In our opinion prelims on Tuesday ought to act as a positive catalyst for the shares which have drifted back since the positive pre-close update just 8 weeks ago and given a very exciting year ahead. We are expecting 58% EBITDA growth; improved profit margins reflect significant improvements to the model as 1) better buying and merchandising (and mix), 2) numerous platform enhancements, and 3) a progressively data-driven approach, increasingly bear fruit. Of particular note were significant new partnerships signed up over the year which endorse the strength and quality of MySale’s platform and which open up significant new inventory & range opportunities. Alongside a shift to re-engagement from pure recruitment, MySale looks like it is poised to enter a much stronger phase of customer and sales growth in FY18 and FY19. Indeed sales guidance for FY18 was upgraded to +15-20% back in July, which we forecast translates into 118% PBT/EPS growth. Retail Week recently noted “while traditional retailers still dominate in terms of volume of sales, the market cap of tech-led retailers continues to rise”. With MySale’s marketplace model (viewed as 1 of 3 key tech-led models attracting investment) now fully established, and having recently acquired a business in the same space (personalised kids book) as TechTrack 100’s no.1 growth company, there are several reasons to be optimistic about both the earnings outlook and re-rating potential, from just 0.7x EV/sales currently.