayer Education excellent FCF, margins, returns $237.70 $164.58 $118.00 $142.00 Y
courses
j2 Global provides value added messaging and
22 JCOM excellent FCF, margins, returns $18.90 $24.37 $24.00 $33.00 Y
Communications communication services
Comtech
develops advanced communications Strong FCF, good CROIC, increasing
25 CMTL Telecommuncation $46.81 $27.51 $41.00 $52.00 Y
solutions margins
s
provides weight loss management and
37 NTRI Nutirsystem excellent numbers and margins $13.38 $14.86 $30.00 $50.00 Y
fitness programs
operates online consumer banking and
41 RATE Bankrate excellent numbers and margins $34.71 $25.97 $27.00 $37.00 Y
finance network
42 NILE Blue Nile retails diamonds and fine jewelry online good solid consistent numbers $27.84 $36.62 $32.00 $32.00 Y
makes industrial, agricultural, construction consistent, increasing margins,
45 RAVN Raven Industries $25.15 $21.36 $20.00 $47.90 Y
and aerospace products solid numbers
excellent FCF and CROIC, bad
markets OTC health care and consumer
46 CHTT Chattem shareholder equity, impressive $65.30 $52.47 $30.00 $87.00 Y
products
margins
Jos. A. Bank excellent margins, good FCF but
47 JOSB retails men's clothing and apparel $26.15 $36.87 $44.00 $58.00 Y
Clothiers low CROIC
50 ANSS Ansys develops engineering simulation software excellent numbers and margins $29.92 $27.05 $17.00 $22.00 Y

impressive since 2001 but CROIC is

manufactures and distributes
56 DIOD Diodes too low. 70% undervalued though. $4.39 $12.22 $15.00 $20.00 Y
semiconductors
Worth taking a look
FactSet Research provides online financial information to excellent numbers and consistent
58 FDS $38.36 $48.84 $44.00 $70.00 Y
Systems investment community margins
Meridian markets diagnostic test kits and specialty excellent margins, good CROIC but
68 VIVO $24.29 $17.31 $12.00 $25.00 Y
Bioscience biological products low FCF
Portfolio Recovery collects portfolios of defaulted consumer strong consistent numbers but very
71 PRAA $33.20 $32.43 $64.00 $85.00 Y
Associates debt slight decreasing margins
 develops hermatology controls and excellent numbers, growth and
78 TECH Techne $62.36 $54.96 $40.00 $70.00 Y
biotechnology products margins
Computer
excellent numbers but declining
97 CPSI Programs & designs hospital IT support systems $25.68 $34.83 $20.00 $38.00 Y
margins past 2 years
Systems
Rocky Mountain manufactures chocolate and other low FCF but good returns over 10
102 RMCF $5.52 $6.10 $10.00 $17.00 Y
Chocolate Factory confectionery products and 5 yrs
rare profitable oil & gas company.
103 CRED Credo Petroleum explores for oil & gas Great stable margins and returns. $8.97 $7.51 $6.60 $15.00 Y
Low CROIC
fairly stable margins, excellent
makes analytical instruments for chemicals
106 DNEX Dionex CROIC and good returns. Average $45.74 $52.32 $37.00 $55.00 Y
industry
FCF growth. Past 5 yr growth low
develops products for food and animal consistent increasing margins,
117 NEOG Neogen $23.77 $22.04 $10.00 $27.00 Y
safety average returns
develops and markets clinical diagnostic Average numbers but consistent
123 GPRO Gen-Probe $40.37 $47.52 $39.00 $41.00 Y
products returns and growth in all areas
Jack Henry & provides data processing systems for banksfairly stable margins, excellent
137 JKHY $18.97 $17.73 $19.00 $40.00 Y
Associates and finance companies CROIC, FCF and returns.
fairly stable margins, excellent
138 HEI Heico makes replacement parts for jet engines $39.44 $28.45 $30.00 $60.00 Y
CROIC, FCF and returns.
provides nationwide transportation services Excellent margins, stability, history
141 HTLD Heartland Express $13.91 $15.69 $12.00 $23.00 Y
to major shippers and numbers
excellent numbers and stable
makes stolen vehicle tracking and recovery
147 LOJN LoJack margins but operating and net $4.54 $5.02 $13.00 $19.00 Y
systems
should be higher
develops instrumentation and thermal fluid consistent margins but average
148 CIR Circor International $25.30 $26.18 $45.00 $73.00 Y
control products numbers
no FCF growth but other numbers
makes compact disc production and
152 RIMG Rimage and margins are good and $13.91 $14.56 $24.00 $25.00 Y
duplication equipment
consistent
155 HAE Haemonetics makes automated blood processing systems fairly consistent margins $55.02 $51.03 $20.00 $18.00 Y
average numbers but consistent
Universal makes universal remote controls for home multiyear performance and
156 UEIC $14.82 $18.56 $17.00 $29.00 Y
Electronics devices increasing operating and net
margins
Healthcare Services provides housekeeping and laundry services average yet very consistent
157 HCSG $15.75 $15.93 $8.00 $13.00 Y
Group to nursing homes numbers and increasing margins
provides financials market data and related
164 IDC Interactive Data excellent numbers and FCF growth $22.88 $26.30 $20.00 $40.00 Y
analytics
no FCF growth but other numbers
174 SHOO Steve Madden designs and sells footwear $18.68 $21.61 $24.00 $32.00 Y
and margins are good
Monarch Casino & good consistent numbers and
176 MCRI operates atlantis casino resort in nevada $9.80 $6.80 $13.00 $37.00 Y
Resort increasing margins
good numbers and fairly consistent
177 QSFT Quest Software develops management software $12.98 $13.68 $7.00 $12.00 Y
numbers
designs and retails brand name watches and
179 MOV Movado Group excellent numbers and margins $8.37 $7.15 $32.00 $34.00 Y
jewelry