Ann: FY20 Half Year Results Presentation, page-20

I initially purchased in the low $2 range mid last year. Stock definitely doesn't look as much of a bargain as it was then but still happy to hold.

Even if they miss low end of guidance by 10% --> $18m NPAT, 14.1c EPS, 9.9c Div is reasonable @ ~ $3.50 share price so reasonable margin of safety imo.

If they can continue to roll out a couple of stores per year for the medium term, plus the natural benefit as 0-3 year stores mature (higher revenue and EBITDA margin on 4+ year old stores), this should be a portfolio position that just trucks along with limited fuss.