sp not a true indication, page-41

Equity, firstly excuse me if you felt insulted for being called a lay analyst but you really do come across as a layman with a chip on your shoulder. Did you get retrenched recently from a high school commerce teaching position?
The answer is this, 'no price'-Senetas will not be an ASX company anymore.

Also excuse me for not getting back last night, as I was making love to my beautiful wife, and had no idea I only had last night to respond to you, before you would feel you had convinced me of your prowess for predicting the future. What is the weather going to be like next week mate? I'll tell you these clues- it will be autumn and it will be march, and we are at the early stages of Global Warming.

I am not a professional but I am happy to own Senetas. Your question is laced with unknowns (apart from the acronym ratios you have chosen to apply) and disregards sentiment.
You see, you feel Senetas should be cheaper than it is now, but it isn't. so are you wrong already ?
You know Equity, with all the financial information that has been released, the SP has swung between 31 cents and 91 cents in a few months.
So what is the true value of a growth company ? Who knows. I am happy to buy here and now, you are not. C'est la vie.
You want me to pick the correct value of the companies sp in 2.5 years time, with an unknown amount of shares bought back, and an unquantified sentiment and market condition.(I was never good algebra and I won't be soothing your ego trying to adapt your precepts into my formula)
You see the word 'lumpy' as meaning 'downgrade' when all I see is delayed payments contributing to a stable full year forecast. You have put your balls (or ovaries) on the line predicting a lower sp now and you are wrong already. You want me to put my drained and spent balls on the line now and predict a value that is correct years away, lol. Even with your algebraic precepts, I won't sate your desires.
Even Francis Galbally at the AGM, when asken what the level of net profit would likely be if $250 million sales was reached, scoffed and declined to be drawn on profit talk that far off. The audience laughed at the question then and I laugh at you now. You make predictions Equity and I'll write and respond how I want. I am happy with my investment, and am a 37 year old who is cashed up enough to sit back all day and stir you if you like, layboy. Work is what you make it Equity.
Mate I will not satisfy your yearnings to prove me wrong. I have written about Senetas and said I am happy to read and follow the guidance of the three analysts who have rated the company.

I will say this though, layman, in two and a half years Senetas will be in the hands of another company.