Ann: FY20 Results Announcement, page-52

I really like your thought process and analysis, but not sure that I draw the same conclusion. BVS has grown really strongly for 5+ years. They are forecasting next year may not have the same growth - now the reasoning is a bit mixed and poorly communicated, but seems that Covid-19 is essentially making it temporarily harder to sign new contracts and the contracting itself is taking longer. Right now, around 76% of revenue is recurring with contracts of 5-10 year timeframe. So while they are forecasting no growth next year and then a return to growth, they have plenty of time up their sleeve and a really solid foundation to base it on.

In my analysis, the PE ratio is more than fair if you believe growth returns, but the market is basically saying they think next year is the ongoing future of BVS and this to me is not justified. Hopefully the short term pain though is not too severe!