Traditionally this stock doesn't hang around these prices for very long, so, fair-value or not, investor sentiment is (usually) that the pps should be higher.
So far, this hasn't been the best year for the pps, and that's probably because so many "2010 initiatives" have yet to come to fruition.
Once current status hits, the long promised US-NA drops, and they fix the DRTV, we should be in a much better place. These things are a long time in coming.
I was looking forward to listening to the last conference call to glean some answers, but I guess I will have to wait for the rescheduled one.