Some conclusion on reviewing this presentation:The company was...

Some conclusion on reviewing this presentation:

The company was under way of exceptional growth until hit by unexpected circumstances, like everyone else of us. Whereas they are currently not at their best, their business model with current restructuring is still sustainable and revivable. Given much more certainty in Covid situation at the moment "well positioned to return to sustainable profitability in FY21" (in their own words).

Even under pressure in the only H2 with 2 months closed shops they delivered same result as for the whole 2018.

Balance sheets in detailed view are way better than they are at first sight with lots of extra cash still coming. Only extensive brand names and goodwil writedowns and depreciation/amortization made this year look like a garbage whereas underlying aspects of the business still remain healthy.

Scentre is their only landlord out of many whom they are not able to reach agreement with yet, which i expect will be sorted out sooner than later..

It's a buy to me on the SP levels today, will not last long imo..