Worth a Read11 Mar 2021 14:31
It is probably worth sharing this article again. When it was published on 22 Feb, the SP was 38p. And the reopening of stores is much closer:
https://dkvalue.blogspot.com/2021/02/card-factory-be-greedy-when-others-are.html
"Conclusion
We believe that this is a typical case of ‘time-horizon arbitrage’, where high uncertainty is mistaken for high risk. This set-up provides one of the best risk/reward we have ever seen, with immediate and tangible catalysts that could propel the shares significantly higher: If we are right, we believe the stock can quadruple and trade at conservative 8x normalized earnings for a 12.5% free cash flow yield. Even if we are wrong, and assuming a worst-case capital increase of £40m (c.35% dilution at current prices and more than enough to survive 5 additional months of lockdown), we expect the shares to more or less triple."