Why is NTO significantly cheaper than international competitors?

Is NTO significantly under-priced relative to peers / similar local tech companies?

Looking at a Price to Sales for the next twelve months we have;

Comparable companies
Docusign : P/S NTM - 18.95

Adobe: P/S NTM - 13.20

Locally;

XRO: 18.07

APT: 23.59

NEA : 8.31

NTO is currently at 8.09 which to me seems significantly undervalued when gross margins are 89%, Net Recurring Revenue is 117%, and 40+ mil of deferred revenue.

I feel like NTO should be trading closer to Adobe levls?

What am I missing here?