RPM Automotive is an emerging player in the automotive aftermarket in Australia. A particular focus is on tyre dealerships where it has been acquiring heavily. The company is also seeking to build a roadside assist business. In FY21 revenue grew 30% to $45m, while EBITDA went up 32% to $3.5m. A capital raising in late 2020 has provided funds for further acquisitions. We see RPM benefiting from a general recovery in automotive spending in Australia, as the country emerges from lockdowns, and benefiting from leading a consolidation in the tyre space where customers are looking for more specialised offerings. There are no consensus numbers available for RPM, but the company is trading at only about 1x FY21 revenue, which we believe is low.