Forager might have had as much difficulty in nutting out a...

Forager might have had as much difficulty in nutting out a valuation as the rest of us. Also, despite being in the top tier of analysts (great work on uncovering the accounting shenanigans at Dick Smith), they have suffered some pain of late  (eg. FIG) which might make them a bit gun-shy for a bit.  It has been slim pickings for a few years now for value investors forcing proponents to look further and further down the quality scale, fertile ground for value traps. However, I think Steve Johnson is brave enough to stick to his guns even if some of his investors aren't.