I struggle to understand what the market doesn't like here... at...

I struggle to understand what the market doesn't like here... at a guess, it is a) that the company is too difficult to "communicate with", since they don't need analysts in their pocket to raise new capital or prevent a hostile takeover and b) that there is caution as to whether hosting margins can be maintained in the face of competition.

The latter point will be the one to watch - although MAQ has to still be in a strong position, even if margins weaken. One thing the analysts may not be accounting for is that much of the voice revenue is "pass through" and therefore a reduction in voice revenue is of little concern vs increase in hosting revenue. Hosting requires capital and a return on capital (for competition) and is in a growth phase. Return on capital is not going to become uncommercial while demand is growing.

Having said that, I am disappointed that the price is not responding to positive developments and is well off the highs. I think it is worth more, but am cautious in the face of a market that doesn't agree.