CDA is a niche supplier to a number of niche markets. By...

CDA is a niche supplier to a number of niche markets. By definition it is vulnerable to any significant dislocation in any of these markets. On the plus side, CDA's products are well respected by users and there is restricted competition at the premium end of the markets it supplies. As well, efforts to contain piracy are in hand. On the negative side, management are not good at communicating with shareholders - ironically.
The question is - are the risks involved reflected in the price? And is there realistic value at the current price?
At a projected PE of 8, YLD 7.8% and a high ROE - I would say yes to both these queries.
Always remembering - political instability provides one of the major markets CDA supplies!