Fixed asset block is also declining YoY… They could be dismantling a few non operational sites as no tenants?

Wonderla was always a high ROCE business you should look at the unit economics of a park. ROCE was 40 % when parks were out of the investment phase and were buying expensive lands in Kochi, Bangalore, and HYD. now it will get even better if land which is 50% of capex is given free.

Fairly priced is based on an estimate that profit will grow at 12 % then multiple can be 24 times earnings ( 2 times growth rate ). So now if your profits grow 15 % for 5 years and multiple (price to earning or better price to cash per share ) stays the same in 5 years market cap will double and your stock price is expected to follow it. However, this is maths but in reality, your return can be higher or lower based on the mood of the people who are buying and what they think will happen in the future.

Let me illustrate how page industries differs here from rest of the players…

I am apparel retailer / wholesalers and i sell both Jockey, Dixcy, Macho and previously used to sell Dollar as well.

In Cas of Jockey, they have standard software which is supplied by the company to the distributor. This software simultaneously provides all the invoice data to Page and thus they have direct knowledge of last mile. Also, if we want to avail, any seasonal benefit scheme by the company, that billing has to be done through software only. Then only credit note get issued by the company.

While in case of other brands like Rupa, Dixcy and Macho, distributor uses local software like tally or retailware and thus often sell products under low margin disrupting entire market.

But even after this, Jockey distributors routinely undercuts each other by simultaneously opening another sister firm, selling products to that firm from company software platform and then selling products to retailers through sister concern at low prices.

So, even Jockey hasn’t got it perfectly, even after so many years.

How Dollar can overcome this?