Valuation is a wild card. ISD market cap peaked at $1b, but now...

Valuation is a wild card. ISD market cap peaked at $1b, but now down to $57m.
Real changes are failed acquisition of King Content, costed probably $60m loss, underlying business revenue decreased slightly in ANZ region but slowly growing in Asian market share. Profit margin decreased. For such a worse situation, ISD is still making EBITDA low $20m (Net debt $43m).

Many speculative tech stocks are valued at multiple of ISD but making losses.

Gilead, activist US fund, paid average about $1.12/share for their 30.8m ISD shares, would be working hard to recover their money, imo.