Without wishing to sound condescending in any way but perhaps...

Without wishing to sound condescending in any way but perhaps think about ONT in the same way as McDonald's was in its early days (and I use this as a illustrative example) or the change of the corner store into 7/11, the chemist into the chain store etc.

There are some terrific chain outlet models making excellent returns on the ASX e.g. Thorn.

Provided they buy the good locations at the right prices and are able to provide a quality service with reduced overheads and grow the business SP will grow.

Management has shown itself to be disciplined. ONT has a cash surplus.

I look at ONT and marvel at its simplicity; much easier to understand that almost any company in the top 200.

The key issue is the timeframe to price equalisation.

I hope this helps.