I agree with all your points.If you look at the analysts reports...

I agree with all your points.
If you look at the analysts reports early in 2011 in at least one of them the view is expresed that NMS is (now) the sort of bare-bones company that can get its SP way ahead of its NTA from achieving high profit levels. Nothing new or radical there.
NMS has sold off just about everything but the head office tea urn.
Turning to Carmichaels November report (one of the best reports on a small company Ive read and all the more remarkable conidering how small NMS is) they comment favourably on the new management and inferentially on the new strategy being consistently followed.
Carmichael have a price target of 4.5cps,largely based on their expected profitability and tending to rely much less on NTA.
The key to NMSs SP(and particularly if you trust Carmichaels view but want an SP in excess of 4.5 cps )is for profits to beat Carmichael asumptions.

Carmichaels say ".. management believes the business is capable of delivering $20.5m EBIT on revenue of $135m,almost double the margins we currently forecast".

So if the new management is as good a Carmichels seem to think they are then maybe managements estimate of margins achievable might tranpire to be more correct than Carmichaels ? Hope so.