DW8 Growth, page-10540

Looking ahead 12 months the cases run rate will be about 1.25M pa & GMV will be about $50M.

1.25M x $15 = $18.75M
$50M GMV x 8% (mix of Kaddy at 5%, Winedepot at 10% & fast payment at 2%) = $4M

Will have about $22.75M revenue in 12 months without further acquisitions.

The $1B GMV & 10M cases pa target equates to:
10M x $15 = $150M revenue x 20% margin = $30M gross profit
$1B GMV x 8% = $80M revenue all gross profit

$230M revenue & $110M gross profit less $30M overheads = $80M EBITDA for 5% Australian market share.

$90M EBITDA is circa $56M NPAT x PE40 = $2.24B MC / 2.63B SOI fully diluted = 85c SP.

I estimate 5 years to $1B GMV without further acquisitions.

Most likely a few more acquisitions will bring this forward to 3 years.