Well managed company also means well managed shareholder funds....

Well managed company also means well managed shareholder funds. Don't tell me this is not critical in these times.

Your margin calcs would make a good argument if it were a linear equation which it is not. History has shown that Opex has grown less than actual margin. This trend appears set to continue. As revenue increases so too does margin.

By your definition of costs & profit then no one should invest in 90% of public companies.

VOIP is a margin business, always will be. A VOIP teleco needs large revenue to realise a decent profit. MNF have by all definitions shown the market that they are capable of growing a large revenue base in quick order. They have kept OpEx in check and now show profitibility. A worthwhile comparison is Engin, the market leader in VOIP revenue terms. $20M revenue but massive OpEx continues to see them losing $10-12M PA, this after 8 year of operation.

There is always room for improvement, MNF at least has a very solid financial foundation from which to initiate these improvements.

Based on historical growth rates it wont take a miracle to grow the customer base to 140,000. What makes you assume that growth will cease? They have had 3 years of stellar growth and the chairmans forecasts are accurate, their credibility is first rate they must be given the benefit of any doubt until proven otherwise.

Your points about the directors recognising that MNF is a public company are somewhat valid. I do not think they treat it as their own private company but I do not think they are concerned too much about it's operation in the wider stock market.

They are clearly not concerned about that aspect of the business until there is a reason to, proof of concept & getting the business to a point of profitibility has clearly been the only focus in the last 3 years. This will no doubt change at some point as they try to realise a gain from their holding.

I would love to see you run the same analysis for your Freshtel given that you recently dumped MNF and jumped into Freshtel.