best bit of the results, page-5

Well, given market reaction, I apologise to anyone who may be holding ISF on the basis of my positive postings.

Still, my view remains that this is ridiculously cheap. At 55cps, market cap is $570m and it comes with an order book of $614m - worth about $140m in EBITDA - and a suite of software with an amortised book value net of debt sitting at around $660m. That might be classed as an intangible asset, but it indicates the amount a competitor might have to spend to develop or acquire the same software product capability. If it wasn't for the potential blocking stakes of OCP and management, I would think there would be US companies seriously considering taking a tilt.

Maybe I'm deluded, but when this settles again, I'm likely to be a buyer.