Comparable Valuation - Retail Apparel Group, page-2

Yes, this is great. Was seeking expected ipo price; at some 10 times ebitda somewhat toppy but nevertheless demonstrates inherent opportunity in SFH.

SFH's half year release noted progressive move to higher margin sales; notwithstanding, opportunity to fundamentally restructure business is there (2.5 times stores producing same $ ebitda). Hence suspect need for radical surgery to cost base at SFH.

Unfathomable that $50m in savings can't be found in an annual cost base (including additional mitigation of loss making stores in network) of over $760m at SFH.

This is what bidder will do if/when taken private.