I listened to the call. I thought the deal was ok. Not anything...

I listened to the call. I thought the deal was ok. Not anything fancy that makes the market go nuts but decent enough to give market some reassurance. The deal is complementary to Adairs current product range and brings marketshare in the middle market furniture segment, i.e. diversifying ADH revenue. Post acquistion, the sales mix will be 24% Focus, 9% Mocka, 67% Adairs brand, as well as bringing online sales to approx. 30% of total sales.

For comparison, ADH pays 2.1x FY21 EBIT for Focus vs 7x EBIT for Mocka.

The bloody thing is trading at 9x FY21 PE, 6% fully franked yield, in an overpriced market driven by liquidity, especially when the Aus & US 10y bond yields are heading towards 2%.

So I think Adairs is doing fine, the deal is ok. Not all gloom and doom like some of you suggested.