I've stumbled across this stock today and trying to work out...

I've stumbled across this stock today and trying to work out what's up with its shareprice.

Looking at 2012 annual report results I saw the following:

1) Equity per share - $0.77
2) Payout ratio - 18%
3) Return on equity averaged over 2 years - 39%
4) Return on equity according to macroaxis - 29.86%
5) Price to earnings ratio - 4.67
6) Debt to equity ratio - 0.22

I noticed the half year results released November 2012 indicated that equivalent earnings were down 50% on the previous year. Still, it's making a profit and minimal debt.

If I use a low ROE of 18% and a conservative RR of 14% I still get a valuation of $1.19.

Is the share price at a significant discount to its actual value or am i missing something very significant??

PS. probably won't buy this stock but wanting to learn as much as possible about getting my valuations roughly on target.