Ann: Half Yearly Report and Accounts, page-33

You talk in %'s as that's how they give the figures to make it sound good, same reason people keep underestimating growth in China.
They say OMG China is only going to grow 5% as opposed to the 10% they averaged for so long, in dollar terms that 5% is larger than the old 10% rises.
See how that works?
Amazon comes along and HVN grows it's revenue by almost $150m in a half and somehow this is them being hammered by competition?
Real valuation metric to be compared to KGN would need to take out property portfolio as KGN don't have one.
So based on revenue alone HVN is valued at $1.6b for $3b whereas KGN is valued at $844m for $210m
Again, see how that works?
Gains in KGN revenue will drop dramatically in % terms then so will the multiple it trades on, it will become a mature business before it owns any real assets and has zero defence against someone like Amazon, nothing whatsoever to differentiate itself.
Unless of course it goes into physical stores (which it's going to do), problem is they can't afford to buy them, guess who can?
HVN doesn't need to as it's already been doing that for decades