TP $100, page-366

I have more work on DMP and these are my thoughts.
2023 Underlying NPT will be around $140M. Over next two years announced savings is around $30M net. In 2019 % of EBIT was 12% and DMP is working towards achieving better margins. With lower inflation around the globe this is already underway. This will provide further $40m within next 2 to 3 years. If you also add store expansion at conservative 10% for next 2 years it will add 20M+. After paying tax for these increase profit EPS will be back to $2.30.
At this earnings rate all concerns about debt level can be easily taken care of it. For argument sake if DMP raises $1B and retire debt , EPS will be still around $1.9.
Now at this very low debt in BS, market will value around 30 pe similar to industry average.
So I can see why Morningstar and few others have valuation of $60+.
You shouldn’t take all analyst predictions as gospel , they get it wrong most of the time like us.
DMP is real good value at these current range, but I can’t see it going back those glory days of $100+ range.