RE:Tough business. Currently overpriced. Mgmt in doghouse.I think everybody here should read this post carefully. Ask questions if you do not understand. The whole point of investment boards are to challenge thoughtful write-ups (such as this one). The post has better content than anything I've seen written by Fabrice (who maybe dumbs it down too much).
Smallcap, while I agree on your line of thinking, I think your assumptions are slightly conservative. I believe in the turnaround and what a better balance sheet could do for the business, including providing it with enough room to increase the effectiveness of its sales for to go after a larger street business as well as make incremental efficiency investments.
That said, I don't think we see any of those improvements in the 1H/16. We might get a little in 2H/16. Like you indicated, this is a very competitive business. The upside is not unlimited. And, if anything, it will take time.
I'm still on the sidelines. I would buy closer to $1/share.
The company is going to have to figure out a way to delever its balance sheet (without equity) and grow through M&A. And hopefully by doing so, see its convertible debentures converted into equity. This will all take 2-3 years.