Company has destroyed a lot of shareholder value due to a very poor acquisition (King Content), which has since been exited from.

The core business generated ~$33m in EBITDA in FY18 and the company expects this to be around ~$20m in FY19. At the current price (33c) that puts shares on an EV/EBITDA of 5.5 -- which is quite low.

The company is now under new management, is targeting a raft of cost savings, and making some big investments in its core offering. There is potential for $ISD to be a takeover target. 

The bull case is very much a deep value / turnaround play

Of course, the industry is rapidly changing with an increase in competitive pressures. Turn-arounds are difficult, costly and take a long time (if they work at all). Earnings are declining and could take some time to recover.

Just some initial thoughts, would be keen on any insights members may have.