You have assessed the following information for SpaceNet Ltd. based on your expectations of the company over the next financial year:

Operating profit (before-tax) $13.8 million Taxable income $10 million Company tax rate 30% Authorised share capital 10 million

Issued share capital 7.5 million shares Current share price $21.60

Based on the information provided, calculate the companys price/earnings (P/E) ratio and comment on the companys growth prospects given that the industry average P/E ratio is 12 times.