Ann: Appendix 4G and 2023 Corporate Governance Statement, page-3

It's not its a dual pronged business.

One side is an infrastructure type entity being the aus component. It has a monopoly in the market and has matured. Excluding the costs for expansion overseas it would produce a NPAT of around 100m probably a tad more. This value by itself would justify the valuation roughly where it is now not even accounting for the value that international expansion may bring. The sad part is that the market is in a cyclical downtrend but when normalised 2b is not that much of a stretch for the value of the aud business.

Now talking about the international component. Thats the growth part, it has a TAM double Australia's in which if it can get a foothold can materially increase the value component of the stock. If executed right PXA should trade in the $20s. If not in the short term it would get hammered but will return to the infrastructure style valuation over time.

If you look past the noise there is value but do your own research