DW8 Growth, page-7348

Using revenue & growth metrics for April fair value should be as follows:
23,006 cases x $12.40 average = $285,274 x 12 = $3,423,288 annual run rate. YOY growth = 580% therefore 58 + 4 = x62 multiple.

$3,423,288 x 62 = $212,243,856 + $7,900,000 cash = $220,143,856 or 13.2c SP.
(Note: No allowance for B2B, only logistics)


Looking ahead for May:
30,000 forecast cases in May 2021 / 4,355 cases in May 2020 = 588% YOY growth therefore 59 + 4 = x63 multiple.

30,000 x $12.40 = $372,000 x 12 = $4,464,000 annual run rate x 63 = $281,232,000 + $7,400,000 cash = $288,632,000 or 17.3c SP.
(Note: No allowance for B2B, only logistics)


Looking ahead for June:
39,000 forecast cases in June 2021 / 6,612 cases in June 2020 = 490% YOY growth therefore 49 + 4 = x53 multiple.

39,000 x $12.40 = $483,600 x 12 = 5,803,200 x 53 = $307,569,600 + $6,900,000 cash = $314,469,600 or 18.9c SP.
(Note: No allowance for B2B, only logistics)