Ann: FY2023 Shareholder Report, page-7

I must say I was very surprised to hear the MD make comment on the value of LYL shares relative to other players in the sector : MND, SRG and GNG. As we know management are quite modest, conservative and more focused on building the business rather than talking themselves up.

So I looked at the comparative numbers that count for FY23, as of today.

EV/EBIT MND 16.2x SRG 6.8x GNG 7.3x LYL 4.1x

5 Year Average NPAT Margin MND 2.9% SRG 2.4% GNG 3.3% LYL 10.4%

I contend that LYL are the best managers in the sector and the net margin over a number of years backs this up.

Compelling value.