Vonex aren't profitable yet so PE ratio does not apply. We can...

Vonex aren't profitable yet so PE ratio does not apply.

We can look at future profitability though. In the half yearly report underlying EBITDA was 3.3m. This figure shows what profit would have been if there were no acquisition costs, migration costs, and the newly acquired businesses contributed profit for the full half.

So basically next financial year if Vonex decide to do no more acquisitions they will make around 3.3m each half. So this would be 6.6m over the full financial year. Note: I have not bothered to add any organic growth.
----------------------------------------------------------------------
I will do a PE ratio calculation using this figure:
PE = 10
Hypothetical FY23 NPAT = 6.6m
SOI = 333.5m
Share Price = x

10 = x / 0.0198
x = 0.197

Share price = 20 cents
-----------------------------------------------------------------------
However, management have communicated that they will continue an acquisition strategy. Acquisition costs will limit profit.

Vonex has a low market cap because they are not profitable. This provides an opportunity for investors who believe that they will become profitable in FY23.