"This is incorrect profit was within guidance." Maybe, but the...

"This is incorrect profit was within guidance."

Maybe, but the more relevant reference point is what market expectations were... if market expectations were above guidance - and I sense that they were - then merely meeting guidance is not good enough in the eyes of the market.

Because, more important than this result (which, remember, is backward-looking) is what the market was expecting for FY2018.

And I sense that on the basis of this result - while it may have "met guidance" - those market expectations for FY2018 will have been wound back somewhat.

With the stock trading on prospective FY2018 multiples of some 22x P/E and 12.5x EV/EBITDA, according to my modelling, it looks overvalued to me.

It's not a bad business, but it certainly isn't a business that justifies those premium valuation multiples, I don't believe.