Ann: ADH Trading Update, page-15

I must say I don't put too much store in management adjustments for store closures (pun intended). Easy enough to say hypothetically my stores would've done X sales over the lockdown period... but then your online wouldn't have been as strong and what about the tailwind that lockdowns give to household goods demand in general? Trying to quantify the net total impact is an exercise in abstraction that you only engage in to manage investor expectations imo.

But I agree overall the stock looks cheap after this morning's sell-off. I'm a NPAT person myself and I'd think $50-$55m is a reasonable range for FY22. Circa $530m market cap looks like an undemanding valuation if you believe that's a reasonable base for further growth. Mocka being the clearest line-of-sight for that but hopefully Focus can also do some good numbers too over the next 6-months or so. More importantly, how does the business look over the next 3-5 years? Well that's the real question isn't it? I certainly don't have a crystal ball of course but I'd venture that the outlook is reasonably positive even as we transition into a covid normal world with more moderate demand levels for household goods.

@daicosisgod thx for the update re their new DC. Good news indeed!