Hi Daicos,its Mal- i changed my nickname - you may remember me...

Hi Daicos,
its Mal- i changed my nickname - you may remember me from CWP some time ago. Hank Reardon is a secondary character from a very divisive book that happens to be a favourite of mine.

Looking at Google trends data- it seems that Mocka Oz is seeing sustained revenue increases of 100% due to the Covid churn event, and NZ seems to be smaller - maybe 30%? (Hard to say as they stopped online completely). Backing that out to full year it gives revenues in the order of 70m and EBIT in the order of 13m- if margins can be maintained in this time (which I am not sure about). Obviously some of that valuation increase is going back to the vendors via the contingent liability, but it is probably going to be enough to more than comfortably see them through this period stronger in the other side in a competitive landscape that has been maimed.

Just nuts to think about the relative valuation here compared to say TPW. From FY22 we will have a business with a well oiled local distribution capacity, with overall better leasing terms, growing at about 15%pa at the bottom of the cycle organically.