FY2023 PAT of $20m with a MC of $1,170m means it it trading on a multiple of 58 times earnings
Even if you take their dubious earnings of $32.5m without R&D into Coris, it's trading on a multiple of 36 times earnings
Maybe it is worth that multiple given the sticky nature of the business, but it is high by any means and even if you takes their 'pro forma' view, Coris is going to take some time to ramp up
Anyway, good company with a very well regarded product, but the market still has to base the shareprice on something, and long term it will come back to earnings rather than historical share price (where market sentiment, interest rates etc were very different)
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