Market Update July 2017, page-45

When looking at companies one must look at which metrics should best be used to judge the worth of the business. Using a one year PE is not the measure to judge this company as this year has been abnormally weak revenue wise due to govt dept system changes and effort going into the certification and launch of the 100gn encryptor . The company is best judged by the forward earnings outlook but even this can't be measured with any accuracy . One thing is for certain if this company could earn 10-12 earnings it will not be trading at a PE of 9 but more like 16-18. For me these two simple metrics give me confidence a high teens low 20s SP is very possible over the next 11-18 months