I agree with the frustration about the share price. I think the...

I agree with the frustration about the share price. I think the problem is the company has announced a number of deals (Tesco, Argos & Narta) but there has been no further info provided on their success and subscriber growth etc.
I think the Tesco numbers should be impressive based on their advertising launch in July, and the others should start to kick in shortly.
When you look at the global industry it seems the major players (Vonage etc) are growing at about 250,0000 per quarter, and I think Freshtel can get close to these figures once the current deals start producing. If they manage more "white label" or Binatone contracts it could even surpass some of the others.
Given the reach of Binatone into other large retailers such as Carrefours, Walmart etc it seems the potential is there to expand the network if their current contracts prove successful.
The full year results should be out soon, hopefully the company will use this opportunity to provide better detail of developments so far.
Their recent Narta announcement also seemed to suggest a "white label" deal with one of Australia's large retailers was imminent.
Their current market cap is probably around $100m, considering Vonage is about $1.5b AUD, and Engin is about $50m (with subscribers growing a few thousand per month) there seems to be something out of whack.
I like their model where the retailers pay for the advertising and distribution, and the manufacturing risk is taken by Binatone.
I hold the stock and consider it speculative.