Yes, the valuation might not come in above $20 PS, however, you...

Yes, the valuation might not come in above $20 PS, however, you are forgetting the first principle of finance, 'The market reacts to information'. Now, the next quarterly results may not be great, but the trans tasman bubble announced yesterday is positive news. Additionally, the next quarter results should show a marked increase in sales and travel setiment, even if profit increased from nothing, its still positive. Then with some cross nation agreements with Singapore and others, we should see further travel bubbles open, thus more positive news. I would anticipate on its current trend and the likehood of some positive results, the SP should be back around $35 this time next year. I would even expect it to spike once we recieve the EOFY results for FY21/22 to over $50 PS.