Not sure what figures you are using, but I think they are a bit off.
APO market cap is $810m, broker consensus CY16 NPAT is $50m --> PE 16.2x
OML $772m, NPAT $38m --> PE 20.5x (OML has been adjusted for the capital raise and ECN acquisition)
These are based on consensus, so JPM is slightly different.
APO Price at posting:
$4.86 Sentiment: Buy Disclosure: Held