The reason few analysts follow ePlus is because they have no investment banking business to do. That's why First Union (now Wachovia) and JP Morgan (who underwrote their secondary offering in April 2000) dropped coverage. There is not much of an impetus for a brokerage firm to pick up coverage on a stock with a $117 million market-cap when there are only 5.85 million shares in the float and average daily volume (the last 6 months) of 42,000 shares, not enough to interest a brokerage firm focused on generating commission dollars. What I like most about ePlus' stock is the change in ownership in the stock since 20000. It is now in strong institutional hands (not momentum investors), and Putnam's travails are a one-time technical event unrelated to ePlus' fundamental outlook. Previously, the stock was punished when FirstHand funds was one of the largest stockholders (they were the biggeest buyer of the April 2000 secondary offering at $28.50), and after the techwreck they singlehandedly pushed the stock to single digits with their liquidation of their entire position to meet redemption requests during the bear market. At the time, ePlus was one of the largest positions in the Firtsthand Technology Value Fund. I don't believe you will get another chance to buy ePlus stock below book value of $11.84, as Phil Norton is a continuous buyer at those levels. Remember, reducing the # of shares outstanding (assuming earnings stay constant) increases earnings per share which increases the stock price. But if earnings increase (which I guarantee they will!) with a reduced share count, look out! We all know earnings are going nowhere but up for this company as they continue to build a strong sales force and add customers for the software product. ePlus picked up some of Comdisco's best salespeople as a result of their bankruptcy, and they continue to see resumes of highly capable, downsized salespeople (through no fault of their own) who dream about working for a company where there is a tremendous opportunity to grow (ePlus is it!). Companies are interested in ePlus' software product because it more than pays for itself by allowing companies to reduce headcount (in accounting, accounts payable, etc) and simplify the purchasing process. Consider me the biggest bull on PLUS, but I have a 2 year time horizon for this to be a takeout candidate or a minimum $30 stock. This company will grow regardless of the economy (companies lease equipment when the economy is weak and they purchase equipment for cash when the economy is strong. ePlus benefits either way). The biggest upside for ePlus exists in the government market (note the federal gov't clients from the Digital Paper acquisition, namely the Department of Defense), which Milt Cooper (former President of Computer Science Corp's (ticker CSC) Federal sector, which was a leading supplier of customer software for defense and aerospace companies) will help direct as ePlus' newest board member. If there's any entity that can benefit from streamlining their enterprise cost anagement (ECM) software to improve their purchasing and asset management process, it's the federal governement entities. And since there is no upfront cost for ePlus' software (which has tremendous patent protection), once ePlus' gets into this sector, it will only be a matter of time before it becomes the standard. And certainly we all know how much purchasing the Federal governemt does and how badly they need to utilize ePlus' software technology to improve their internal controls for purchasing and monitoring their large asset base. Do not underestimate the value that Milt Cooper brings to ePlus in terms of his many contacts and relationships within the federal government contracting community and marketplace.