Excellent post. I think fatigue is a good word to describe the...

Excellent post. I think fatigue is a good word to describe the company's current state. Given there is zero growth in earnings the stock price is unlikely to trade higher than a p/e of 5 or 6 IMO until they find a way to grow earnings. Yes the Buyback helps in this regard but as you correctly point out it will get harder and harder to find sellers below NTA.

I think the best option is for management to try and sell the company to a larger player locally or internationally at say 10 times earnings which may be possible than keep slogging away for the next few years treading water.