Ann: Publication of Research Report by Patersons, page-8

News just out - Temple & Webster IPO closes over-subscribed. MC = $117m with FY16 revenue forecast of $76m.

www.copyright link/street-talk
http://hotcopper.com.au/threads/temple-webster-ipo-by-bell-potter.2625706/#.VjvSSWtvXv0

So it looks like all of SHP's peers on the ASX are at least 4 times more valuable in terms of MC/revenue multiple, especially when none of them is EBITDA positive. T&W offer being over-subscribed is a sign of confidence in the homeware space.

Either you're expecting everyone else's share price to crash 75%, or SHP is significantly undervalued. Downside risk in GEG/E88/T&W vs upside risk in SHP. Your call.

Some tailwinds in the retail sector - overall sentiment is positive, AUD is still low, and GST law change coming in next year.

No surprise that all the directors and ex-owners have been sitting tight and topping up their holdings, despite all the persistent sell-down in recent 12+ months and a few traders at +/-10% stop-out.

SHP management needs to get their stuff together operationally in remainder of FY16, make another decent-quality acquisition, and re-rating is only a matter of time.