I disagree on the "growth strategy" part, assuming you mean by...

I disagree on the "growth strategy" part, assuming you mean by acquisition. I want disciplined capex into the existing parts of the business which will maximise profitability.

King's strategy for Myer is to optimise sales per sqm, and as one of the above articles pointed out, the very generous lease terms afforded during the pandemic meant the closing of loss-making (in a normal environment) low foot traffic stores (regional etc.) was pushed back. Fortunately, they look to have invested well in their online capabilities in the meantime and are well placed to deliver a large % of sales from their new warehouse and distribution centre. This kind of growth investing is great, especially since pure-play online retailers trade at a significantly higher multiple to Myer. Therefore as these sales become a greater proportion of the total, it becomes more obvious that Myer is worth more than a mid-single-digit PE ratio.

Doing M&A because you have excess cash is, frankly, dumb, given the propensity for mistakes, issues with integration and ultimately the far higher price you need to pay above market. Making use of those franking credits on the balance sheet, however, and providing shareholders with income, locks in a positive return and demonstrates to the market that management are not going to make rash investment decisions.