Another risk is how close they are to their loan covenant. From...

Another risk is how close they are to their loan covenant. From Aspect Huntley:

"Near-term refinancing risk is low but lending covenants are a concern. NFK said EBITDA can fall around $2m further before causing a breach."

EBITDA falling $2 million in the current environment is quite plausible. Besides I think NFK is obviously good value. You could play it 2 ways IMO. One, buy now which is pretty much a gamble (To be honest I don't what the repercussions of a loan covenant breach would be, so I don't know how much of a gamble) or wait for a while to see if they look like they will avoid a breach.