Hi Art, there are a number of point that need to be taken into consideration, they are: - Ive group is a small cap stock and so off the radar of larger institutional investors. - Liquidity for many investors is an issue, particularly in this market environment. - Furthermore, investors in the small cap space are typically focused on more exciting growth stories to meet their investment objectives, whereas IGL is a steady dividend payer. - Ive group is a large player in the print industry which many regard as being a sunset industry, and hence apply limited valuation multiples to. - Print volumes have been declining as the world moves to digital. IVE is participating in that transition, offering digital services, however is exposed to a significant step change in that trend. - The industry has been plagued with excess capacity in recent years, limiting margin progression and pricing ability, although consolidation is improving the industry structure. - Paper is clearly a significant input, and rising paper prices did have a short term impact on margins towards the end of the last financial year. Management appear to have the situation under control now, however it remains a medium term risk to profitability. - Integration risk – management have made a number of large acquisitions in recent years, which always brings integration risk. Integration is almost fully complete now. - Management have invested a significant amount of capital in new production capability, and so the onus is now to generate a return on that investment. I hope that helps add some clarity!