Whilst I can’t specifically fault your analysis, it doesn’t seem...

Whilst I can’t specifically fault your analysis, it doesn’t seem right to me. Sense-checking:
net debt Dec 2019: 48m
FCF H1: 18m
accounting for- seasonality (H2 stronger), higher contribution of Mocka, this half looking like pushback of demand rather than complete drop in demand- sales look like they will be up a bit overall compared to pcp with the information to date (my above post), then added in rent is improvements + jobkeeper, I would have thought it would have to be better than 30m. I also think margins are going to be better- anecdotally noticed less discounting and other retailers have managed to increase margin (if you look at profit versus sales they all seem to be reporting improved profitability). Although this might seem aggressive- the full lockdown period was only 5 weeks, the first 11 weeks were better than the pcp and I think normally May-June (looking at google trends) is stronger than Mar-April anyway, so it might not be far off.

Will be interesting to see- hopefully they put out an update next week. The good thing is as they cancelled the dividend before the record date, unlike many other businesses, current, as opposed to past, shareholders will benefit the most from resumption of any dividends that come.