I can only marvel at the stratospheric performance of QXL - and say from here that a doubling of the price to around £240 will be attainable.
Because it's so tightly held there are only 46% of the shares in free float - and shorters have time and again over 2005 attempted to smash the price, only to end in failure each time.
Now that Mr Simon Cawkwell has opened a large short (but also gone public with a letter to FTSE) I think that holders will once again close in and force even him to close at around £140.
Added to that the Polish site which is highly profitable will more than likely be returned soon, but the gearing potential of the stock is phenomenal. Bid prospects are almost in the price for nothing, and I beleive there have been rumours of either Ebay, Google or Yahoo being interested. QXL may have a limited presence in the UK but in large parts of Europe it is king.
All in all I see a £200 price by Easter quickly followed by another run up. I obviously don't expect a repeat of 2005 (a 1200% gain) but 100% this year I feel will come sooner rather than later.
