Ann: Early settlement of deferred Mocka consideration, page-7

In the table below are some comparative financial metrics. In my view TPW is way over valued. These are based on a rolling 12 months to Dec'20. It will be interesting to see how the numbers stack up with August reporting.

	Column 1	Column 2	Column 3	Column 4
0		P/E Ratio	NPM%	ROE%
1
2	NCK	10.7x	23.50%	82.20%
3	ADH	10.8x	10.10%	27.90%
4	JBH	12.1x	4.00%	28.60%
5	PMV	18.4x	14.10%	12.80%
6	TPW	53.7x	7.80%	46.40%