ATP - General Discussion, page-319

Based on past available earnings we have access to, it does trade at 2x though. Your future estimates may be right, but they are still just estimates until we have the actual data.

And even at 5x NPAT, conditions still warrant looking at a buyback due to under-valuation... find another stock on the ASX that makes this level of profitability that isn't something like a coal miner that has to contend with government ESG regulations.

Makes me laugh when you also see garbage in the 'luxury' space like Cettire which rockets based on a dodgy business practices/tax treatments instead of actual cash takings.