Patersons confident, page-16

I think there is some takeover/sector consolidation value factored in already. Would anybody pay 30% more than the current val to buy this if it is possibly flatlining? I'm not sure. It is possibly at 16.5 times now, and that is a lot for a co that is possibly ex growth. Possibly 13 to 15x more suitable without recent takeovers activity? I'm just making up numbers - but JBH for example is at 13x - in a different sector without the same consolidation happening, and roughly flat earnings, and similar gearing.