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While it's still in an uptrend having gone up 50% in a year I'll stick with it. My practice is to do valuations looking forward rather than back. On that basis, if its fully valued on last FY figures and growth was to be 15% this year then I'd argue it's 15% undervalued.
I do of course usually get things horribly wrong, so doing the opposite to me could be advisable.
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