Assaf Nathan
Long/short equity, deep value, contrarian, hedge fund manager

VSE Corp - The Story Continues

With VSE Corp (NASDAQ:VSEC) up 46% since my last article was published, I am still very bullish.

First and foremost, the stock is still cheap. As I calculated in my last article, it can do about $7.5 per share in a depressed environment, and as such it is currently hovering at a mid-single digit multiple.

Second, it is nice to see how responsive management is. After we pressed them a little, as I mentioned in my first piece, they finally published "adjusted" results to clean a little the GAAP mess, as we predicted just before their reports.

Third, a few positives have occurred lately:

  1. As I predicted, winning of new contracts, as happened in the last few months,
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