Lack of promotion, and severe lack of management ownership, are the 2 key reasons in my opinion. All else is very positive operationally & financially (although still with some areas of opportunity for improvement).
If they never need to raise capital from the market, perhaps the share price is irrelevant to the people running the company (who are not holders, so why would they care?)
Lack of promotion, and severe lack of management ownership, are...
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