To me the quandry of the low SP relates purely to past...

To me the quandry of the low SP relates purely to past performance, lack of good quality value accretive investments and management that continues to not perform - no surprises given other posts of similar ilk. In the medium term I see a couple of "wins" being achieved, management retained and exalted but the SP gains lost as the wins do not meet expectations (or do not last). I am skeptical of how value accretive E4 will be as it invariably cannibalise existing lines...but possibly I do not understand the market well enough.

In the longer term though I am more bullish (and align with Elon's theorem). How many companies with a $500m cap are achieving $50m of FCF that if converted to dividends would provide a 10% return? Not many if any....the question then is how long term is this situation of creating $50m of net cashflow? A move to specialty over generic will require continue investment but could provide better returns in time if the right investments are made. I think the ability to contract manufacture pharmaceuticals in two big markets is very underrated - re-nationalisation of pharmaceutical manufacture post CoVid seems inevitable to me especially as we see Covid vaccine delays and pharmaceutical shortages from offshoring.

I do not blame anyone for not investing in this share - until management and Board changes this share is not going to fly which could be many years away. However the fundamentals of this business still seem relatively positive to me in the VLT.

Feel free to disagree (and no disrespect to any that do). My focus is much more on cash production and balance sheet, less on the income statement and inevitable goodwill write-downs (reflecting bad investment decision making).

This is all just IMO. DYOR. And yes I have lost money on this share in the past year.