MFRI is generating tons of cash. CAPEX is low and cash generation is huge. The FCF multiple at $14 is just 7X and I have always made money in issues trading at 10X FCF or under. This stock is grossly undervalued.
That is only technically true. If it weren't for the $14,000,000 received on sale of cooling segment, cash flow would be negative for 2013 9 months. A/R is very high. It seems the company lags a quarter or two in collecting payments. See 2008-2009 statements. These collections should appear in the next two Qs. However, next quarter, the deciding factor won't be cash flow. It will be the backlog and new business announcements. The piping backlog is lower than it was as of 10/31/2012.
I suggest you revisit the statement of cash flows for the 9 months or a good accounting book. That number was backed out of my free cash flow calculation. $2+ in free cash flow is the correct calculation. Please read an accounting book before posting erroneous information.