ADH 2.80% $2.20 adairs limited

The price they paid for Mocka is really surprising. Based on the...

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    The price they paid for Mocka is really surprising. Based on the expected final price (90-96 m NZD), they have bought Mocka on a basis of a free cash flow yield of more than 10 %, if you estimate that EBITDA is a good proxy for cash flow, like for other listed pure e-commerce players, while we know that they have a "low Capex requirement", probably around 1 m per year, based on the change of guidance by Adairs after they bought Mocka.
 
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