Livewire article on ZEN, page-44

You seem to be a little confused. FY18 NPAT was $8.47m, not $87m. FY 18 eps was 8.65c, using a PE of 10 would price this at 86.5c.

If using a pe multiple to value a company, the NTA is not added to the price.

The big question for me is : what will the future profit be? FY 18 second half eps was only 1.1c . The company is rapidly expanding its BOO operations, but we dont know what the profit margin is on that. Maybe they are expanding in this competitive area by offering marginal business revenue, growing revenue with very little profit.