I'm not sure it isn't more a case of TNT management having good...

I'm not sure it isn't more a case of TNT management having good timing with their expansion strategy to gobble up companies that will contribute significantly to their bottom line (carrying contacts of actual worth).
Over the years SEN seemed to have invested in some real duds (pie in the sky) and thrown good money after bad. Not to mention, that in its' lifespan, SEN has now issued well over 1 billion shares, which would significantly dilute any actual earnings for investors.
Votiro is the one asset we pray will provide some decent returns and add consistent revenue (at little expense) moving forward, but what it will eventually become, is still totally unknown at this point, it is still an infant.

So essentially, on the surface our revenue continues to remain stagnant for the foreseeable future. Rumblings of an increase in our hardware sales (and I assume maintenance revenue will increase with that) will start to become louder and gain some slow traction, i.e. if Thales can be our saviour.
It is hard to market a company to investors with so many unknowns in the works.

Meanwhile, the brash and aggressive TNT, with it's well thought out acquisition plan are accumulating significant revenue turnover that the market loves to hear. They seem to have a plan.

What is our plan? Watch and wait.