GXL Target Price of $8.03/share, page-8

I’m happy with management’s decisions so far re slowing the store rollout and canning the store of the future capex, at least until balance sheet has recovered a bit.

it seems to me that under new management GXL are entering a new more mature phase of their business cycle, perhaps suggesting a lower EV multiple is appropriate than the US and UK peers.

In the US, I noticed that integrated pet care ads were pretty common on TV (like no. 3 after medicine and insurance). Seems to me the model is successful over there. I also think we might even see greater success given the difficulties online retailers face here (distance) and I think pet ownership might be higher too (at least compared to NY). Wonder if management should be investing more in marketing..