Ann: Earnings Upgrade for 2012 Full Year , page-8

MNF does appear awfully cheap given their current earnings, let alone given the substantial growth in earnings.

Putting that aside, can anyone offer any ideas as to why MNF should be trading this low? Are there substantial risks to the sustainability of MNF's earnings moving forward in an NBN world?

MNF's business is outside of my area of competence, I have invested based on the metrics without fulling understanding the nature of the business. I would appreciate any thoughts as to potential downside/threats to MNF.