Modestly valued but why bother with a listing?

Recent interim results for the six months ending 30th September 2012 from the AIM quoted tube manipulation specialist were reasonably positive yet the shares appear to remain very modestly valued; buying opportunity or has Mr Market got it right? A closer look at the numbers suggests that relatively little appears to have been achieved in terms of earnings growth over the past 5 years, although the general economic environment has hardly been supportive so that’s somewhat harsh.