DW8 Growth, page-8942

IMO the cool off is because expectations tied to the B2B market have not been realised. A prevailing concern of mine is the lack of transparency around the bibendum sign ups and B2B penetration more generally. Lockdowns, of course, have not helped.

The Parton acquisition appears to be a pivot in the business model back towards a more logistics heavy operation. Hence the SP shouldn’t demand typical tech multiples. My priors are that Dean has realised the foundations weren’t solid enough for the type of B2B penetration we were led to expect, hence a return of focus to market offering (SKU’s and serviceability).

I do believe that if the foundations are there, the B2B will follow. Hence I strongly believe in the growth prospects for this company, albeit with a much longer horizon than I originally thought.

moat wise, the endeavour demerger does present risks to this model IMO. I can see endeavour aggressively pursuing the B2B market that DW8 is trying to establish a toehold in.

With monthlys no longer, I anticipate that (in the absence of major Ann’s eg acquisitions) the SP will drift sideways or lower in the short term. The quarterly will be hugely anticipated, and if an irresistible entrance point arises, I am willing to buy in and take a punt on the quarterly figures.

quarterlys next year I am incredibly bullish on. I think these prices will be a distant memory in 2022.

my opinion only, good luck to all.