The analysts are placing little or no value on the BI insurance,...

The analysts are placing little or no value on the BI insurance, which could be another trigger for an upgrade. They all way underestimated the claim for the wall damage and I suspect they are being overly conservative on the BI as well. It is much safer for them to err on the low side rather than the high side.

They are also being overly conservative with regard to the discount to cash for acquisition risk. The analysts acknowledge that any acquisition could be either value creating or destroying, yet they apply a discount on the expectation that any acquisition will erode value. Management have been very disciplined in the use of that cash, so I think it is fair to assume that it is more likely than not that any acquisition will enhance value. The only reason that analysts' are applying such a large discount is to cover their asses.

Between cost reductions, insurance payout and a good acquisition, MGX could go well over 40c by the end of the year.