Thoughts....23 Sep 2020 10:37
As a rough valuation, if the expected FY2020 revenue is £105m based on the update today, this is 48% of the actual FY2019 of £221m. Share price 1 year ago today was about 466 (adjusting for share consolidation/rights etc.). 48% of this gives a share price of 224 today. On a simplistic basis this indicates today's price of 65 seems v cheap. Of course we can't look on a revenue basis only, it's the future earnings/profit (which will be a loss this year) which should matter, but it does seem to be an excessive discount given the company is safe from a liquidity point of view until at least 2022, and events will be coming back at some point before then. Thoughts?