Ann: Management Change, page-423

I’m speculating that bankruptcy, rba demand destruction, insane macro environment & wild 6% risk free rate has already been priced into the SP since mid last year. noticing many other micros jump minimum 50% off ATL just off of news of funding secured. I assume dw8 is no different and base case insolvency/ insane debt burden is already baked in. Otherwise it becomes quite hard to justify 0.3x on forward 12 mth rev for a business growing underlying metrics from 10-60% MoM.

im making the assumption too- that in the case where funds run out- mgmt will raise again instead of wrap things up.

Furthermore- latest spending reports show the consumer is in a great place, spend is up MoM again, employment is at ATH, and mortgage stress not on anyones radar.. could change in 6-12 mths.. but that is also speculation.