that may be so but this has a price earnings of 40 on a bumper...

that may be so but this has a price earnings of 40 on a bumper year. What’s more, there is a real limit to how big they can be. IKEA for example post revenue of $750mil a half year and TPW now post 165mil per half year. This implies perhaps 4x the revenue they have now if they can become as big as Ikea (not a challenge to be understated). it’s a big ask to expect TPW would be larger than ikea

even if they can become the same size as ikea Australia and revenue / profit grow at the same rate, then at the end of their growth rate a share price of $8 would be a fair price earnings of 10 given it is currently or is 40.

my statement would be the growth wasn’t priced in at $3 a year ago but it is fairly (not over) priced in at $12, don’t forget you’d need to wait years before seeing the profit growth come back as dividends if it ever does.