"I would think that the ARB warehouse is still open, but the the...

"I would think that the ARB warehouse is still open, but the the manufacturing part is closed due to Stage 4 restrictions."

That video is well worth watching. I'd be surprised if the Melbourne manufacturing plant was shut as metal fabrication is a "Permitted Work Premise". (see screen shot below from Business Victoria site)

It is possible that ARB has seen no disruption at all in any manufacturing or logistics.

The expansion of the instant write-off provision from $30k to $150k and the qualification size being increased from $50M to $500M will have generated significant capital purchases. Particularly because the main beneficiaries are industries which have not been subject to severe isolation restrictions (construction and mining).

Notwithstanding the statistically small sample, a friend has a small welding business and employs 1 other person. Both have just bought new utes motivated by the sceme, and included ARB accessories within the initial purchase. They preferentially bought ARB products because of quality. Also, by buying the ARB bullbar directly from the vehicle supplier they were able to match the paint color to the vehicle.

A couple of other interesting points he made was that the jobkeeper scheme freed up a lot of cash for businesses to spend on capital, and that it was impossible to get a ute in the last month of the financial year.

The sheme has been extended until the end of the calendar year so there should be some flow on effects for H1 2021.

I have been contemplating the valuation of ARB recently despite some of the aforementioned positives. JB Hifi Kogan and BRG all had high expectations built into their market prices and all have delivered on that. Hopefully ARB isn't the one that misses!