Because Mr Market, it is a one off.
The market is looking FORWARD a year or more. The result is looking backward.
earnings NEXT year should be at least 31.7 cps or better as NZ operation continue as normal without supporting the bleeding Aussie operations.
therefore the market believes 100m is possible
giving a forward PE of 18-19ish (@$6)
obviously someone behind Tindall thought a PE of 15 was way too cheap.