I think institutional opinion would be evaluating this in the SP...

I think institutional opinion would be evaluating this in the SP price ranges showed in Sceptical's bear case, being the conservatives they are. There's a fair chance that this is a wealthy or institutional seller.

I agree and think that a low 20s PE on at best a cent and a bit of earnings per share is most sensible buy price target for now. This could all change on some big new contracts but I don't see them coming yet. If the next half shows further drop in sales the SP will get hammered further, whatever the gross margin. Based on fundamentals and the negative sentiment and selling trend I think there's better buy prices coming up.