Ann: 2023 AGM Presentation, page-19

You touched on the stimulus during the pandemic.

There were 3 profit stimulus effects that I can see. Firstly there was JobKeeper (about a 3rd of which was repaid). Secondly was a boost to sales that seems to have resulted from people being confined to home and engaging in a degree of comfort spend on minor luxuries (particularly as spending on many major luxuries was not possible). Lastly there were costs savings due to lower trading hours.

The temporary nature of the 2nd effect was underestimated by the market (which interpreted the sales as a long term growth trend), resulting in SP overshoot peaking at around $4 in mid 2021.

The effects of the return to normal trading conditions have likewise been underestimated by the market, which is now extrapolating a long term decline producing a SP undershoot.

The market is meant to be forward looking, but it's just not very good at it.

All IMO.