Given the rate of growth in online sales, pristine balance sheet and forward earnings estimates, it is likely to run higher than $4.20 (or at least my valuation puts it higher). In fact, 10 times forward EBIT is arguably too cheap, and I don't think we've hit that yet.
Lower rents, improved DC efficiency (not necessarily this year) increased demand (nowhere else to spend money), strong online assets and additional JK payments should put them at $68m EBIT on the lower end. And I've been too conservative the whole way through.. (the last trading update certainly suggests I'm too conservative)
The only impediment I can see is stock levels, particularly within Mocka - but I don't think it'll be huge.
EDIT: Anecdotally, I know 4 people who were waiting eagerly for the Mocka kids bedroom furniture range to come back in stock. It's very popular
Weekend AFR article, page-25
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Last
$1.88 |
Change
-0.015(0.79%) |
Mkt cap ! $328.4M | |||
| Open | High | Low | Value | Volume |
| $1.90 | $1.90 | $1.87 | $354.4K | 188.1K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 6 | 33200 | $1.87 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.89 | 1550 | 1 |
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| Last trade - 16.10pm 11/07/2024 (20 minute delay) ? |
| ADH (ASX) Chart |