Great turnaround story, page-7

But getting those 30,000 additional paying subsribers is going to be no mean feat. This is a highly competitive business. Short of further acquisition (sadly there are no more keen sellers in this space that I am aware of so the days of cheap deals may now be past) I just don't see this happening within even my long term investment horizon without very heavy discounting. Fair value imho at current levels but no more than that.