@MarsC "What value in one HY profit margins?" I guess a lot...

@MarsC

"What value in one HY profit margins?"

I guess a lot depends on where currencies go from here. Profit margins held up reasonably well as the AUDTHB declined over recent years. Perhaps that headwind caused them to work harder to maintain the same margin, creating a more efficient business. That headwind has now switch to a tailwind, and perhaps the efficiency gains are being capitalized on. Perhaps also, part of the increased profit margin is less store discounting as demand rises and supply is constricted. Maybe even some price increases.

Perhaps the market is starting to pre-price a 3 year horizon with the AUDTHB continuing to rise. Who knows.

What are your thoughts on valuation? You have far greater experience than me.