Mastech Holdings Inc

(MHH) March 11, 2010

Figures in Millions except per share values
Company Overview Low Risk
Mastech Holdings, Inc. (Mastech) is a provider of information technology (IT), 5.0
brokerage operations staffing, and consulting services. It operates five Global 4.0
Recruiting Centers located in the United States, Asia, and Europe that deliver a range
3.0
of recruiting and sourcing services. Mastech�s centers employ over 70 recruiters and Strong Moat High Growth
sourcers, focused on recruiting United States based candidates to service a 2.0
geographically diverse client base in the United States. Mastech provide technologies 1.0
and maintains relationships with industry, such as International Business Machine and 0.0
Oracle. It focuses on areas, which include Service Oriented Architecture and Web
Services, Enterprise Solutions and Package Implementation Life Cycle, Enterprise
Resource Planning, Business Intelligence and Data Warehousing, e-Business Good Financial
Under Valued
Solutions, and Offshore Recruitment Services. In January 2010, the Company Health
announced the sale of its brokerage operations staffing subsidiary, Global Financial
Services of Nevada.
Valuation Well Managed
Current Price $ 4.28 Margin of Safety
NCAV $ 2.84 -34%

Total Net Reprod. Cost $ 4.56 7%

5 Year Historical Price vs DCF Intrinsic Value
9
Earnings Power Value (EPV) $ 7.62 78%
8
Discounted Cash Flow (DCF) $ 6.70 56%

Ben Graham Formula $ 6.35 48% 7

6
Key Statistics Valuation Ratios 5
Market Cap (millions) $ 15.56 P/E (TTM) 11.3 4
52-Week High $ 5.77 P/S (TTM) 0.2 3
52-Week Low $ 1.82 P/B (MRQ) 1.4
% off 52-Week Low 135% P/Tang. BV (MRQ) 1.4 2
FCF/EV (TTM) 7.8% 1
Cash Flows P/FCF (TTM) 6.1 0
Owner Earnings FCF EV/Sales (TTM) 0.3 3/8/2010
12/14/2009
9/21/2009
6/29/2009
4/6/2009
1/12/2009
Owner Earnings FCF Avg Grwth 0.0% EV/FCF (TTM) 12.8 Historical Price Intrinsic Value Buy Price
FCF
FCF Avg Grwth 0.0% Margins & Profitability Balance Sheet
Gross Cash and Equiv $ 7.10
Effectiveness Gross Margin Short-Term Investments $ -
CROIC Operating Accts Rec $ 7.20
Avg 70.5% Operating Margin Inventory $ -
FCF/S Net Profit Total Current Assets $ 15.00
Avg 5.3% Net Margin Net PP&E $ 0.20
ROA Intangibles $ -
Avg 24.3% Financial Strength (MRQ) Total Assets $ 15.30
ROE Quick Ratio 3.7
Avg 40.9% Current Ratio 3.7 Total Current Liabilities $ 4.10
LT Debt to Equity 0.0 Long-Term Debt $ -
Efficiency Total Debt to Equity 0.0 Total Liabilities $ 4.06
Receivable Turnover (TTM) 10.3
Inventory Turnover (TTM) 0.0
Asset Turnover (TTM) 4.7