Well Nippa, there are good reasons for it. Of the $60+ million spent on acquisitions, $47 million has been from cash. That's impressive over around 3 years of buying, all going to bottom line once acquisitions are complete. Most companies put in a little cash and either raise capital by SP and dilute the shares, or go into large debt. Nope, VRS paid $47 mil in cash.
Now look at the figures. Revenue $125 million (guidance around $90 mil) matches that of around 2016 when the share price was 37c. The difference is, this time it is growing, so will continue to rise. It was easy to see this would happen given the contracts, the acquisitions (with performance targets), and the benefits from synergies.
P/E of 4X @ 21cps. That means roughly 5c per share x around 350 million shares = around $17 million profit. Again roughly around the 2016 figure when the share price was, as stated, 37c.
Fundamentally, a P/E of 4x is very low for a company of this nature...safe industry, high liquidity, good margins, on-going substantial contracts, nationally recognisable leading brand, one stop shop: surveying to planning, paying fully franked dividend ex end August.
Current price target. You put a price on it (suggest starting at...37c).
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