John Leonard, CFA
Special situations, micro-cap, contrarian, CFA

SmartPros Is A Textbook Deep Value Opportunity

Company overview

SmartPros (NASDAQ:SPRO) provides accredited professional education and corporate training primarily in the areas of accounting, financial services, engineering, legal, ethics/compliance and IT. Its offerings are delivered through the internet, CD-ROM, video and live seminars/events.

It pays to be a winner - except if you're a microcap?

Following its most recent (and positive) earnings announcement in the beginning of November, SPRO only managed to trade sideways for the next month until the market finally paid attention and drove the stock up ~35%. However, SPRO quickly gave up these gains despite a lack of negative catalysts. This creates an asymmetric opportunity for investors to enter before another potential delayed reaction by the market.

In the mrq, revenue...

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