about 0.6, if follow rbl valuation, page-15

good post Mal, thanks. I agree the big question is revenue growth rate - hence my original post on this thread here. My second post too was trying to make the point that upside to share price has to come from revenue growth as lower costs won't justify the valuation without better revenue growth (apologies that message was not more explicit).

11% growth last year is far too low for an online retailer, as is 15%. I have no idea what revenue growth TPW is likely to achieve but I've just been looking at recent mgmt. statements, the web traffic analysis (eg, Similarweb as per above post), and the trend in growth (which seems to be declining), and it isn't clear to me that mgmt are sufficiently prioritising growth.

If they can do 25%+ rev growth, the FY19 multiples look very different indeed (~7x), but how can we get a better handle on the likely rate of growth?