Ann: 1H FY24 Results Presentation, page-5

"the market seems to have missed what has been quite a steady growth story"

It also seems to have missed the outstanding growth that has occurred in North America. From North American revenue of only A$1M in FY19, Mader has proven its business model there with $132M in FY23, and $94M in only the last 6 months. Yet they have only started to scratch the surface. This makes it very hard to understand why the forward P/E level now (approx 25) is much lower than it was after the FY23 reports in August 2023, when it was nudging a forward P/E of 40. IMO any company achieving this sort of growth in NA should command quite a P/E premium for the growth rates on offer.