The current multiple is already on the higher side. The electric scooter business may not be as profitable as the ICE business, which means profitability at the consolidated level will be pulled down. Unless EV business improves profits, and scales up meaningfully, there is limited upside potential. Rest we know Mr. Market, the stock can go anywhere based on the mood. There seems to be limited margin of safety at these levels.
Disc: No holdings
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