Ann: 31 December 2021 Interim Financial Report, page-19

@EarlySession
No problem.

The cost of equity is very subjective. I take 10 %, based on long term rates of around 2 % + equity risk of 8 %.
I tend to use an equity risk of around 5 % for most of the stocks, so 8 % includes an additional level of risk for ATP. Once again, it is really subjective, as you have to assess the risk.

Regarding distribution, their online distribution is so successful that I don't see them coming back on this strategy (I think online sales now represents 18 % of their sales). Perhaps, you mean that they should reopen their stores to sell directly to final customers. Yes, it probably makes sense in terms of margin, but don't know if they get higher returns selling via stores to final customers (as they have probably higher costs than selling online).