Ann: AGM Address to Shareholders and Trading Update for H1 FY17, page-3

Thanks Usagi for the report.

Yes, there's certainly value here relative to other listed IT stocks, and also bearing in mind the exorbitant multiple being paid for target ASZ.
I imagine the lower multiple applying to DWS surrounds the unwillingness of the company to put out a forecast for FY2017 earnings. I think management is being cautious and are mindful of how the level of ICT work can quickly dry up (past experience). We can see that RXP are willing to announce an expected 15% rise in earnings in Fy17 and the stock has re-rated considerably.
Still, credit to DWS management, taking on debt to acquire Simplicit and Phoenix appears to be paying off, though more time will be needed to make a more complete assessment.