I don't doubt that EML has a competitive advantage in a niche...

I don't doubt that EML has a competitive advantage in a niche industry. But history has proved time and again that once a larger market appears amd EML put on some impressive figures, others will move in. Check the revenue volumes of Green Dot and TSS. Huge. They will move to protect market share when EML becomes an irritant and they begin to size up its niche market potential. At Dec 2016, Green Dot ($2.44bn MC) had close on $750m in cash...TSS a $12bn MC had some $425m in cash...that's a lot of firepower.

I bought in at $1.50 and have sold at just under $2.00 in a little over 2 months so I am happy with my EML experience. It is a well run company with growth prospects but I don't see material eps for at least three, maybe four years...but again, I caution, that's my view. I've been wrong about the crashing US stock market for three years now.