One element I did not notice before : the large impact of "depreciation of right of used assets" on their results : 29 m$ in FY 24 for a net profit of 34 m$.
So, EV/EBITDA is only 5.8 x (at 6.34 $).
But, I am not sure it is the right way to look at this company, as it has a large financing of its assets via leases.
Probably better to look at free cash flow (after lease) as it takes into account all the lease elements.
In that case, free cash flow is 28.4 m$ or 6 % free cash flow yield which looks cheap (at 6.34 $) given the growth profile of the company.
H1 25 will probably be strong given that the company has a low basis of comparison for sales (cf trading update for first 7 weeks), while it expects to keep improving its margin (both gross margin and CODB). Forecast for H2 will probably be more difficult given the higher basis of comparison.
Ann: FY24 Results Presentation, page-5
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