Not sure I agree with your 20.4x prospective 2022 earnings multiple.
PBT of $15m translates into NPAT of $10.5m, which the company’s $176m market value is capitalising at a 16.8x multiple.
And I believe the company will come in at least 10% higher than its 2022 Plan suggests, so 2022 NPAT between $11.5m and $12.m. That implies an earnings multiple of circa 15x.
Maybe not the valuation of any basement bargain, but sufficiently reasonable to justify the current share price with some ease, I think.
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SNL Price at posting:
$4.32 Sentiment: Hold Disclosure: Held
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