@thunderhead1,
That ISD's top line is still not stable should not come as any great surprise, I don't think.
But calling a revenue base was never part of the investment thesis I had for ISD.
My decision to buy shares in the business always hinged around the company's strong free cash flows repairing the balance sheet; and the ensuing combined impact of:
1. "re-equitising" of the EV, and
2. increased valuation ratings to reflect the reducing financial risk of the company.
With my sense that the full-year result having mostly delivered on those two valuation dynamics, I ceased being a shareholder.
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