Appreciate your viewpoint, Tannersfriend, but both those Pellegrino reports are next to worthless in my mind (and apparently, in the minds of potential investors). 

Reports that are paid for by the company being evaluated are intrinsically unreliable.  There is such wide latitude in how something is presented - after all, they are called "opinions."  Many assumptions are used, no doubt some provided by then current management.

I wish I'd never heard of Pellegrino (except for the bubbly water) and I wish no other investor ever did, either.  Sorry to be so blunt, but that's the way I see it, and you don't have to know one thing about thyristors to have that opinion.