That's US$34m (~A$45m) => (NPAT)PER closer to 7 than 10;
If you allow 100m for non operational componet of valuation (ie Toliara), then NPAT PER ~ 4.44.
Seems a little heavily discounted relative to some of its operating peers...
An EBITDA margin ~ 55% ... seems pretty healthy to me ...
Have a great day
