Looking at the 'Normalised LTM20 NPAT' for Kina Group with all...

Looking at the 'Normalised LTM20 NPAT' for Kina Group with all the acquisitions combined it says the LTM20 NPAT would be 162million PGK (62 million AUD). That's massive. Considering with the scale there should be cost efficiencies, with the aquisition of competition it should give them a bit more of an economic moat and being in a growing sector/economy I wouldn't be surprised if in the next few years the NPAT moved closer to 100million AUD once all the business combination costs are paid for and debt paid down. Yet it is trading at a market cap of 260million? I feel like I'm missing something like maybe the earlier capital raising the shares aren't included in the market cap at the ASX? Any technical ideas lemme know