Happy Christmas everyone - this surely must be the best performing stock in the world this year. We have had all kinds of malarchy this year (ranging from the ludicrously derisory £7 offer by the MBO group to the unbelievable stupid move by Great Hill not to bid more than £14 to Izaki coming along out of nowwhere and effectively killing Flori's take-over to a comedy-style short squeeze).
The truth is that even at £210m QXL is not expensive. But it all hinges on Allegro - will there be a successful recovery of the business and under what terms and conditions. If yes we'll easily hit £200 next year. If not I see down side at about £75 a share giving a valuation of £140m for the rest of the business. Still in all, a far cry from £7 or even £14.
Qxl Ricardo stock quotes
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