Run up to Ann, page-4

Yeah this thing has been undervalued for a long time. PE was circa 7-8, it pays a bit of a dividend and has been growing revenue and profit. Thematically they are well positioned for govt and business transitions' to digital business processes and including cloud data storage and they are also an attractive t/o target for a big ict firm. Based on all of that, I have been utterly dismayed with the market's complete unwillingness to buy into the story, perhaps slightly compounded in my view by a somewhat passive IR approach from the company.

Therefore, in my view any upward momentum in SP is completely logical, and long overdue. They were punished hard from the earlier downgrade.