http://www.flinttelecomgroup.com/assets/downloads/1288110917market_advisors_report_on_fltt.pdf
INITIATING COVERAGEWe have initiated coverage of FLTT with a Market
Outperformer rating on this stock. FLTT looks to be an
undervalued stock position, in our opinion, which is based
on valuations applied to its acquisitions, newly affiliated
and existing contracts and surging gross margins. We
believe that if Flint’s business plan can be effectively
implemented over the next several years, market multiples
applied to these growing assets represent far greater value
to shareholders then the company’s current share price
reflects.