TBH yes I agree everything looks satisfactory but unfortunately so many times despite satisfactory or even good results, contract wins etc. the sp performance have been a big disappointment I can't answer your question straight away...hence my question.
We had similar discussions with HarChris on THX bb some time ago when sp was about 18p and then fell to 16p. Nobody believed him and criticised him just like now here. Today THX sp is over 40p. Looks like he was right. Of course it doesn't necessarily be a case re GRL but I wouldn't reject his analysis so easily.