My Thoughts on MDF
I believe the reason MDF is not trading at a much higher valuation is because large investors / institutions do not fully appreciate what MDF has accomplished to date in their re-structuring under CEO Luc Filiatreault.
This company is no longer a mish-mash of various IT solutions of varying profitability or potential. They are now focused on just two areas (Unified Commerce for larger companies and Strategic Sourcing of procurements by government agencies) along with an eMarketplace platform that will likely become more and more of an afterthought over time.
As Takacsy has stated, they have won a number of sizeable recurring revenue contracts over the past year or so, but these wins take time and money to get up and running before you start seeing the full recurring revenue streams coming in from their clients.
I suspect that MDF's quarterly results will continue on an upward trend as the payoffs from existing contracts (and the anticipated additions of new ones) make their way through the accounting system, and I believe it's just a matter of time before MDF's results catch the attention of the investment community.......