READ BELOW28 Jul 2021 23:07
We believe the company is now in a position to begin delivering rapid revenue
growth and a near-term transition to profitability. Based on our forecasts of
£50.1mln of revenue and £29.8mln of EBITDA by FY Dec 2023, we believe that the
current market capitalisation of £123mln leaves significant upside potential. For
example, if the market were to apply a 10x multiple to our 2023 EBITDA forecast,
this would imply a market cap of £299mln, or 143% upside to the current level.
We believe that there is potential for the shares to re-rate during the remainder
of 2021 as the business plan progresses through its next stages