Ann: Largest single order for Ultra High speed 100Gbps Encryptor, page-16

i agree there is too much value for FG and crew to give this away at that price.
Now lets put this sale into perspective . its equiv to 2.75m aud or around 12% of last years revenue in one sale. Even if one assumes 30% goes to Thales it still approx 10% of yearly revenue.
Now its time to revisit the investment case
with the sale and custom algorithms about to occur very soon its very likely we will see a strong year in revenue growth
Votiro is going well, one of the few investments they have made that looks like it will deliver significantly over the next few years
The Australian and Asian business is likely to grow substantially over the next 12-24 months and importantly this will not only contribute to revenue but provide much needed exposure to Australian investors. At present there is no broker coverage whatsoever on the stock, and thus a very retail investor base.
i have said this many times before ,stocks like senetas with very high margin and ROI trade at very high multiples.
For all the above reasons , i think Senetas has the ability to trade much higher in the coming years. Enjoy the ride and enjoy what is likely to be a good 12 months