Harvey Nash Group (HVN) is a recruitment business. The company is diversified (no customer concentration risk) and operates in a number of geographies (e.g. UK, Europe, US). It trades for 56 million pounds, and I expect them to earn (based on their history) about 7 million per year. Since they have a net cash position of 5 million, this gives them an adjusted P/E of just over 7.
Management has shown a willingness to shutdown/sell operations in countries that are not doing well, and so I think the diversification gives them good optionality in that they can put resources to work where things are going well, and pull it out when things aren't, which I suspect helps keep them profitable.
I suspect one reason the stock is so cheap is that there is uncertainty with regard to what will happen with contract workers and offshoring due to Brexit. But one thing I like about HVN's model is that it's asset light. Therefore if revenues fall, I would expect the company can trim its costs and remain profitable. Even in 2009/2010 the company remained profitable.
They pay a dividend of about 5% of the current market price as well.
Over the last month, DBAY Advisors increased its stake from 17% to over 26% of the company. They did something similar at Creston last year before buying it out at a 35%
premium to the market price. (You can track HVN's filings, where holdings are made known, here.)
Disclosure: Author has a long position in shares of HVN