Why the dramatic fall, page-5

PGH is priced amazingly highly for a mere local packaging company that has been buying out other competitors for growth. They don't appear to have much of an IP advantage with the variety of packaging types they offer. So it seems they don't want to give any hint as to how their acquisitions are going, and the rest of the bus is flat. Sounds more like a PE of 14 business than PE 20x. AMC is not really a good indicator for a valuation metric IMO.
PGH's leverage ratio was very high at the half year at 2.9. I would suspect a covenant would typically be at 3.5. I guess they'll be needing a crap raise soon, even if it is under the guise of an acquisition fully funded by an equity raising.

Using an EV of 7x my estimate of EBITDA gives an SP of about $3.28, 9x leads to $4.89. They are paying about 6.5x EBITDA for their acquisitions, but that includes a takeover premium you would think. Seems that the market is totally euphoric over this stock for some reason. ATM we are seeing quite a few stocks that have grown via acquisition being pummelled - usually there is a good reason why you will accept an offer for your business - two sides to the story. Often there is a bit of investment required after a few years, and packaging requirements change like the rag trade.