Ann: FY22 Results Presentation, page-15

The alternative view is that once they can achieve growth there will be expansion in both EPS and PE.

Now when that happens I'm not sure but in that year assuming starting off a 12 PE:

Let's say: 10% EPS Growth (28 eps) + 50% PE Expansion (18x) + 5% Dividend = 70% Return in Turnaround Year.

Also a pristine balance sheet at $40m net cash and working capital funded by client pre-payments. Taking out $290m of acquired intangibles (goodwill and customer list) they have an adjusted ROE of 50% which shows if they can sort out whatever they need to sort out they have upside valuation and a very efficient business model.