STREAM GROUP mobile content provider -> WHITE WATER PROFITS

Not really. MOB and SEA have very different businesses now. MOB's value is in its consumer subscriber base to whom it can pump new content/products. Plus of course 85% of its revenues are in Asia and the USA which have much higher growth than Europe.

SEA has its mature psychic content and otherwise is moving to become an enabler for other providers (e.g. gambling, mchex). The jury is still out on whether those will be successful (several competing mobile banking platforms in development) and what revenues they will generate. Hence the uncertainty and lower rating IMHO.