@Deloached
I have written on this many times.
Quite simply analysts are in love with the sales growth that TPW achieves albeit with a very small margin as they are selling someone else's product.
TPW are now spending millions to develop their own brands and again the analysts love it.
ADH smacks TPW on margin, brand ownership, loyalty program, NPAT margins and ROE.
ADH also have the added pedigree of having Brett Blundy as a former substantial shareholder and this has driven a very deep customer engagement philosophy across the Adairs group.
Eventually the market will work it out otherwise a Private Equity bid may ensue. And if I were PE I would fund a global expansion of Adairs as it is portable into new markets, it just takes deep pockets.
(20min delay)