Livewire article on ZEN, page-7

That article was written just before the full year results were announced.

I think the low second half revenue and profit casts a big question on the claim of "Infrastructure-like quality"

I see 3 ways in which the low second half earnings will impact on the valuation:
1. lower current earnings directly giving a lower valuation, even using the same multiple/PE.
2. lower growth rate giving lower future earnings forecast.
3. lumpiness of the revenue causing a lower multiple/PE to be used.

This could fall alot further, it was 46c just 12 months ago.