Cheapest growth stock on ASX, page-12

Yes market is forward looking but you are looking forward almost 2 years from now and then comparing it to the market PE for current values or results announced 2 months ago. Yes I think A2m is a good buy right now but it isnt 'cheap' unless it grows well. So growth is priced in and PE is still high compared to the market. It all depends on how much it grows over the next 5 years or so. We will only know in hindsight if it was cheap right now or not. If it can grow 30% again next year, then yes right now it is very very cheap. But if it only grows 25% this year and 15% next year, I don't think I would call the current SP 'cheap' although its probably not overvalued either.