I guess that is a polite way of saying that the SP has been...

I guess that is a polite way of saying that the SP has been feacal. I bought in recently after the big drop, and I am hoping for a 12 month or so recovery. Apart from integrating AJ Park and gaining some administrative efficiencies and reduction of overheads, I would judge that growth will mostly come from Asia (hopefully). Still paying a reasonable dividend and can expect a steady cash flow because of the nature of the business.
There is a very heavy component of goodwill on the balance sheet but I judge that to be typical of a business of this type. Reputation and client relationships are critical. Whether the goodwill is fairly valued, I am not up to evaluating myself. The most significant cost item in their H2 results was "amortisation of intangible assets arising from acquisitions" at $4.4M, which presumably is a write down in goodwill.
Gearing ratio is very low (6%) and so that gives some robustnessand helps them to maintain the dividend going forward.
Possibly I moved in on this too soon. It still has a high PE and so the big risk with this company is that it will manage to grow profits sufficiently to justify the PE.
It is not easy to gain market share organically with this type of business and so aquisitions have been used and may continue to be used. Provided their business model is suitable, they will retain knowledge within the corporate structure (i.e. people, the most valuable asset that they have) and continue to generate increased cash flow with a mature market in NZ/AUS. Increased ROE needs an increase in margins from the acquisitions, through more efficient business. Hence, for higher levels of business, they are looking to Asia where they indicate better growth in IP activity.