Not sure we should be making a judgement as yet on growth as its only been listed 1 year. As for growing licence numbers, it's only natural for growth to slow the more licences it signs. Put it this way, in pure numbers terms FY14 showed 800k new licences versus 600k in FY15. A 200k drop is not the end, and there could be a number of reasons to explain this. Like I said one needs to take a longer time period in evaluating such numbers as I gather these figures fluctuate significantly. The bottom line is that there was still a significant growth in licence numbers and I would be alarmed if that stayed constant or fell away.
One more thing, not sure which company you are looking at but the valuation is definitely not astronomical unless you are looking at something completely different. On FY15 numbers and current share price 3PL is trading on 23x earnings. For a growth company that is fairly average stuff.
3PL Price at posting:
$1.86 Sentiment: Hold Disclosure: Held
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