Ann: FY20 Full Year Results Presentation, page-138

Well to give you an example of how irrational the market is I was fortunate to get a good slice of the UNI lPO which listed today. Its traded at almost 17x PE this morning.

UNI is a specialty retailer targeting 18-34 yo fashion, their online sales presence has not gained any traction as they are very dependent on in store foot traffic, dividend yield of (5%) at 14x PE is much lower then current AX1 and UNI growth profile via store roll outs very conservative 5-10 new stores per annum with only east coast presence compared with AX1 store roll outs for this year yet the market values UNI at a higher PE to AX1.

Lets hope management release a guidance on friday now that the country (retail sector) is open for business and vaccine news is coming in thick and fast there should be more confidence that we don't get another Victorian like lockdown.

There should be a major re rate to the SP to the upside on AX1.