I think you need to have a very aggressive growth assumption to allow for the current forward P/E ratio to be deemed anything other than 'full' at the moment. For example, PEG currently sitting at 3.8x, it's traditionally not considered 'cheap' until it's under 1.0x. PNV has always been richly valued which was because of the growth outlook - DW understands this and it's likely a big part of why he gave Swami the boot, because there was too much "go slow to go fast" whereas DW has been clear he (and shareholders) want much faster growth now. The valuation demands it.
The P/E does however look much more reasonable from 2026 onwards if they do indeed manage to double their NPAT from $7.6M (FY25e) to $15.9M (FY26e). Estimates appear to expect them to again double NPAT from FY26 to FY27. I think a key catalyst for the stock will be the sort of guidance/outlook they offer for FY26 in the post-Swami regime.
PNV Price at posting:
$1.31 Sentiment: None Disclosure: Not Held
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