Yes 74c is close as pre writedowns it was 1.31. As debt values decreases over the next two years book value should improve further. Retailers are at secular (not cyclical) lows. JBH is showing signs of consumer cyclical turn around. Myer whether we like it or not is an iconic brand that employs many people. Restructures are not easy and after reading more reports I have come to realise Mr King is moving from revenue figures into margins (profits) which is a good move. I think the current senior management team will attempt to restructure the company and position the company to a more upmarket department store rather than having clearance sales to meet revenue targets that degrades the brand. I think this is the right approach and the decision has been made during sector secular lows. So we are looking for lower revenue but improvements in profits. No problem with me after writedowns.
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