Materially undervalued at current prices: Here's why, page-34

I think the one I am curious about is the retail network valuation. How did you arrive with that 180-200M valuation? This is the biggest part of your valuation and I just can't find anything to support it. Not saying you are wrong either (no idea) I am just curious what did you base your valuation on?

This is only in my opinion, not offered or to be taken as financial advice. Not recommendation. Do your own research.