I take your point that licence growth should slow as more...

I take your point that licence growth should slow as more licences are signed. This sort of levelling out generally suggests a mature company in a mature industry but this company is still very small and given the size of the potential market and how small their market share is, you should expect growth to be strong. Especially if the product is actually any good and especially if you want to give it a growth valuation as you have suggested above.

The growth in new licences grew at a rate 25% slower in FY15 vs FY14. This is alarming especially given the fact that 3PL have access to all this additional funding to help grow the business.

With regards to the PE, there are plenty of different ways to calculate this. The way I am doing it is by looking at Note 34 - Earnings Per Share of the Annual Report. This has EPS at 3.04c. Using the last traded price from today of 1.87 the PE is 1.87/0.0304 = 61 times earnings. Sure this is conservative and ignores the pro-forma results but my reasoning with regards to this is on previous posts.

What specific calculation did you use to arrive at 23x?