RE: A couple of important questions.I am not too concerned. This seems undervalued no matter how you look at it.
My two favorite valuations:
NCAVPS and P/B
Looking at their Q3 in 2008, their NCAVPS was .51, while their Book Value was .68.
Going ahead to Q3, 2009, their NCVAPS grew 22% to .62, while Book Value grew 15% to .78.
During this same time frame, they drastically improved their gross margin and net margin. Also worth noting, their FCF has already amounted to $7.2million after 3 quarters in 2009.
All of this during one of the worst recessions, and with the U.S being a huge part of their business as well.
Be patient with this stock; the market can stay irrational for years.