Good Value, page-11

Share another perspective for this undervalue:
Seven's PE is trading at around 6 and it is distorted because it includes tons of one-off profits.
PRT is using Seven's programs and it is the lowest cost operator with expense/revenue=83% Other big boys ratios all above 95%. Now PRT's PE is trading at around 4.5 and it is from its core NPAT instead of one-off stuff. Plus it still enjoys huge market shares in its regional areas although all things are deteriorating by a speed of 2% or so and the trend will just keep going like this...

If the market re-rate PRT's PE to 6 which is similar to Seven and Nine, it means we could enjoy a 30%+ return.

But hey, God knows when the re-rate will happen? Last year when the final report released, it jumped a bit but the market still gives it PE at approximately 4.8. I decide to wait it to fall to around 25 cents before I can accept it although it doesn't seems much possible.