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19:00 09/02/2017

I think what may have disappointed the market is the lack of any mention around EBITDA performance, particularly of the oldest stores. If you look at previous trading statements there has typically been a mention. Hopefully, there is nothing sinister behind the omission and management are simply saving the detail for the full year results. Also, let's not forget the massive recent run up in the share price. DPP's market cap is now approaching £80m or roughly £2m per store. That is not far off DOM UK with its £1.8bn+ valuation and 850+ (cash generating, high EBITDA) store estate. Now I know that DPP has a far superior growth profile, which goes a long to explain the difference. But I suspect that until the market sees news around continued EBITDA ramp up and (above all) details around the timing of cash-flow break-even, the share price may struggle to progress further in the short term. I say all this as someone who has held the stock since it was below 20p, has no intention of selling and is a massive LT bull on the company

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