Fair question and I am a bit conflicted in answering because I didn't want to become the cheer leader for MVF but seem to set myself up to be fairly asked this question.
On the undervalued side I think the current PE of 11%-11.5% is quite harsh. I think the MVF result was better quality (Revenue, EBITDA and NPAT) than it's peer which is trading on substantially higher PE. Also the pre-result trading pattern of Crossed and small sales has returned making me suspicious of accumulation. The share price has declined 10c having gone ex div of 4.5c. That's not rational so soon after the full story has been announced.
On the negative side there's not enough foreign growth to compensate for the competitive domestic market environment, management are distracted and lame duck and regulatory risk is always just a rebate away.
DYO research and make you own decisions. I have been wrong for over 6 months and am now at BE. Unless they announce a golden choice for the new CEO and some new initiatives to grow revenue, MVF will remain unloved in the ST along with the sector. Stating the obvious, sentiment is definitely not good.
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