If you based your analysis of the SP on current earnings then yes, it probably looks over-valued.
I'm pretty sure that the market is factoring in future growth because, as we know, an SP generally considers what's ahead for a company.
It looks as though the market believes that the company will be able to grow it's market share in the US, EU & Asia. Those markets are so extraordinarily large that any headway made at all by the company in those areas means much larger profits.
The company does need to keep the growth coming though, or the SP will react IMO. I saw in the presentation further mention of acquisitions.
Just my thoughts.
Good luck!
Ann: CTM 2015 Half Year Result ASX Release, page-14
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