@mal85 Hey mate, just had another look at gap over the weekend....

@mal85

Hey mate, just had another look at gap over the weekend.

Pretty impressive year considering the restructure, resin and currency headwinds.

With adjusted ocf of about 20mil and stay in business capex of maybe 4mil/year on an ev of about 105mil the fcf yield is ~15%.

They appear to have spent a bit of money on streamlining for US growth.

How are you modelling earnings going forward if you don’t mind my asking?

Presumably h1 will be seasonally a bit weak which might be keeping the scare price depressed.

Any other specific headwinds to consider at present (apart from resin which hopefully has peaked - amcor seem to be suggesting it has).

How do you think the currency this half will have affected earnings?

Thanks.