Yes, you're right.
FY 24 NPAT should be quite comparable to FY 20, if we annualise H1 24 results (makes sense based on the guidance they gave yesterday).
I was also checking the number of shares. It has not changed much since September 20 : 171.9 m in Sept 20 to 174.6 m now.
So all the decrease of the share price since its all time high is only due to a derating.
I would not expect a quick return to the past rating, but a regular increase from now may be expected, given a better visibility on their business.
A valuation which still discounts a cautious scenario, page-19
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