Ann: Profit Guidance, page-4

MTO is an interesting case.
The stock is cheap with a free cash flow yield 20 of 18 % (after removing the effect of Covid) when the stock was at 1.94 $.
However, it may be justified as the company was ex.growth before Covid (regular decrease for the new motors market since 2017).

Not sure if the stock justifies a significant re-rating like most of the retailers and e-commerce, which should benefit from less net store openings and the regular growth of e-commerce.
The re-rating would be justified by a new dynamic for the motorbike market. However, I do not see at this stage which could justify it.
Anyway, the stock probably deserves a higher valuation (vs pre-covid) as this rebound of their business (even if temporary) enables the company to strongly improve its financial situation. In FY 20, they had a free cash flow of 34 m (FY 21 is also expected to remain high) which is significant for a company with a market cap of 145 m.