Great business, page-15

Dear @KeenDog,

But ofcourse, the commercial registers disclose everything, but only if the companyfulfills its legal obligations of publication.Unfortunately, this is not the case for Lovisa with most of its European subsidiaries, so I can only refer to the two largest markets here.

UK - herethe FY2022 financial statements are overdue but the following excerpt fromFY2021 speaks volumes:




France - there are already figures for FY2022 but still no profit there either!

Short conclusion: In both markets, the UK and France, no profithas been made in any year since these subsidiaries were founded!

I don't have any financial statements for the othercountries from the Beeline takeover, i.e. Lovisa is in default with the publiccommercial registers and will probably have to pay fines for it!

Why does Lovisa fail to provide these FY2021 andFY2022 financial statements - do they have something to hide?

I ask myself how can the auditor KPMG issue acertificate for AR 2023 when there are obviously no complete, proper financialstatements for all subsidiaries?

Otherwise, your chart comparison says little,that's the past and the time period was chosen completely arbitrarily. Forexample, Bijou Brigitte would perform better than Lovisa in a year-to-dateanalysis.

And as far as the stock's key figures areconcerned, I like a Bijou Brigitte much better in terms of the price-earningsratio, price-to-book value ration and the dividend including yield.

That doesn't mean that I find the competitorcompletely uninteresting, rather I will continue to keep an eye on Lovisa. Onlymy asking price is less than A$15, better still around A$13! We will see...

Kind regards
MULTINVEST