@gosouth Yes. You're right. If we look on a PE basis, it probably makes more sense to use PE 21, rather than the trailing PE (always high for growth companies).
In fact, I used the trailing PE (37.5 x) that they show in their presentation to London Business School. In that presentation, they show a comparison with Talemon (Finland) which has a trailing PE of 64.6 and Focus Financial Partners (US) which has a trailing PE of 99.3.
My point (probably the same than KPG's presentation) was mainly to say that KPG can continue to re-rate, based on other valuation metrics, in particular free cash flow yield (usually my favorite valuation tool). Anyway, we know that valuation remains very subjective and mainly depend on the main assumptions we use.
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