Ann: MOZ - Market Update, page-28

Just a suggestion, I don't think you should give so much weight to the pre-covid price. Since then, capital has been raised and so the business value diluted - also many stores were closed so it is a smaller (but one would hope leaner) business now. If they can recover, the mix of in store and online sales could mean a more robust business model but we are yet to see the instore sales support this conclusion yet. Management seem optimistic but their optimism from the last quarter has proven incorrect so it is not surprising the market is being cautious about this.