http://www.senetas.com/_uploads/files/Investor_Analyst_Senetas_In...

http://www.senetas.com/_uploads/files/Investor_Analyst_Senetas_Initiating_Coverage_Report.pdf

INVESTMENT PROPOSITION
Following the significant restructuring undertaken over the past twelve months, Senetas’s business model is far more sustainable placing it in a much better position to participate in the growth of the global encryption market.
The US and European markets represent significant growth opportunities for Senetas with governments, defence departments and commercial organisations becoming increasingly aware of the risks of cyber-attack and the integrity of data in motion. With the establishment of a new
master distribution agreement with US partner SafeNet that secures access to its global sales, partnering and support locations, Senetas can now penetrate new markets far more effectively.
While Senetas has to regain market creditability following a period of disappointing performances, with a strong balance sheet and profit growth coming off a low base, the current
valuation represents a significant opportunity for longer-term investors. Senetas is, therefore, a major turnaround story.