If you assume LFL like sales of +1.6% (based on FY18 excl...

If you assume LFL like sales of +1.6% (based on FY18 excl Diagou), five new stores opened at an average of 1.4m per store, incremental CODB of 2.5m, and no Diagou sales then you get a similar result to this year and an EPS of 5.8c.

This however I think is a pretty conservative view i.e. no upside in margin, and a very conservative view in terms of Diagou sales  (i.e. none), CODB at the high end of outlook.

No stores closed in FY18, inventory well controlled, and look to be hiring with a growth strategy in mind..

Very undervalued when compared to other retailers - I don't get the drop in SP. It was only just below guidance due to one offs and Diagou sales significantly tanking..

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0	Column 1 0	FY18	Sales LFL + 1.6%	Diagou (none in FY19)	New Stores (5)	Incremental CODB	FY19Sales	154.9	2.48	-    5.40	7.31		159.3Gross Profit	64.2	1.03	-    2.24	3.03		66.0Gross Margin	41.4%					41.4%Franchise & Other Income	2.0					2.0Cost of Doing Business	-    53.0				- 2.50	-    55.5	13.2	1.45	-    3.16	4.28	- 2.50	13.3 EBIT Margin	8.5%					8.5%Depreciation	-    2.1					-    2.1Interest Costs	-    0.5					-    0.5NPBT	10.6					10.6 Tax expense	-    3.4					3.2NPAT	7.2					7.2 Franchise tax buy back	1.8					1.6Cash NPAT	9.0					9.0

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