Personally am keen to see them doing something with their excess...

Personally am keen to see them doing something with their excess cash, S8 exercising their options increased the share base a fair bit without aiding much on the business, the money is just sitting in the bank and not adding seriously to profit, hence in my view causing a raised PE.

Some capital measures and/or buying something with the money would IMO reduce the PE and hence be a catalyst for a share price increase.

I too think this is a great share and this is one of the few things I can attribute to, though paying a small dividend also would extend it's appeal to people who want some income as well as growth prospects.