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This Week's IPO Winners and Losers

At first look ExamWorks Group (EXAM - Get Report)seems to be a good deal, but Gaskins points out that at 149x annualized earnings for the nine months ended in September 2010, it's too expensive.

Plus, of the $119 million being raised, $100 million is going to repay debt. That leaves only $19 million to fund future acquisitions and for working capital. This is a problem, since most of ExamWorks' growth has come through acquisitions.

The company added 27 businesses in just 2 years from 2008 to 2010. Plus, it's internal growth rate has dropped from 17% in 2009 to 14% in 2010. While this fragmented market presents opportunities, its questionable that ExamWorks will have enough money to capitalize on that.

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