Ann: Early settlement of deferred Mocka consideration, page-6

I read this that ADH have offered to settle early because they are (a) v happy with performance of Mocka and let's face it @ 7x EBIT that's a good deal (b) they intend throwing some serious money at its improvement and do not want to have to pay off to previous owners the benefit of ADH's extra efforts (c) to pay out now says they have a serious plan to execute NOW (d) to pay out of cash reserves, given the serious CAPEX into distribution centre means they are confident of trading generating FCF, going forward.

The biggest quandry with ADH is the disparity of SP when comparing it with TPW.

I can only offer two reasons (a) the love affair the millennial investors and trendites have for all matters technology (but the ADH T/O in its online channel is almost as big as TPW, maybe one year behind and (b) the markets serious undervaluation of an omni channel player with serious turnover and with a strong physical presence (which is now been sought by Amazon et al).