I have DRO in both my portfolio here and in real life.

All I see is a company that is ripe for PE or a listed company to swallow for their coffee money which will be a lot more than the current valuation.

Ukraine has been the best selling tool for DRO, I am 99.9% sure they will be bought out within twelve months. EBIT and tax losses are nice, but this is a company that will be valued on market potential IMHO.

@Bradbury , not sure how sensitive your DCF is to the cash rate but for what its worth, DRO currently has 29.5m of losses on its balance sheet which I am assuming they can roll forward so they aren’t paying tax on future profits for at least the first few years in your model.