LVT - Valuations, page-142

100%, I think you are spot on.

RE the discussion that was happening on competitors...

• The #1 competitor is Unily
• Unily attracted $68m in funding from Silversmith Capital Partners and Farview Equity Partners in Jun 2019
• They have an ambitious international growth strategy
• They are British based
• Unily achieved 60% YoY growth for the last 2 financial years (slower growth than LVT)
• Unily was founded in 2005 compared to LVT in 2014
• Unily employs 120 people
• Unily has a portfolio of FTSE 250 and Fortune 500 clients spanning a diverse range of sectors including financial services, aviation and FMCG and big brands such as McDonald’s, British Airways, Mars, Shell, Cathay Pacific, Microsoft and L’Oréal.
• Both companies will no doubt be extremely successful

Market growth for digital workplaces is expected to be from $13.4bn in 2018 to $35.7bn by 2023 globally according to MarketsandMarkets™.

We are at a mere 1.3% market penetration at the moment. There is enough pie here for more than one very successful company.

T.E.P.