Nice prospectus with plenty of pictures - prob looks great on glossy paper

https://kathmanduholdings.com/Docume...ok2Kpn-VtOHqsQ


Pretty high margin business and the proforma accounts look pretty good .... not leaving much debt in $70m) but then again vendors not retaining much of an interest either

Growth based on new stores

But priced at 13-15 times NPAT is getting a bit on the high side .... wouldn't want a bad result in the first year or so and they will br crucified