Ann: SSG - Chairman and MD & CEO Speeches, page-3

I forgot to mention that they doubled their revenues and NPAT since IPO, with an increase of only 22 % for their number of stores.
Quite rare situation for a retailer.

2 main reasons for such a performance :
- their e-commerce sales went from 0 to 23 % of total sales (without affecting their margin),
- acquisition of 20 franchised stores during that period.

EPS growth was limited before covid.
Then EPS more doubled with covid (from 6 c in FY 19 to 14.2 c in FY 21).
And erosion has been limited since then (- 8 % for EPS between FY 21 and FY 23).

Looking at today's valuation (cf free cash flow yield and dividend yield), it seems that the market discounts a scenario where SSG will lose most of its profit from covid.
Still possible, but there is no clear evidence so far that it will happen.

Probably never bad that the valuation of a stock reflects a rather pessimistic scenario.