It all comes down to Rivers as the metrics for the other...

It all comes down to Rivers as the metrics for the other divisions are already strong. Management has stated emphatically that Rivers will become profitable in 2017, so the longer things go without any updated guidance to the contrary, the more undervalued the stock appears.

The 'invasion' of foreign brands is probably also contributing to the depressed share price but I think SFH is mostly targeting a different customer based, as demonstrated by their 4 straight half years of 5% plus comp store growth.

The international expansion opportunities don't even feature in the market pricing.

I think your previous valuation underestimates the upside opportunity over a 12-18 month horizon.