Nortech Systems (NASDAQ:NSYS) is a contract manufacturer of electronic products such as circuit boards and medical devices. The company's customers are original equipment manufacturers (OEMs) in industrial, medical and aerospace/defense markets, in order of importance. The company serves its customers through its facilities in both the US and Mexico.
This is not a glamour industry in any way. The key success factors for electronic manufacturing services (NYSE:EMS) are efficiency and low cost. But it is often in the boring and mundane industries that the deepest value can be found, particularly when it comes to small caps.
Nortech trades for just $12 million, despite a book value of over $21 million. For many manufacturers, the market value...
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