Yes Daicos, its hard to believe on those raw numbers that TPW has a market cap of $1.45bn and ADH is just $675m By my estimates, the ADH online business as a separate entity is just one year behind that of TPW, so why the disparity of market cap? Plus, they have better margins online than TPW. This time last year, the market cap of TPW was around $991m for an approximate business similar to the current ADH online business - so we are getting all the bricks and mortar for -$346m - even the village idiot will work out the extreme value here or maybe the over valuation of TPW.
I'd like to think that FY22 will be the year that ADH is recognized for the value of its online business + the strengthening of its bricks and mortar now supported by cost savings due to central distribution with no doubt, robotic pick and pack plus other exciting technologies.
ADH Price at posting:
$3.99 Sentiment: Hold Disclosure: Held
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