all makes sense

Great plan being unrolled - all makes sense - greater leverage of DCs and advertising, and greater presence. Growing annual profit even while still dealing with Ipswich DC probs in first half, and significant roll out of new stores.

Second half can be deceptive as the first half includes Christmas shopping.

Factor in another 15% growth (to be conservative) and a suitable multiple for such growth of (say) 14 times and you have an SP of $14. However you could factor in lower costs per sale (greater leverage marketing, distribution, spreading of overheads etc) once they have covered the map and they then can reduce cap ex, (depreciation). So maybe a DCF will show a yet higher figure that will look better and better the closer to the completion of a national rollout.

Obviously there are risks to investing in WA, but it is not exactly another country with different customs - some difference in shopping hours regulations perhaps.

Product range is mostly stuff that does not compete with e-tailers too much as well.

Good long term buying under $14 IMO. Seems a great opportunity, and I think somebody with deep pockets has been keenly accumulating since Aug 16th.

DYOR