I think the problem has been the communication from management....

I think the problem has been the communication from management. This stock is undoubtedly cheap, even if you expected it to exhibit zero growth over the next two years. The problem has been every quarter management came out with overly bullish commentary and hyped expectations, e.g. first it was "once we integrate Track look what out combined EBITDA will be, we are trading at 1/5 our peers" (factoring in no attrition even though the intended to shut down product lines), next quarter, "track is stabilising", even though it was continuing to decline, this quarter "next quarter will be materially better"...... on it goes.

I feel if they had just showed some more conservatism with their estimates, talked down the numbers and once or twice managed to achieve / beat their guidance then I actually believe this stock would have a much higher multiple, even with the exact same financial performance. People understand if you lose a significant portion of the revenue from a deal if you expect this and it shows long term potential and you get it at a CHEAP price, as they did.

The problem is management credibility is now shot (not in managing the business, just in what they communicate). It's definitely become a wait and see story.... Show me the numbers..