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Great business, and at £300m it is probably undervalued - seems like their bankers are low balling it. If they grew 83% YoY in 2012 (from 151m to 275m) they must be having another stonking year after Comet's fall. A £300m valuation would probably only be 0.7-0.8 times the annual sales runrate at time of IPO, and even for a category with low long term operating margin prospects (perhaps 2%) that feels like a bargain. Put another way, it would be about the same price/earnings multiple as ASOS, but growing at twice the speed.