David Shearwood is a very highly regarded small cap analyst who...

David Shearwood is a very highly regarded small cap analyst who implicitly understands the working of babelfish and what a hugely effective tool the software can be .
Normalised P/E'S in this microcap sector are roughly about 6-7x so if ISS is trading on a low 2010/11 forward multiple of less than 3x we would expect some re-rating to occur.

And it looks as if the re- rating has already begun ...

So i say well done to all long term holders ..it's taken time but that what makes these times worth the wait !!