I agree its not that simple, but using FY2023 as a reference...

I agree its not that simple, but using FY2023 as a reference point is a bit backwards looking. FY2024 looks a lot lower, and their H1 2024 earnings result is less than a third of their H2 2023 result, and analysts (for what they are worth) forecast going forward isn't a whole heap better. I'll agree that their stock is significantly cheaper than it was at their peak during H2 2023, but don't feel it is enough yet.

I'm here cause I am watching the stock for an entry, but feel there is more downside to come before that happens, potentially into the $4-5 range (technically) unless the industry rebounds. I haven't done a complete analysis of the stock as yet, but its current market cap is a bit rich for me atm given current and future cashflow outlook.