Just another company with too much elusive goodwill on their balance sheet. They did grow by acquisition and paid in my view ways too much for City Farmers, weighing now heavily on their balance sheet.
They harvested in their purchasing spree a long time ago all the low hanging fruit - everything they now can buy would only further dilute their EPS.
Sure - they look still cheap if projecting past growth rates into the future, but if we assume that any growth from here will only reduce the EPS - what are they really worth? The current PE of 13.7 is probably still a bit dear ... and that's not even taking amazon's arrival into account.
Discl: used to watch, but never got myself to buy into.
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