I agree, that's what the market valuation is.
It's saying we don't think you can maintain your current earnings in future years, because we'll give you 14% if you do. And that's just to match it. Any growth and you could make 50% in the next 12 months (see my last post for sums).
The two risk factors in the presentation mentioned LFL and wholesale decline (possibly USD as well). Those risk factors are huge, because even a 5% drop in revenue would be around -15m, and net profit is 16m.
I don't have faith in my own knowledge to be able to project earnings, so more focusing on SP mechanics and will keep an eye out for AGM guidence.
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