Like for FY 22, Accent pays a dividend higher than EPS during H1...

Like for FY 22, Accent pays a dividend higher than EPS during H1 23.
This is probably the best answer to one of the main question about this company (is this level of earnings sustainable ?).

Based on seasonality and normalised conversion rate*, we can expect an annual free cash flow (after lease) of around 133 m, which allow a dividend of 18c+ for the year, if they distribute all the free cash flow for H2.
So, it corresponds to a dividend yield of 8.1 % which looks high, if we expect the earnings to remain stable.

Since FY 18, their dividend per share has increased every year, except in FY 22 (as more than half of the stores were closed during part of the year).
FY 22 was clearly an accident, as the dividend for one half in FY 23 (12 c) is above the whole year both for FY 22 (low basis, after the decrease) and FY 21 (11.25 c).
Interesting also to look at the table page 24 of their annual report 22** which shows that, since FY 18, the dividend yield has been between 3.6 % and 6.1 %. So today's dividend yield now (8.1 %) looks high versus company's history.

One of the risks of their model is to lose some of the 17 distribution agreements they have with major brands in footwear and clothing.
Their regular success is probably the best way to keep these agreements.

* based on an EBITDA conversion of 75 % during H2 23, which seems to be the level of H1 23 if we exclude some one off. I got this "normalised" conversion of 75 % of EBITDA into cash flow from operation in H1 23 when I remove from the EBITDA (170 m), the interest paid (9.5 m), the taxes paid (10.4 m) and the change in working capital (increased by 22 m).
** I guess it must be based on the market cap at the end of the fiscal year.