5 year post mortem, page-9

Given their tune around better positioning etc I reckon they'd want to do $150m revenue in FY25, taking out costs etc. they would want to generate EBITDA of $20m+ with similar positive cashflow. I reckon that would be quite a decent result in a turnaround year and lead to a modest share price recovery.

But in the current retail environment, their recent history, greater competition than a few years ago and with the transition challenges I reckon they'll struggle to get there in which case they may battle on for 6-12m in a hand to mouth state before a deal is done. The deal would either be above the current price (if they're putting out positive cash flow announcements) or another massive dilution event if they continue to struggle.

Just my opinion and I should stress this is pure guesstimate only. I've only put 5 minutes into this as I'm not invested here. Another reason I post no sentiment on this stock. But I do perform more detailed analysis for stocks that I do own. I don't have a crystal ball but I find having my own reference points for what I think the market MIGHT consider 'par' helps me form an opinion more quickly after each piece of news.