Mike Arnold
Long only, small-cap, tech, growth at reasonable price

Navigating Navigant Consulting

Shares of Navigant Consulting (NYSE:NCI) have been on a tear over the last year, up 55% even after a recent pullback. The appreciating share price isn't totally unwarranted, the business has undergone a roll up acquisition strategy to bolster its service offerings, which include:

  • Disputes, Investigations & Economics
  • Financial, Risk & Compliance
  • Healthcare
  • Energy

All four of those practice areas have been particularly hot of late, including dispute analysis relative to patents, mortgage servicing review engagements as a result of the housing crisis, Obamacare and new environmental regulations being implemented as a result of energy law. Having said that, I think all of this is priced into the stock at the current $900 million valuation.

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