Ann: Class - FY21 Investor Presentation & CEO Commentary, page-4

The strategy change means costs will be out of whack so focus on the revenue numbers. Once this program is complete, the costs will stabilise and so will margins, meaning the NPAT will normalise.

This stock is trading at about 10x EV/EBITDA that's growing around 20% for a top quality market leading set of products. Can't say it's expensive.