I think the stock is priced fairly assuming modest growth...

I think the stock is priced fairly assuming modest growth expectations but in a sector with enormous growth prospects you would think it would be trading higher. About 32 times forward earnings if you believe Morningstar, pretty good considering the extreme valuations in tech companies both here and the USA.

I am concerned about the ROE in the past 2 years, dropping from 30% to 8-9 % which makes me look sideways at that goodwill on the balance sheet. That ROE needs to push higher if investors are going to push the stock higher. Companies with single digit ROE's should not trade over 4 times book. Goodwill represents over 50% of the balance sheet & ROE has been weak 2 years in a row. Its an alarm bell & I can understand the weakness in the price.