@zhanginu @KloggWhat are your numbers on the H1 report. I get...

@zhanginu @Klogg
What are your numbers on the H1 report. I get (pre job keeper and pre tax benefits) PBT low 45m and high 110m. I’m more inclined to the higher end. Adding back Jobkeeper gets to 200m+. We know Myer has been similar to DJs and that DJs was -10% through October and that department stores had a very strong November. Assuming profitability and margins from other retailers have at least some flow on to department stores I can’t see how the numbers I’m getting are wrong.

Then again the market isn’t pricing anything like these figures (the numbers above are a 2 month FCF return of 50% although presumably there will be some inventory build this half).

Then again, all of this is pretty public information and the market isn’t pricing this in, and so I ask myself...what am I missing here?