From this mornings Livewire - small caps to follow Jess...

From this mornings Livewire - small caps to follow

Jess Farr-Jones: When I think about stocks that can experience really exciting growth stories over the next five years, two areas that I'm really attracted to are e-commerce and generative AI. So with the first bucket, there's a stock called Cettire - Regal is a substantial shareholder. It's a global luxury e-commerce platform. It's a founder-led business. It's only ever raised $40 million of capital in its history, and it's managed to use that to fund extraordinary organic growth, with the top line growing from $6 million in FY19 to over $700 million of revenue this year. So it's had absolutely extraordinary revenue and earnings growth and free cashflow. We think the opportunity is there for them to continue growing rapidly as they enter China, imminently the largest luxury market in the world, and it's still only trading on 27x FY25 earnings. And compared to another e-commerce name like Temple & Webster, which is on 80x, we think that there's still room for a rerate in that name.