Capital losses require capital gains - so no offset on the...

Capital losses require capital gains - so no offset on the horizon.

Actually had ~$87m in tax losses, but the capital reduction has seen this fall to ~$11m.

So ~2-years likely with a low tax rate before back to 30% - but they can now pay franked dividends.

They have ~$25m net cash and $46m in excess franking credits, so a juicy special dividend is very possible, particularly if a Labour government gets in.

All in all still trading ~9.0x EV/EBITDA on FY18, against ~12x Baby Bunting and 14x Premier - I know which stock I would rather be holding!