I was a bit disappointed with the results and agree with the...

I was a bit disappointed with the results and agree with the market that it probably deserves to be trading slightly lower than where it was. Ord Minnett who seem to be the only broker covering PAC also seems to agree, with a slight decrease in its projected earnings per share over the next 2 years as well as its target price (down from $9.50 to $9.40)
I think as others have said, the market wants to see what PAC does with the proceeds from the IML sale. At the moment it is earning bank interest which is next to nothing. As per Lost's post of 28/2 there is potential for this to earn somewhere between $5-$10m EBITDA per year. We are also yet to see any benefit from the investment in GQG. If these 2 investments live up to expectations, NPAT could increase by around 30% giving annual eps increase from around 40cps to say 50-55cps, and subsequently a share price approaching $10 in 12 months time. A lot of ifs and buts, but I agree with Lost, the future looks positive rather than negative.