Ann: Konekt Trading Update, page-26

I still can't figure out the justification for this current price. Have Government policy changes & 'adjustment periods' to new insurance contracts not always impacted these guys (+ive & -tive) over time? Yet the underlying core products will always be (foreseeably) required? (And Konekt service deliverables are at the top end of industry benchmarks, insofar as they can be measured). I don't see how these recent downgrade(s) impact their core long term value drivers, competitive position or diversified growth/cost synergies strategy. Even if they do significantly impact growth over time I can't find any reasonable assumptions to quantify the current stock price. There are clearly some much wiser investors following this stock (very rare for HC!) - can anyone shed light on why they believe it is THIS cheap? Is it purely the perception of managements integrity/not thinking they have the right capabilities to execute the strategy? (If so, at what price is too low? Even now it would take a catastrophe to justify the price). Or is it just psychology/momentum & this sort of thing just occurs in micro cap stocks?