Ann: Becoming a substantial holder from WMI, page-3

40 consecutive months of positive LFL sales and longer term opportunity of 160 stores from current 112 stores.
Not hard to see this re-rate from a PE of 8x to 15x if they can continue the positive operating momentum.
Latest October update of +44% LFL sales v pcp and online sales +116% bodes well for Xmas trading.

You can clearly see the operating leverage due to the fixed cost nature of this business.
No one knows how well they will execute longer term, but hard to see them performing poorly over the next few months given the current operating trends.