GXL investment thesis, page-61

The market will eventually re-rate GXL, it may take some time and patience though. Fair value is closer to $7, however I think we will stay around $6 until the effect from Amazon on the business is seen (a year or longer). As I've said before, Amazon will have a minimal effect on GXL compared to other retailers. This is due to sticky customers (loyalty program/brand loyalty) and Greencross diversified income in vet services.

Short-medium term I would take anything under 5.70 as good value. Long-term anything under 6 will yield good returns if you're willing to hold.

IMO/DYOR