Ann: FY24 Full Year Results Announcement, page-77

I was also thinking about this company in terms of P/E earlier in the thread, but I think this chart nicely illustrates the limitations of trying to use a P/E multiple with a company that is not in a mature stage of its earnings profile:



As for the $4/sh mark in early 2023, important context: company was still burning cash, and the CEO had just resigned. It is in a very different position now. I am not (quite) stupid enough to try to call a bottom because determining what multiple the market wishes to award in the short term is a fools' errand, however for me this represents an interesting opportunity over the longer term given the structural growth anticipated in Megaport's addressable markets, not to mention the clear problem their product solves. To me this looks like a market leader that the market has fallen out of love with; for how long that is the case remains to be seen, but I have plenty of time. That said, I am a recent entrant - those holding from much higher prices may understandably decide the opportunity cost is not worth the wait.