mate, keep in mind the E in 2012 was pretty much NPBT / no, of...

mate, keep in mind the E in 2012 was pretty much NPBT / no, of shares - due to significant tax losses from its previous life as pacific dunlop.
the E in FY16 is NPAT / no. of shares with tax rate i think of 25% from memory. The organic sales growth from 2011 to 2015 from USD 1.2 to 1.5bn is about 10% organic and 90% acquired.

no doubt this is an acquisition-centric business and the tax, FX and emerging market headwinds are not good but fundamentally the shares are undervalued and due to the amount of free float i would not be surprised if theres an opportunistic takeover offer from a larger FMCG company... ANN a fairly capital-light business for a manufacturer and generates good FCF. product innovation has been good and its still no 1 or no 2 in a number of segments.. the manufacturing plants are in low-cost countries and rubber/synth. rubber prices are low (due to correlation with oil price).

emerging markets (incl. russia) exposure is more a curse than a blessing at the moment but over the longer term, that's where growth is going to come from.. not developed markets.