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NB: If all that sounded a bit bearish nothing could be further from my mind. Assuming they hit 100 stores by end of 2020 at which point 75% of the estate is close to mature i.e. £0.1m EBITDA pa. That's £7.5m of EBITDA x a multiple of 20 as per DPEU would suggest a EV of £150m. Sure there will be some small dilution to investors from the interim placing. But that's still significant upside from today. And more importantly takes no account of the "hope" value of self-financing continued expansion at that point, which Mr Market will also factor in. So I would argue tuck in at these levels. And leave. I can't imagine (barring WWIII with Russia) there will be a much better opportunity than today's level. Just a shame that Rome was not built in a day...
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