I notice each of the IP firms on the ASX had similar results...

I notice each of the IP firms on the ASX had similar results which mirrored the slight decline in patent / trademark registrations across the industry.

Looking at the Trailing PE of each of the IP Firms:

XIP = 10
QIP = 14
IPH = 17

Forward PE At IPO:

XIP = 19
QIP = 16
IPH = 14

Valuation Expansion/Contraction:

XIP -45%
QIP -15%
IPH + 20%

What I find interesting is that XIP has actually grown EPS since prospectus yet lost -33% in SP through valuation contraction.

Is there anyone with industry knowledge able to ascribe reasons to why XIP is rated as a lower quality business compared to QIP and IPH?