Can't argue the ATH (~AU$600m) was achieved during the COVID pump - as to whether we hit overpriced territory, that could be debated. I think one issue we're facing is that holders look at the SP at that time and incorrectly anchor a fair valuation at something less than this, as they probably do with the others you've listed (also, the stocks you reference are currently down >90% - RAC never got close to this fall off).
No fair value model I've considered comes anywhere near as low as AU$600m today. FWIW - MST Access currently value RAC at ~AU$450m. So, perhaps I'm the idiot.
Fair (peer) valuation would be sooo much easier if Storm Therapeutics was listed
Can't argue the ATH (~AU$600m) was achieved during the COVID...
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