Baillieu Holst analysis of MBE, page-3

The market tends to "want it now" and to my logic, it seems this has been the case with MBE. When it was 30c investors were expecting growth to be 'instant' and the PE was overdone given that it wasn't going to be.

Now, at this juncture we don't have a huge amount of revenue growth immediately, but the foundations for huge growth being put in place. We also have value add acqusitions being made to tide us over until the offshore growth pays off. As such the SP seems to have done value investors some favours now trading on a FY15 forward PE of 13 (and probably around 11.5 after todays acq). To me this is now a prime value LT buy, if you can afford to wait a little. I don't expect this years result to be stellar, but the following years, yes.

Seems someone has been keeping it at 14c area. I'm not sure why, would hardly be sensible to be offloading on this PE, so perhaps someone is accruing that sold out en-mass at the higher levels. Time will tell.