Bingo has reduced its full year guidance from an EBITDA of $108-112, to $92-96m -- a drop of ~15% and putting it on track to match FY2018's result.

The main culprit has been a slowdown in apartment construction activity and increased competition that has impacted pricing and margins. Further weakness in construction will likely add even more pressure to margins.

CEO has said FY2020 will be a "transformational year" -- which I read as another year of flat earnings. 

The market's reaction has been brutal, with shares down ~50% after the announcement. This is not irrational; the market had priced the company for double digit growth, and that's clearly not going to happen any time soon.

In my experience, companies that remain more or less fundamentally sound, but have a sluggish outlook for a year or two before returning to growth, generally don't deserve more than an 8x EBITDA multiple 

ASX announcement is here