true but FY20 would have shown lower growth on the FY19 which...

true but FY20 would have shown lower growth on the FY19 which would have highlighted how the rate of growth was slowing faster than actually panned out due to Covid in FY20.

Growth companies are priced based on how long and how fast they can continually grow. There is a point where they are no longer priced as growth companies and are re rated by the market. Covid originally clouded the real rate of growth then in FY21 it has flipped that and savaged the growth. Now no one knows how permanent the damage is. Until they can prove they can grow again at strongish rates the jury is out and SP will be depressed. Don't think they'll get the benefit of the doubt given the last 3 months.

Comparisons to historical SP's (as made in another thread on here) where revenue was similar to what is now forecast are naive and not relevant at all .