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)
ADH Price at posting:
$2.35 Sentiment: Buy Disclosure: Held
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