Let's all be honest here and take it back to basics. This is a...

Let's all be honest here and take it back to basics. This is a company which resells goods. No it does not manufacture it's own given the "own brand" product suite. At the end of the day you're paying whatever multiple for a company which moves goods from one location to the consumer and in doing that clipping whatever margin is on the top. 

Do they have an economic moat? Does their market suffer risks from new entrants? Do they have pricing power? Will they suffer regulatory risk? 

No, Yes, No, Yes (GST)

Full disclosure: I was a holder but for different reasons none of which are to do with their future potential or market position. They were simply spitting out good numbers with solid customer growth and the market likes it, pretty simple.

If you're a holder, good luck but don't kid yourself that this is a market darling which will churn out cash and kill the competition. It's a retail play in a price-sensitive environment which aims to capture consumer's discretionary spending.