Very small position for me - will add a few more if it dips...

Very small position for me - will add a few more if it dips below $1.

Pros
- Relatively undervalued vs peer group
- Sector tailwinds
- All existing shareholders (73%) escrowed incl management, very limited freefloat
- Clean balance sheet
- Decent JLMs: Morgans best local retail network going around IMO and Bells not bad either
- Soul Patts invested at IPO. I rate them as an investor.

Cons
- Iffy management history
- Escrow overhang
- Cashflow got absolutely smashed from FY19-20 - my biggest concern

Not a world beater by any means but I don’t see this going much lower and think there’s a reasonable chance it’ll trade back towards its IPO price in the next 3-6 months although time will tell. I’ve been wrong many times before...