I must say it's never easy averaging down, and especially when a...

I must say it's never easy averaging down, and especially when a company has only recently listed and you don't yet know how much faith you can place in management! I'm glad now that I did (I'll put this one down to good luck), but I'll be looking to lighten up later in the year when we start cycling the 75% jump in EBIT that we have just witnessed.
I estimate ADH modestly valued at about 6.5 x EV/EBITDA based on FY2018 EBITDA of about $48m. It will be interesting how much of earnings they decide to payout to shareholders in light of continued store expansions and upgrades. Looking forward to how NZ is tracking.
Looks like the retail sector enjoyed solid December trading (perhaps sentiment will improve towards the sector), VTG NBL and now ADH all reporting pleasing results in the last two days. Of course there are always exceptions, MYR being the obvious example - but it is so poorly managed that I think sometimes it misguides investors about the true state of the retail climate!