Ann: Business Update and FY25 Outlook, page-92

DMP is serving specific market requirement of low price and appropriate quality. That market is always there in any economy.
In the investor presentation, DMP is expecting 3 to 6% same store revenue increase. If you assume store expansion is non existent for next two years, same store sales increase at 4% should provide $100m. If the DMP business expenses remain on same proportion as last 2 years on revenue, the $100m increase will absorb 65% variable increase in cost and providing $35m increase in bottom line improvement before tax. EPS increase around 25 cents per annum. At that rate $1.9 eps in 2026 Fy is very achievable even without Japan firing. Restructuring cost savings of $50m promised one year back is still to flow through.
What I am getting at is current SP is ridiculous low even after accepting Japanese market is going to be flat for some time. As much as $160 share price was based on DMP cracking Japanese market , current prices is based on DMP market collapsing. As we know ANZ, Germany , balance Europe markets are doing well, I am expecting share price to turn around with annual reporting period.