Oroton are not going to open 40 stores in a couple of years - it just won't happen. The money may be put to work with organic growth but it will be slow. More likely some form of capital return with organic growth around 10 stores per year. Capital return sounds nice, but it doesn't give you 80% ROE, it just gives you the capital. That is why the company is overvalued at this price.
Ann: Chairman's Address to Shareholders , page-6
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