The problem is that there is so little doubt about the profits...

The problem is that there is so little doubt about the profits coming, nobody is willing to sell at these prices. Only once the SP goes up or dividends are announced, then things should move.
Having Alan Kohler holding in his SMSF is good. He is probably expecting income as well as growth.

As you said, they will probably redistribute part of the profits. I would also expect a well picked acquisition mid 2015, probably in the composite world to extend Xtclave to other markets than defense.
By then the FCT testing should be concluded. Really looking forward to those results. 2015 is going to be terrific.