Just as long as you realise Isentia has no competition in...

Just as long as you realise Isentia has no competition in federal government because none if its competitors are on any of the major procurement panels. From a valuation point of view and all your tender tracking what you should be doing is viewing all of these 12 month deals as at risk revenue becuase they will have competition next year. One of their challenges is they are price gauging federal government and that sets  a certain margin expectation/benchmarks that is impossible to maintain at lower levels of government or corporate. I would nomimate federal government churn/price erosion as the companys biggest challange for the next 24 months. Given that you have been following these tenders you will know just how much revenue is at stake and what a 25 value share loss would represent to the company's profitability.