Aquisition price $744m and was supposed to generate EBITA of...

Aquisition price $744m and was supposed to generate EBITA of $80m but has only generated $42m annualised for FY22 ($25m x12/7).

I was concerned myself when I read about the purchase of the Auto Pacific Group in the first instance, but I need to see a bit more before I reach the conclusions you have.
When they talked about the potential of APG to generate $80m in EBITA, they did suggest that there would be:
"an expected skew to H2 CY22 (i.e. H1 FY23) to align with new vehicle releases and seasonal demand".
This, together with their comment in the Annual report for 2022 regarding :
" a sharp increase in volatility in new vehicle supply across Q4 significantly impacted APG's revenue"
leaves me hoping for a better 2023.
Their results have always been a little clunky as they are so often cluttered with the inefficiencies linked to a new acquisition, or, in one instance, a sell-off of a division.
When you add COVID lockdowns and supply chain issues to the mix, it becomes hard to evaluate the past in order see the financial future clearly.
I think they've been a solid performer over the years although I too don't quite get the interest in "Water".

I'm prepared to wait a little longer and watch, if for no other reason than the SP is quite low at the moment.