If you look at the TPW valuation, you're paying $570m (excl cash) for an online retailer growing at 68% p.a. (as of last update). EBIT in the toilet compared to Mocka.
A further comparison:
TPW
EV: $570m
Rev growth: +68%
EBITDA (1H): $7.1m
Mocka:
EV (at purchase by Adairs): $91m
Rev Growth: +50%
EBIT: ~$10m from acquisition presentiation forecast). Using same margins (25%) on $48m revenue, it's more like $12m
Here's Mocka, with higher EBIT margins and a slightly lower growth rate valued at basically nothing. The entire ADH market cap is well and truly justified by Adairs alone.
By the above pricing, Mocka is basically worth the ~$353m MC. (Although I think TPW is over-priced, so relative valuation alone isn't great)
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Ann: ADH Trading Update and FY20 Group Sales Guidance, page-9
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Last
$2.18 |
Change
0.040(1.87%) |
Mkt cap ! $385.2M |
Open | High | Low | Value | Volume |
$2.16 | $2.19 | $2.14 | $962.8K | 444.5K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
6 | 18266 | $2.17 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$2.19 | 17087 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
6 | 18266 | 2.170 |
1 | 20000 | 2.160 |
2 | 25788 | 2.150 |
7 | 21869 | 2.140 |
6 | 13939 | 2.130 |
Price($) | Vol. | No. |
---|---|---|
2.190 | 17087 | 2 |
2.200 | 14106 | 7 |
2.210 | 7500 | 2 |
2.220 | 2904 | 3 |
2.250 | 6699 | 3 |
Last trade - 16.10pm 08/08/2025 (20 minute delay) ? |
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ADH (ASX) Chart |