Business Connexion - Value play

It is not a share that appears on my shopping list but I was scanning through a couple of analyst reports recently and I've seen its name mentioned a couple of times - Business Connexion (BCX).
BCX is basically an IT services firm that is involved in systems integration. From what I can work out they do things like SAP installations, outsourcing of IT functions etc etc. They've got a number of blue chip clients like the mines, Sasol and some nice government contracts as well.

The reason that they have stood out for analysts as a potential value play is their attractiveness as an acquisition target. They are one of the few SA listed tech companies that provide a strong dividend yield and they are operating on an undemanding PE ratio of less than 10 times historical earnings.

On top of this the share is trading at a deep discount to its Net Asset Value (NAV). Currently the share is trading around R3.60... NAV when the company recently reported was around R5.20... Definately meaningful.

Obviously NAV can be something of a moving target and the assets are only worth what somebody is prepared to pay for them, but I think this bears looking at closer...