Ann: FY21 Results Announcement, page-14

Births down around 6% in Victoria this year - might be the same around Australia. Outlook a bit soft just based on that.
Might not hurt to look at the statutory figures, PE is about 43x not counting 8m performance rights. They are hitting that PF angle very hard and it is fantasyland stuff IMO ignoring genuine normal business costs such as incentive schemes (which they keep doling out) and planning and investment in improvements to the business as copied from the notes below:

1. Pro forma financial results have been calculated to exclude the following items (refer Directors’ Report (dated 13 August 2021) for further detail):
a) amortisation of performance rights (LTI) on issue ($4.6m)
b) shares issued under the General Employee Share Plan with no monetary consideration ($0.8m)
c) cash incentive payment to participating executives in connection with EPS performance rights (FY16 to FY20) granted in October 2015 as part of the
Company’s Long Term Incentive Plan ($2.8m)
d) transformation project expenses relating to:
a) assessment and when necessary, replacement of core information technology systems. During the year, the Company incurred $2.9m of non-
capital costs associated with the implementation of a new online store, merchandise demand planning and replenishment system, order fulfilment
systems, Loyalty system, People systems and assessmentof digital technology assets.
b) $2.5 million in relation to the setup of the new National Distribution Centre including $1.3 million for the accelerated depreciation and make good
of the former Distribution Centre.
c) Other transformation project expenses including external consultant costs associated with project management to deliver the transformation
projects ($2.1m)
e) cash payment received relating to certain digital commerce technology assets that were impaired in FY20 ($2.4m)
f) included income tax benefit relating to performance rights vesting under the Company’s Long Term Incentive Plan ($2.2m)

Any takers for a pro forma deal on my personal expenses? I need a pro forma credit card - lol
Good luck