Presentation slide found here Investors were expecting a lot of growth from Court's aggressive plans, however earnings per share for mar FY 13 is only 7.83 cents, a 0.05 cents drop from 7.88 cents last year. Its stock price had a great run up since IPO and initial investors were rewarded very well with over 40% gain. However at 13+ times earnings along with weak earnings growth, CourtsAsia looks a bit overvalued to me. I think this counter should be valued more towards 10-12 times earnings instead  and it may take a longer time for the market to adjust. Relatively if we compared CourtsAsia to Challenger which is net cash and trading at 10 times earnings, CourtsAsia definitely seems expensive. Two major risk on this counter would be its high gearing as borrowing increased from 135mil to 218 mil and secondly whether they will be able to ......