Ann: FY22 Results Presentation, page-13

I don't think you are giving the business model enough credit....many players have had bamboo undies for years, hidden away in department stores with no advertising support.

These guys are on-line only, have built a strong brand, offer new patterns almost monthly, advertise regularly (probably too regularly given spend vs sales) have a very low cost of delivery relative to most on-line stores/products, and a good product.....and underwear is their business, it is not Nikes, not Kmart's...

That said the key here is cash + inventory exceeds the market cap, so you are paying nothing for the business. Australia has proved it can generate $10m EBIT per annum, and on-track again this year in my humble. Following group EBIT of $1.8m Q1 I would be surprised if they didn't deliver $4.0m Q2 (Black Friday/Cyber Monday/Xmas). In Q3/Q4 they are cycling $4.0m in US losses, so a modest reduction in ad spend should deliver another $10m FY.....cheap