Round 2 ISX vs ASX, page-1106

It could be reasonable to trade on same multiple, but only if the multiple was reasonable prior and the growth outlook is the same. if expected growth is lower and/or prior multiple inflated, it may trade much lower.

Monthly EBIT got to 2m in Oct 2019, so maybe at its peak a run rate of 24m EBIT and around 17m NPAT. Whcih woukd have put it on a multiple of 69. Assuming same multiple for 4m fY20 profit is a market cap of 275, or a decline of 76.5% to 25c ler share. The question remains whether a multiple of 69 is reasonable and realistic then and now.