CPH has a market cap of ~$109M and operates as a specialty pharmaceutical company. Sales have been fairly lumpy over the years, and have mostly declined, but it is free cash flow positive and repurchases some shares while mostly adding cash to its balance sheet. It has an expanding balance sheet, almost no debt, a good cash balance, and its valuation is decent at a 3.9X forward sales and 1.1X price to book multiple. It has seen a nice run-up so far this year - we would be comfortable with a small position, while being mindful of small-cap risks and position sizing.
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