Scott Carter took over management when this company was bleeding...

Scott Carter took over management when this company was bleeding cash and going nowhere. Although the shareprice fell initially on his watch, this was just the real position getting out + some restructuring costs.

You need to give them as much credit for buying Big Air shares when they were hugely undervalued as crap for selling them later (though still undervalued) at a profit. If you allow for the 4c capital return, anyone who bought CVA in the last couple of years is ahead, and this is in a tough market.

It's hard to analyse the accounts since there will be large restructuring charge in H1 11 and some large new contracts are coming on-line and most of the off-net revenue will disappear, but I think that the current share price is about right. I'm happy to hold a company with contracted revenue (locked in customers) and an open enough register to attract a take-over (perhaps from BGL even) one day.