Agreed that any financial analysis makes this stock look over-priced significantly, but the deals they have finalised over the course of this Half-Year will not bear fruit for a while. When they've landed deals such as the CommBank Deal where they are expecting 257 Million deliveries over the next 5 years, that has to be factored in somewhere.
The SP re-trace/re-rate in the short term will most likely be dictated on how soon we will see this potential growth come to fruition. However in the medium/long-term I only see this going one way.