Ann: 3P Learning Investor Presentation FY2015, page-20

As per usual, I use underlying results to derive my numbers as it cuts out all the one offs and paints a more normalised result. If u use statutory numbers you could get potentially very disparaging multiples from one year to the next. The IPO one offs won't be repeated so there is no point including them in your final bottom line so u might get a 61x Pe in fy15 and then 20x in fy16 so those looking at current numbers might go oh very expensive when in fact it is fairly valued. I do agree with you however that management needs to do more to promote and sell. But like I said give them another 12 months at least. They are still growing, it's not as if they r not.