Great update. If they were't in the mode of reinvesting their earnings for growth, then they would be EBITDA positive in the next 18 months.
I'm not as optimistic that the Australian lockdowns are a net positive - just given the extent of the Sydney lockdown - if it were short and sharp lockdown then I'd agree - Good thing is however the surge in demand again on the other side (Spring School Holidays, lead up to Xmas) and into 2022 will be tremendous. It really will. This will be Christmas Holidays 2020 on steroids after the Sydney lockdown ends as you'll have the added bonus this time that as the year goes on more and more of the population will be vaccinated (and confident with their booking plans compared to the last 18 months). Really looking forward to see the Q3 2022 numbers - and they're valuing this business at $50m?!
I was hoping that they had more commentary and numbers specific to UK (and Spain) growth as they return to normal. This would gives us a true indication of the 3 growth factors that could catapult the earnings in the next 2 years being i.e. 1) Growth via Penetration into a new geographic market, 2) Growth via A largely vaccinated and re-opening economy (2-3 year temporary surge) and 3) the Structural Growth simply from consumers realising this is an option when holidaying ( i.e. the AirBnb of Motorhoming).
Good start to their journey as a 'listed' company. Beats NUIX anyways. lol
I'll be buying if there's further weakness due to the temporary noise of the Sydney lockdown.
CHL Price at posting:
$1.30 Sentiment: Buy Disclosure: Held
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