Ann: Interim Financial Report for Half Year Ended 31 Dec 2023, page-7

Have a look at their listed life. They've generated about $77m in EBIT over the 12 years to FY23. They've never really shown themselves to be much more than a company that has a couple of good years and then a couple of bad years. Throw into that some pretty ordinary management (these are real estate agents after all) and the market will more or less price the business as it does.

Reasonable business to trade the property market cycle, but you're going to be waiting a while for the market to price this as a growth stock, imo.