@Road (ARDI) Looks Interesting

I was perusing Forbes' list of the 25 Fastest Growing Tech Companies today (which is old news, it was released 2/14), and some of the stocks on the list seem like decent values right now. Particularly, @Road (ARDI), the top company on the list, looks like a good value at first glance. If anyone else is following this company I would be interested in hearing your thoughts.

The lowdown:

@Road provides IT services for mobile workers. Here is a short description of the services they provide at the IR section of their website.

Why this stock looks like an interesting investment:

The company has nominal liabilities and ~$118M of cash, amounting to ~$2.15 per share. At today's closing price of $4.33, giving it a market capitalization of ~$237M, the company has ~50% of its market capitalization in CASH.

Our enterprise value is ~$111M, or $2.03 per share. The company had $8.56M of FCF in 2004, amounting to an EV/FCF ratio of ~13. Most of this FCF is of a recurring nature. This, mind you, from one of the fastest growing tech companies out there, at least according to Forbes. The situation obviously seems compelling, but requires more due diligence.

Among the points I want to research more extensively:

+ @Road's stock price has been all over the place, and has a record of short manipulation. I don't yet if that happened for a company specific reason, or if things just got out of hand (it happens to the best of them, like JCOM).

+ Who are their customers, and how many are there? On the "Reuters Abridged summary," from Yahoo! Finance, During the year ended December 31, 2003, Verizon Communications represented 17% of the Company's total revenue.

The 10K was just released today, so I'm going to start there.

Again, comments about the company are welcome.