Well, if it maintains this growth for the next few years it's core earnings will be substantially higher than now.
In that case it would not even need a rerate to come close to doubling. A rerate of any material kind with sustained growth will this more than double easily over a few years.
No idea if that will happen or not. However I look at something like SWF with market cap over $100m and just making positive ebitda v SEQ at $70m. Market is saying everything outside of Morrisons is a liability.
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