chart, page-138

Great point about management conducting DD for a significant period of time prior to the sector becoming hot. I have no doubt that the vend will be quality and if it is already producing significant revenue that will lead to a genuine fundamental rerate. What I think is special about this play is that while quality vends generate a rerate by the market on fundamentals, a quality vend timed correctly in a hot market can lead to significant share price appreciation. Which if sustained can form the basis for additional growth in the business.