re-rating due, page-24

Hi finch,
I wont read much into 2013 loss figure....it largely due write off of intangibles....Also due to the transformation into high margin cloud computing that sucked capital & decline in IT hardware & software revenues.
It is notable that:
1) Gross profit margin improved to 42%.
2) Cloud services grew 41%.
3) Data communications grew 19.6%.
4) The revenues drop was mainly due to 21% contraction in IT hardware sales.
All this point to a turnaround & a more focused approach to growing ,high margin efforts.
The only niggle is the large related party debt & the overwhelming presence of Peter Kazacos who holds 35% with perhaps more to come if he converts debt to equity....Some may see this as a plus.
Finally , the low MC is rather misleading given the large debt...perhaps we should talk about EV rather than MC.