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Hi Andy,
Thank you very much :)
Good insights! 
There is nothing wrong with the valuation except that the market always willing to pay a ‘resilient’ premium to be in RMG. 
In fact, to get RMG at let’s say 12x earnings, it’d need another crisis like sub-prime when the stock went below 20 times earnings (the price I’m willing to pay). But since then, RMG has been trading at high PE in the range of 30s. 
Honestly, I have been waiting for RMG for six years yet the share price has not match my valuation and I’d continue to wait… Warren Buffett waited Coca-Cola for 13 years. Lol!