Subject: Re: Reasonable price
Looking at the last few years, their net margin has been all over the place, from 2% in their worst year in a long time, 2022, to 8% in 2023, 11% in 2024, and 13% in 2025, for an average of 13%. If they had an average year with this net margin in 2026, with 15% growth in NPWW (down from 16% last year, 21% in 2024, and 25% in 2023), then the current price would represent 15x normalized net earnings.

Sorry, typo, obviously 13% is not the average of 2%, 8%, 21% thing and 13%. I misread my table, and should have said that 8% is the average of 2%, 6%, 11% and 13% (the last four years). The rest of the calculations and the conclusion are fine, though.