BoonyI own PPH as well and arguably a simpler business with...

Boony
I own PPH as well and arguably a simpler business with limited regulatory and cross border issues and they have been incredibly profitable (and growing organically) for some time. Add the fact that they are expanding into other areas and my back of the envelope calc was that PPH should have got 50% more

As for EML, there is no doubt that regulatory issues is holding back the price - not only in terms of the current spend to remediate the issues, but the fact that over the foreseeable future EML will be answerable to multiple regulators mandated to ensure operators such as EML are not laundering money and therefore there will always be a slight discount applied to such a business (not all locations have regulators like Aus where the regulatory cost is less than the profit earned off the law breaking activity).

Add a further discount for a culture in EML that has previously placed a lower priority to such regulatory issues and you have a decent ongoing discount until mgmt have proven that they are off the naughty step which may take years to fix.

Having said all of that, ~200m for a company like this which should be churning out at least 30-40m in free cash flow (that was the case in 2020-21) and the company valuation will follow