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The strategic transformation of the iconic Fridays brand operations in the UK provides Hostmore with not only the prospect of strong earnings generation but the model for future investments on the Hostmore platform. Fridays' own resources (a coherent strategy, robust finances and experienced management with a record of delivery) should marry well with growth opportunities on COVID-19 fallout, notably an unusually favourable property market and material reduction in competition. An EV/EBITDA of 6x FY22e and at a sharp discount to that of its peers (we estimate c 11x average) ignores Fridays' strong rejuvenation prospects, backed by our forecast of 2022 financials already well ahead of pre-pandemic levels.

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