Not to downramp or upramp but can't look purely at net cashflow and p&l for market cap.
Look at BUB's net assets (151m) much higher than KTD's. They have relatively strong cash position as well 36m with bugger all borrowings. Their 36m cash position alone is almost KTD's market cap.
Other than that probably market factored in branding (longer in the public) , potential, etc.
Ann: Appendix 4E and Annual Report, page-76
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