RE:SP targets - Different modelingCould you expand on what you see as the change in business model? As I see it the company has always been a growth by acquisition company. The only change I'm aware of is the longer term shift from a hardware company to a software and services company. Of course with that came the ever increasing percentage of recurring revenue of the total mix.
Perhaps the reason the company's price has gone down so much is that all companies in tech have had a severe haircut. The multiples of all have retreated hugely. Take one of Sangoma's competitors, Ring Central. It's gone from approx. $380/share 17 months ago to less than $63/share today. In these sell offs and "risk off" environments it seems to me that the babies are thrown out with the bath water. Selling is almost indiscriminant. I have a number of solid companies that are down significantly even while reporting excellent growth in revenues and earnings. It's frustrating but as long as the companies themselves continue to execute I'm not concerned (okay maybe a little, that's human nature, but not a lot).
Good luck to all.